I am trying to use the Value Line Composite Index for a project. Much to my dismay, I just found out that it was discontinued in 2013. Have there been other substitutes developed for this since then? What are people using instead of the VLIC? I am particularly interested in this in relation to Martin Zweig strategies - what is a Zweig investor going to use now?
The Value Line Composite Index was an equal weighted index based upon both US and Canadian stocks, totalling around 1700 stocks covered by the Value Line Investment Survey. The coverage is around 95% of the total market.
Do you have any other information on why the Zweig strategies used the Value Line? It might just simply be the case that there weren't any other broad market indexes that any decent history when the strategies were originally developed. For example, the S&P 1500 only started in late 1994 and Zweig's "Winning on Wall Street" was published in 1994.
The question comes down to which characteristic(s) you are seeking: a) Coverage by market cap (top 95% of the listed stocks) b) Coverage by exchanges (US + Canadian, or is US on its own OK?) c) Equal weighting or market cap/free float weighted (most indices these days are weighted according to market cap and free float).
Some alternative indices from Value Line which are still in existence: Value Line Geometric Index Value Line Arithmetic Index
These satisfy the top two conditions, but they have their own weighting methodology too.
If just want to cover US (not Canadian) stocks, and don't care about the weighting, the S&P 1500 Index would be an obvious contender.