john j murphy - intermarket technical analysis - trading strategies
Intermarket Technical Analysis Trading Strategies for the Global_1 potx
... 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 ... only
the market or markets we're trading.
Intermarket analysis represents an evolutionary step in technical analysis.
Intermarket work builds on existi...
Intermarket Technical Analysis Trading Strategies for the Global_3 pptx
... 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 ... of the chart
shows the CRB Index during the same period of time. The arrows on the chart show
how the peaks in the bond market correspond with troughs in the C...
Intermarket Technical Analysis Trading Strategies for the Global_4 ppt
... 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 dollar and the stock market are influenced ... in the summer of 1986, whereas the Foodstuffs didn't bottom out until
the first quarter of 1987. The Foodstuffs, on the other hand, peaked in mid-1988 and
dropped...
Intermarket Technical Analysis Trading Strategies for the Global_5 docx
... Futures Index
The moral seems to be this: For longer-range intermarket analysis, the CRB Index
is superior to either the metals or oil. However, there are short periods when either
of these two markets, ... program
trading caused the U.S. selloff, how do we explain the collapse in the other world
THE GLOBAL COLLAPSE OF 1987 125
FIGURE 8.3
AT THE 1987 PEAK, THE BRITISH...
Intermarket Technical Analysis Trading Strategies for the Global_6 pdf
... 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) in the S&Ls. The "right ... interest-sensitive sector before it hit the general market.
The bond market therefore became a leading indicator for the interest-sensitive stocks
which, in turn, bec...
Intermarket Technical Analysis Trading Strategies for the Global_7 pptx
... 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...
Intermarket Technical Analysis Trading Strategies for the Global_8 docx
... as their commodity
proxy, I'll show where the yellow metal fits into the picture. Because the bond market
plays a key role in the business cycle and the the intermarket rotation process, the
bond ... line, the economy has slipped into recession. The arrows represent
the direction of the three financial markets-B for bonds, S for stocks, and C for
commodities....
Intermarket Technical Analysis Trading Strategies for the Global_9 docx
... arbitrage
didn't exist in these other markets. How then do we explain their collapse? If index
arbitrage caused the collapse in New York, what caused the collapse in the other
markets around the globe?
A ... logical that technical analysts should be at the forefront of intermarket
analysis.
COMMODITIES AS THE MISSING LINK 255
KEY INTERMARKET PRINCIPLES AND RELATIONSHI...
Intermarket Technical Analysis - Trading Strategies docx
... interrelationship
between stocks, bonds, commodities, and currencies
Intermarket Technical Analysis explores the art and science of technical
analysis at its state-of-the-art level. It's for all traders and investors ... step in technical analysis.
Intermarket work builds on existing technical theory and adds another step to
the analytical process. Later in this chapter,...
Intermarket Technical Analysis - Trading Strategies doc
... rate.
THE "THREE-STEPS-AND-A-STUMBLE" RULE
Another manifestation of the relationship between interest rates and stocks is the
so-called "three-steps-and-a-stumble rule." This ... concept of technical analysis is
now evolving to take these intermarket relationships into consideration. Intermarket
technical analysis refers to the application of technical analy...
Intermarket Technical Analysis - Trading Strategies Part 1 pot
... 0-4 7 1- 5 243 3-6 (cloth)
1. Investment analysis. 2. Portfolio management. I. Title.
II. Series.
HG4529.M86 19 91
332.6-dc20 9 0-4 8567
Printed in the United States of America
20 19 18 17 16 15 14 13
Contents
Preface ... Markets 12 2
9 Stock Market Groups 14 9
10 The Dow Utilities as a Leading Indicator of Stocks 17 3
11 Relative-Strength Analysis of Commodities 18...
Intermarket Technical Analysis - Trading Strategies Part 3 ppt
... THAT
SUMMER.
Long-Term Interest Rates versus the Dollar
1988
and
1989
SHORT-TERM RATES VERSUS LONG-TERM RATES
Figure 6.5 compares short- and long-term rates from 1985 to 1989. The chart shows
that long-term ... 6.5
LONG-TERM
VERSUS
SHORT-TERM
INTEREST
RATES
FROM 1982
TO
1989. LONG-TERM
RATES
ARE USUALLY HIGHER THAN SHORT-TERM RATES. WHEN SHORT-TERM RATES ARE DROPPING
FASTER
THAN
L...
Intermarket Technical Analysis - Trading Strategies Part 4 pptx
... performing intermarket analysis is not to
do economic analysis, but to aid analysts in making trading decisions. The perti-
nent question is which of the two commodity indexes fit into the intermarket ... U.S. bond prices will follow. Technical analysis of global bond trends
becomes a part of the analysis of the U.S. bond market.
126 INTERNATIONAL MARKETS
FIGURE 8 .4
A COMP...
Intermarket Technical Analysis - Trading Strategies Part 5 pptx
... ounce to mine gold and gold is trading at $ 350 ,
the company will reap a profit of $ 150 . If gold rises to $400, it will appreciate in
value by only 15 percent ( $50 /$ 350 ), whereas the company's ... DIMENSION IN DIVERGENCE ANALYSIS
What these charts show is that a technical analysis of the price of crude oil can
shed light on prospects for oil-related stocks. At the same ti...
john j murphy - intermarket technical analysis - trading strategies
... INTERMARKET
TECHNICAL
ANALYSIS
TRADING STRATEGIES
FOR THE GLOBAL
STOCK, BOND, COMMODITY
AND CURRENCY MARKETS
John J. Murphy
Wiley Finance Editions
JOHN WILEY & SONS, ... Principles jointly adopted by a Committee of the
American Bar Association and a Committee of Publishers.
Library of Congress Cataloging-in-Publication Data
Murphy, John J.
Intermarket technical a...
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