This is a visual guide to market trading using intermarket analysis and exchange-traded funds. With global markets and asset classes growing even more interconnected, intermarket analysis-the analysis of related asset classes or financial markets to determine their strengths and weaknesses-has become an essential part of any trader's due diligence. In "Trading with Intermarket Analysis", John J. Murphy, former technical analyst for CNBC, lays out the technical and intermarket tools needed to understand global markets and illustrates how they help traders profit in volatile climates using exchange-traded funds. Armed with knowledge of how economic forces impact various markets and financial sectors, investors and traders can profit by exploiting opportunities in markets about to rise and avoiding those poised to fall. "Trading with Intermarket Analysis" provides advice on trend following, chart patterns, moving averages, oscillators, spotting tops and bottoms, using exchange-traded funds, tracking market sectors, and the new world of intermarket relationships, all presented in a highly visual way. It gives readers a visually rich introduction to the world of intermarket analysis, the ultimate tool for beating the markets. It provides practical advice on trend following, chart patterns, moving averages, oscillators, spotting tops and bottoms, using exchange-traded funds, tracking market sectors, and intermarket relationships. It includes appendices on Japanese candlesticks and point-and-figure charting Comprehensive and easy-to-use, "Trading with Intermarket Analysis" presents the most important concepts related to using exchange-traded funds to beat the markets in a visually accessible format.
Acknowledgments ix Introduction xi PART I THE OLD NORMAL 1 CHAPTER 1 Intermarket Analysis: The Study of Relationships 3 CHAPTER 2 Review of the Old Normal 15 CHAPTER 3 The 1997--1998 Asian Currency Crisis 25 PART II THE 2000 AND 2007 TOPS 35 CHAPTER 4 Intermarket Events Surrounding the 2000 Top 37 CHAPTER 5 The 2002 Falling Dollar Boosts Commodities 47 CHAPTER 6 Asset Allocation Rotations Leading to the 2007 Top 59 CHAPTER 7 Visual Analysis of the 2007 Market Top 73 PART III THE BUSINESS CYCLE AND ETFS 89 CHAPTER 8 Intermarket Analysis and the Business Cycle 91 CHAPTER 9 The Impact of the Business Cycle on Market Sectors 105 CHAPTER 10 Exchange-Traded Funds 123 PART IV THE NEW NORMAL 129 CHAPTER 11 The Dollar and Commodities Trend in Opposite Directions 131 CHAPTER 12 Stocks and Commodities Become Highly Correlated 145 CHAPTER 13 Stocks and the Dollar 161 CHAPTER 14 The Link between Bonds and Stocks 179 CHAPTER 15 The Link between Bonds and Commodities 197 Conclusion: It's All about Relationships 215 About the Author 227 Index 229
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