I used to think that fundamental analysis was kind of redundant - it doesn't really matter exactly how a particular company is doing if that whole sector is down (like the Banking sector now in Feb 2009 - Barclay's down from £8 to £1 in the past two years).I used to think that technical analysis was the way head. Now I've realised that fundamentals only really count REALLY long term - and even then there's no guarantee (Lehman's, Merrill Lynch).
I think one of the best long term ways to trade is on indices and index options - eg NASDAQ and FTSE.
As such, all you really need to know about is when to bail and when to get back in. And that my friend is economics (with a side order of politics - more on that later).
Here's a useful book - Naked Economics (Amazon)
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