By John J. Murphy
ISBN-10: 0471524336
ISBN-13: 9780471524335
Attempting to alternate inventory, bond, commodity and forex markets with out intermarket expertise is like attempting to force a automobile with out searching the part and rear windows--very risky. during this consultant to intermarket research, the writer makes use of years of expertise in technical research plus broad charts to obviously display the interrelationshps that exist one of the a variety of industry sectors and their value. you will how one can use job in surrounding markets within the similar approach that almost all humans hire conventional technical symptoms for directional clues. exhibits the analyst the right way to concentration outward, instead of inward, to supply a extra rational knowing of technical forces at paintings on the market.
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Additional info for Intermarket technical analysis: trading strategies for the global stock, bond, commodity, and currency markets
Example text
AS THE FOURTH QUARTER OF 1989 BEGAN, COMMODITIES WERE RALLYING AND BONDS WERE WEAKENING. ' Treasury Bonds directions give simultaneous buy signals or simultaneous sell signals, the trader knows something is wrong and should be cautious of the signals. The analysis of the stochastics signals will be supplemented with simple trendline and breakout analysis. 9, the monthly stochastics oscillator gave a major sell signal for commodity prices. The sell signal was preceded by a major negative divergence in the stochastics oscillator which then turned down in late 1980.
This buy signal in the CRB Index lasted until mid-1988, when commodity prices peaked. A CRB sell signal was followed by a trendline breakdown in the spring of 1989. Bonds had given an original buy signal in late 1987 and gave a repeat buy signal in early 1989. The late 1987 buy signal in bonds preceded the mid-1988 CRB sell signal. However, it wasn't until mid-1988, when the CRB Index gave its stochastics sell signal, that bonds actually began a serious rally. 11 shows that the May 1989 breakdown in the CRB Index coincided exactly with a bullish breakout in bonds.
THE CORRESPONDING PEAKS AND TROUGHS ARE MARKED BY VERTICAL LINES. THE BREAKDOWN IN COMMODITIES DURING MAY OF 1989 COINCIDED WITH A MAJOR BULLISH BREAKOUT IN BONDS. IN AUGUST OF 1989, A BOTTOM IN THE CRB INDEX COINCIDED WITH A PEAK IN BONDS. 6 BOND PRICES AND COMMODITIES TRENDED IN OPPOSITE DIRECTIONS DURING 1988. THE BOND PEAK DURING THE FIRST QUARTER COINCIDED WITH A SURGE IN COMMODITIES. THE COMMODITY PEAK IN JULY PRECEDED A BOTTOM IN BONDS A MONTH LATER. 7 THE INVERSE RELATIONSHIP BETWEEN THE CRB INDEX AND BOND PRICES CAN BE SEEN FROM THE THIRD QUARTER Of 1988 THROUGH THE THIRD QUARTER OF 1989.
Intermarket technical analysis: trading strategies for the global stock, bond, commodity, and currency markets by John J. Murphy
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