[isatrader]

Questions I have are if anyone has replaced GM with a company to look to as a market beacon? I've looked at the new GM, GE, F, and AAPL but have not proven that as a real signal.

Like notanewmember said above the S&P 500 is considered the key market to focus on these days, and is what Weinstein focuses most on in his GTA reports. For individual stocks you need to look at those with the largest weightings in the index, so here's the current top 10 by weighting: Apple, Exxon Mobil, General Electric, Chevron, Johnson & Johnson, Intl Business Machines, Microsoft, Google, Procter & Gamble and Pfizer

Also not sure what a replacement for the Price/Dividend ratio would be. I understand tax laws have caused that to come down so not sure if anyone uses a good indicator for the market being over or undervalued.

I'd recommend looking at the Market Breadth thread that we do on here: http://stageanalysis.net/forum/showthread.php?tid=4 that focuses on the "Weight of Evidence" from the market internals like the advance decline line, new high new lows, bullish percents, moving average breadth gauges, pull/call ratio etc. As personally, I think it's the most important thread on the site, as it helps you to determine the broad market market stage in advance of the price action in the major indexes. Which is a crucial part of this top down method.

For an individual long term indicator to watch, the NYSE Bullish Percent Index is considered the best long term gauge of risk in the broad market imo.