Investors Turn to Fundamentals as 'Momentum' Play Enthusiasm Wanes (SPY) (AAPL)

Bloomberg highlighted a recent stock idea that has been a winning plan, until recently.

According to the report, buying stocks have have risen the most over the last two to 12 months and hoping they continue up has been a solid move. Citigroup, which tracks these sorts of stocks in a "momentum" stocks index, has seen the index fall versus the S&P 500 for the first time in months.

Apple (Nasdaq: AAPL) and Netflix (Nasdaq: NFLX) were noted as the two key momentum plays on the year, with Netflix up over 150 percent this year alone.

Investors and traders are now looking at more fundamental metrics for stocks, like debt-to-equity and PEG ratios, versus trying to make a play on stocks that are simply expected to keep going up.

Today's news comes as the FOMC will release the minute from its latest meeting, with investors seeking out any signs of timing for the Fed to hike its key rates. That release is expected at 2:00pm EDT today.

Overall, the S&P 500, Nasdaq, and Dow Jones Industrial Average are indicated lower in early trading Wednesday.

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