Intermarket Technical Analysis Trading Strategies for the Global 5 docx

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 ... 20613 Intermarket Analysis and the Business Cycle 2 25 14 The Myth of Program Trading 240 15 A New Direction 253 Appendix 259 Glossary 273Index 277III8 A NEW DIMENSION IN TECHNICAL ANALYSIS Since ... only the market or markets we're trading. Intermarket analysis represents an evolutionary step in technical analysis. Intermarket work builds on existing technical theory and adds another...

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 dollarto the commodity markets, then from the commodity markets to the ... dollar. The entire decade saw the U.S. currency on the defensive. THE DOLLAR VERSUS THE CRB INDEX 61FIGURE 5. 5 THE U.S. DOLLAR VERSUS THE CRB INDEX DURING 1988 AND 1989. THE DOLLAR BOTTOMAT THE ... changes in the CRB Index. The 1980 bottom in the dollar corresponded with a major peak in the CRB Index the same year. The 19 85 peak in the dollar corresponded with a bottom in the CRB Index the following...

Intermarket Technical Analysis Trading Strategies for the Global_4 ppt

... 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 these 21 commodities. That result is then multiplied ... spring of1989, which was the beginning of the end for the bull run in the dollar. THE DOLLAR VERSUS THE STOCK MARKETIt 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 anddropped sharply for a year. The...

Intermarket Technical Analysis Trading Strategies for the Global_5 docx

... program trading caused the U.S. selloff, how do we explain the collapse in the other world THE GLOBAL COLLAPSE OF 1987 1 25 FIGURE 8.3AT THE 1987 PEAK, THE BRITISH STOCK MARKET PEAKED IN JULY, THE ... Sinceeach of the four financial sectors is tied to the other three, a complete technical analysis of any one sector should include analysis of the other three. The goal isto consider the broader ... Futures Index The moral seems to be this: For longer-range intermarket analysis, the CRB Indexis superior to either the metals or oil. However, there are short periods when eitherof these two markets,...

Intermarket Technical Analysis Trading Strategies for the Global_6 pdf

... rise). The relevanceof intermarket analysis for stock groups will be examined in the next chapter. 156 STOCK MARKET GROUPSFIGURE 9 .5 GOLD SHARES VERSUS THE S&P 5OO STOCK INDEX. THE STOCK ... trough (the head) in the CRB Index. The third trough (the "right shoulder") in the CRB Index in the spring of 1987 coincideswith the middle peak (the head) in the S&Ls. The "right ... WITH THE CRB INDEX FROM19 85 TO 1990. THE 1987 TOP IN THE S&Ls MIRRORED A SIMILAR BOTTOM IN THE CRB INDEX. THE MID-1988 PEAK IN THE CRB HELPED LAUNCH THE S&L RALLY. THE ...

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 INDUSTRIALSBefore looking ... in the CRB Index. The final top in the Dow Utilities and the final peak in the bonds in early1987 coincided with a trough in the CRB Index. The breakdown in the two financialmarkets in the ... 1990. This is the same time horizon being used for all the examples. The chart on the top and the relative ratio along the bottom both show that gold hasoutperformed platinum over the past few...

Intermarket Technical Analysis Trading Strategies for the Global_8 docx

... PERIOD)1960-198819 65- 19881970-198819 75- 19881980-198819 85- 1988Govt.Bonds442 .52 423.21423 .58 314.16288.87132.79Corp.Bonds 58 0.21481.04 452 .70338.23300 .58 132.32U.S.Stocks1428.41766.78 650 .69 55 5.69289.271 45. 62CRBIndex11 75. 26974.70787.97336.47 153 .68128.13 ... ofFebruary 1990, the CRB Index outperformed the S&P 50 0 by about 14 percent.FIGURE 12 .5 THE CRB INDEX VERSUS THE S&P 50 0 FROM 1987 TO EARLY 1990. THE DOUBLE TOP IN THE CRB/S&P RATIO ... in the previous figures, except this time the CRB index is divided by the S&P 50 0 stockindex. The time period is the same five years, from the end of 19 85 to the first quarterof 1990. The...

Intermarket Technical Analysis Trading Strategies for the Global_9 docx

... logical that technical analysts should be at the forefront of intermarket analysis. COMMODITIES AS THE MISSING LINK 255 KEY INTERMARKET PRINCIPLES AND RELATIONSHIPSSome of the key intermarket ... above the S&P 50 0 cash index to place them temporarily "out of line." The program trading didn't cause the rally in the stock index futures the program buyingreacted to the ... arbitragedidn't exist in these other markets. How then do we explain their collapse? If indexarbitrage caused the collapse in New York, what caused the collapse in the othermarkets around the globe?A...

Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets_3 doc

... by the trend of the U.S. dollar. Therefore,we begin our intermarket analysis with the dollar. The path to take is from the dollarto the commodity markets, then from the commodity markets to the ... dollar. The entire decade saw the U.S. currency on the defensive. THE DOLLAR VERSUS THE CRB INDEX 61FIGURE 5. 5 THE U.S. DOLLAR VERSUS THE CRB INDEX DURING 1988 AND 1989. THE DOLLAR BOTTOMAT THE ... PUSH THE CRB INDEX LOWER. THE 1986 BOTTOM IN THE CRB INDEX OCCURRED A YEAR AFTER THE 19 85 PEAK IN THE DOLLAR. THE 1988 PEAKIN THE CRB INDEX TOOK PLACE A HALF YEAR AFTER THE 1988 BOTTOM IN THE...

Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets_4 pdf

... the dollar and Treasury billfutures. Figure 6.10 shows the sharp rally in T-bill prices that began in the spring of1989, which was the beginning of the end for the bull run in the dollar. THE ... detail. For most of that year, the CRB Index and the JOC Index trended inopposite directions. During the first half of 1989, the JOC Index strengthened while the CRB Index weakened. By the time the ... always bullish for stocks, and a fallingdollar is always bearish for equities.Figure 6.11 compares the dollar to the Dow Industrials from 19 85 through the third quarter of 1989. For the first two...

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