Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets 5 ppt

... 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 ... Figures 5. 12 and 5. 13. Figure 5. 12 shows gold leading major turns in the CRB Index at the 19 85 bottom and the 1987 top. (Gold also led the downturn in the...

Ngày tải lên: 20/06/2014, 23:20

... direction and sometimes in the same direction. The trick is in understanding the lead and lag times that usually occur and also the sequence of events that affect the two markets. Figure 6.11 shows the ... 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...

Ngày tải lên: 20/06/2014, 23:20

... Bonds GLOBAL BONDS AND GLOBAL INFLATION Figure 8.20 shows the interplay between U.S. and Japanese bond prices (two charts on the left) and the U.S. and Japanese stock markets (two charts on the ... other markets. 124 INTERNATIONAL MARKETS FIGURE 8.2 THE WORLD'S THREE LARGEST STOCK MARKETS RESUMED UPTRENDS TOGETHER IN EARLY 1987 AND COLLAPSED TOGETHER IN T...

Ngày tải lên: 20/06/2014, 23:20

... such as gold and oil. The study of gold and oil leads us to the next stop on the intermarket journey, and that is the study of industry groups. Two global themes that were seen as the 1980s ended ... During 1986 and 1987, the S&L group was caught in between the upward pull of rising stock prices and the downward pull of a falling bond market. By the time the...

Ngày tải lên: 20/06/2014, 23:20

... 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 financial markets in the ... (energy and precious metals) and the weakest group (the grains). Each Figure shows the actual commodity group index in the upper chart and the relative ratio line...

Ngày tải lên: 20/06/2014, 23:20

... the commodity markets, represented by the CRB Index, and the U.S. Dollar Index from 19 85 to 1989. Figure 5. 4 shows the entire five years from 19 85 through the third quarter of 1989. Figures 5. 5 and 5. 6 ... arrows). The 19 85 bottom in the gold market coincided exactly with the peak in the dollar the same year. The major top FIGURE 5. 8 THE DOLLAR VERSU...

Ngày tải lên: 21/06/2014, 07:20

... Bonds GLOBAL BONDS AND GLOBAL INFLATION Figure 8.20 shows the interplay between U.S. and Japanese bond prices (two charts on the left) and the U.S. and Japanese stock markets (two charts on the ... turns in the CPI Index (1977 and THE CRB INDEX VERSUS THE PPI AND THE CPI 119 FIGURE 7.17 THE CRB FUTURES PRICE INDEX VERSUS ANNUAL RATES OF CHANGE FOR THE C...

Ngày tải lên: 21/06/2014, 07:20

... such as gold and oil. The study of gold and oil leads us to the next stop on the intermarket journey, and that is the study of industry groups. Two global themes that were seen as the 1980s ended ... are influ- enced by their own domestic bond markets) . And second, by U.S. bond prices which are themselves influenced by global bond markets. Discussion of the bond mar...

Ngày tải lên: 21/06/2014, 07:20

... later the broader stock market followed bonds and the utilities lower. The key to understanding the relationship between the Dow Utilities and the Dow Industrials lies in the recognition of the ... 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 th...

Ngày tải lên: 21/06/2014, 07:20

... 273 Diversification, 2 15, 222 Dollar, U.S.: . and commodity prices, 56 -57 , 75 vs. the CRB Index, 59 -62, 70-72, 264 foreign currencies and, 66 gold market and, 60, 63- 65, 73, 256 , 2 65 and inflation, 40, 54 , 56 , ... 53 , 95, 216-217, 255 Gaps, 274 Globalization, 11, 53 , 256 - 257 Gold, 53 and the dollar, 60, 63- 65, 70-72, 73, 2 65 vs. the Dow Jones Industria...

Ngày tải lên: 21/06/2014, 07:20