Road rallies are the original form, held on highways open to normal traffic, where the emphasis is not on outright speed but on accurate timekeeping and navigation and on vehicle reliability, often on difficult roads and over long distances. They are now primarily amateur events. There are several types of road rallies testing accuracy, navigation or problem solving. Some common types are: Regularity rally or a Time-Speed-Distance rally (also TSD rally, testing ability to stay on track and on time), others are Monte-Carlo styles (Monte Carlo, Pan Am, Pan Carlo, Continental) rally (testing navigation and timing), and various Gimmick rally types (testing logic and observation).
In the 1960s, the competitions manager of BMC, Stuart Turner, hired a series of brave and gifted young Finns, skills honed on their country's highly competitive gravel or snow rallies, and the modern professional driver was born. As special stage rallying spread around the world Scandinavian drivers were challenged by drivers from Italy, Germany, Britain, Spain and elsewhere. Today, a World Champion may be of any nationality.
There are two main forms: stage rallies and road rallies. Since the 1960s, stage rallies have been the professional branch of the sport. They are based on straightforward speed over stretches of road closed to other traffic. These may vary from asphalt mountain passes to rough forest tracks, from ice and snow to desert sand, each chosen to provide an enjoyable challenge for the crew and a test of the car's performance and reliability.
Rising investor confidence also indicates a rally, and it is perhaps more powerful than any economic indicator because when investors believe something is going to happen (a rally, for example), they tend to take action (purchasing shares in order to profit from expected price increases) that actually turn expectations into reality. Although it is an objective concept, investor sentiment shows through in mathematical measurements such as the put/call ratio, the advance/decline line, IPO activity, and the amount of outstanding margin debt.