Intermarket Technical Analysis Trading Strategies for the Global 5 docx

... relationships into consideration. Intermarket technical analysis refers to the application of technical analysis to these intermarket linkages. The idea behind intermarket analysis seems so obvious that ... 206 13 Intermarket Analysis and the Business Cycle 2 25 14 The Myth of Program Trading 240 15 A New Direction 253 Appendix 259 Glossary 273 Index 277 III...

Ngày tải lên: 20/06/2014, 20:20

... by the trend of the U.S. dollar. Therefore, we begin our intermarket analysis with the dollar. The path to take is from the dollar to the commodity markets, then from the commodity markets to the ... dollar. The entire decade saw the U.S. currency on the defensive. THE DOLLAR VERSUS THE CRB INDEX 61 FIGURE 5. 5 THE U.S. DOLLAR VERSUS THE CRB INDEX DURING 198...

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... mul- tiplying all of the numbers together and taking their 21st root. 3. The resulting value is divided by 53 .06 15, which is the 1967 base-year average for these 21 commodities. That result is then multiplied ... spring of 1989, which was the beginning of the end for the bull run in the dollar. THE DOLLAR VERSUS THE STOCK MARKET It stands to reason since both the do...

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... program trading caused the U.S. selloff, how do we explain the collapse in the other world THE GLOBAL COLLAPSE OF 1987 1 25 FIGURE 8.3 AT THE 1987 PEAK, THE BRITISH STOCK MARKET PEAKED IN JULY, THE ... Since each of the four financial sectors is tied to the other three, a complete technical analysis of any one sector should include analysis of the other three....

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... rise). The relevance of intermarket analysis for stock groups will be examined in the next chapter. 156 STOCK MARKET GROUPS FIGURE 9 .5 GOLD SHARES VERSUS THE S&P 5OO STOCK INDEX. THE STOCK ... trough (the head) in the CRB Index. The third trough (the "right shoulder") in the CRB Index in the spring of 1987 coincides with the middle peak (the head) i...

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... such things as the trend of the dollar and commodity prices. For these reasons, the Dow Utilities are a part of the intermarket picture. DOW UTILITIES VERSUS THE DOW INDUSTRIALS Before looking ... in the CRB Index. The final top in the Dow Utilities and the final peak in the bonds in early 1987 coincided with a trough in the CRB Index. The breakdown in the two fi...

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... PERIOD) 1960-1988 19 65- 1988 1970-1988 19 75- 1988 1980-1988 19 85- 1988 Govt. Bonds 442 .52 423.21 423 .58 314.16 288.87 132.79 Corp. Bonds 58 0.21 481.04 452 .70 338.23 300 .58 132.32 U.S. Stocks 1428.41 766.78 650 .69 55 5.69 289.27 1 45. 62 CRB Index 11 75. 26 974.70 787.97 336.47 153 .68 128.13 ... of February 1990, the CRB Index outperformed the S&P 50 0 by about 14 p...

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... logical that technical analysts should be at the forefront of intermarket analysis. COMMODITIES AS THE MISSING LINK 255 KEY INTERMARKET PRINCIPLES AND RELATIONSHIPS Some of the key intermarket ... above the S&P 50 0 cash index to place them temporarily "out of line." The program trading didn't cause the rally in the stock index futures the progr...

Ngày tải lên: 20/06/2014, 20:20

... by the trend of the U.S. dollar. Therefore, we begin our intermarket analysis with the dollar. The path to take is from the dollar to the commodity markets, then from the commodity markets to the ... dollar. The entire decade saw the U.S. currency on the defensive. THE DOLLAR VERSUS THE CRB INDEX 61 FIGURE 5. 5 THE U.S. DOLLAR VERSUS THE CRB INDEX DURING 198...

Ngày tải lên: 20/06/2014, 23:20

... the dollar and Treasury bill futures. Figure 6.10 shows the sharp rally in T-bill prices that began in the spring of 1989, which was the beginning of the end for the bull run in the dollar. THE ... detail. For most of that year, the CRB Index and the JOC Index trended in opposite directions. During the first half of 1989, the JOC Index strengthened while the CRB...

Ngày tải lên: 20/06/2014, 23:20