Consider these while hunting for the best stock:

• Look at S&P 500 index P/E value. Inverse it to get the yield. Compare it with 3 month Treasury bill yield. If the S&P yield is higher then chances of overall market performing better in the next year or so is much better. The closer the spread the problematic it is. Basically low valuation of the market means more chance of having better return in future.
• Look at http://www.bigcharts.com for the sector that are performing well in last 3 months to 1 year.
• Supermarket chains and other low margin businesses have price/sale (P/S) ration low (less than 1.5). Low P/S ratio is for value stock. High ratio leads to growth stock.
• Companies in the financial sectors operate with high debts so looking for low long term debt/equity ratio might exclude these companies
• Implied growth rate of a stock = (P/E)*).68 - 4.25
  Put the current P/E and see if the company can sustain the implied growth rate