Intermarket Technical Analysis: Trading Strategies for the Global Stock, Bond, Commodity and Currency Markets by John Murphy

One of the most striking lessons of the 1980s is that all markets are interrelated. Stock, bond, and commodity markets are closely linked. Overseas markets in Tokyo, London, Frankfurt, and elsewhere are also affected and in turn have an impact on the U.S. markets. Technical analysis is now quickly evolving to take these intermarket relationships into consideration. This landmark book explains these relationships in a way that you, as a trader or investor, can use and profit from-without requiring any background in technical analysis.

Written by John Murphy, widely hailed as one of America's leading technical analysts, Intermarket Technical Analysis takes a close-up look at the four market sectors stocks, bonds, commodities, and currencies, as well as the overseas markets-and illustrates vividly how the sectors impact each other. For instance, you'll learn how the US. dollar typically trades in the opposite direction of the commodity markets, particularly the gold market. You'll examine the strong inverse relationship between the CRB (Commodity Research Bureau) Index and bond prices. And you'll discover that stock market moves are very often the end result of a ripple effect that flows through the other three sectors-a phenomenon that carries important implications if you're a program trader, or compete with one.

The book uses charts and graphs liberally to illustrate the interaction of markets. Once the basic relationships are described, these unique visuals show how the connections work in real life. And for those new to technical analysis, the book contains a glossary that explains the principles and tools of technical analysis which are employed throughout.

Intermarket Technical Analysis is essential reading for all serious investors and financial managers today.

Table of Contents

1. A New Dimension in Technical Analysis
2. The 1987 Crash Revisited-an Intermarket Perspective
3. Commodity Prices and Bonds
4. Bonds Versus Stocks
5. Commodities and the U.S. Dollar
6. The Dollar Versus Interest Rates and Stocks
7. Commodity Indexes
8. International Markets
9. Stock Market Groups
10. The Dow Utilities as a Leading Indicator of Stocks
11. Relative-Strength Analysis of Commodities
12. Commodities and Asset Allocation
13. Intermarket Analysis and the Business Cycle
14. The Myth of Program Trading
15. A New Direction

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