The answer is quite clear. You have to pay attention to economic and political news. It can help you to evaluate the market condition during a particular period of time. However, I'm convinced that it only works while you're planning a long-term trading. Of course, with a help fundamental analysis you are able to create a strategy based on economic news. Political news matters too because it affects economic directly. For example if the policy of proectionism is winding down, then you have to pay attention to companies who have great opportunity to grow their export after the cancellation of this policy.