Intermarket Analysis: Profiting from Global Market Relationships (Kindle Edition)

by John J. Murphy (Author)

Editorial Reviews

Review

“…valuable reading for the professional because it provides a detailed overview of a subject that still attracts relatively little attention...” (The Technical Analyst, April 2004)

Product Description

Praise for INTERMARKET ANALYSIS

"John Murphy has done it again. He dissects the global relationships between equities, bonds, currencies, and commodities like no one else can, and lays out an irrefutable case for intermarket analysis in plain English. This book is a must-read for all serious traders."
–Louis B. Mendelsohn, creator of VantagePoint Intermarket Analysis software

"John Murphy’s Intermarket Analysis should be on the desk of every trader and investor if they want to be positioned in the right markets at the right time."
–Thom Hartle, President, Market Analytics, Inc.

"This book is full of valuable information. As a daily practitioner of intermarket analysis, I thought I knew most aspects of this invaluable subject, but this book gave me several new ideas. I thoroughly recommend it for beginners and professionals."
–Martin Pring, President of Pring.com and editor of the Intermarket Review Newsletter

"Mr. Murphy’s Intermarket Analysis is truly the most efficient and unambiguous way to define economic and fundamental relationships as they unfold in the market. It cuts through all of the conflicting economic news/views expressed each day to provide a clear picture of the ‘here and now’ in the global marketplace."
–Dennis Hynes, Managing Director, R. W. Pressprich

"Master Murphy is back with the quintessential look at intermarket analysis. The complex relationships among financial instruments have never been more important, and this book brings it all into focus. This is an essential read for all investors."
–Andrew Bekoff, Technical Strategist, VDM NYSE Specialists

"John Murphy is a legend in technical analysis, and a master at explaining precisely how the major markets impact each other. This updated version provides even more lessons from the past, plus fresh insights on current market trends."
–Price Headley, BigTrends.com, author of Big Trends in Trading

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Product Details

• Format: Kindle Edition
• Print Length: 288 pages
• Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
• Publisher: Wiley; 1 edition (January 28, 2004)
• Sold by: Amazon Digital Services
• Language: English
• ASIN: B000PY4MPK
• Average Customer Review: 4.2 out of 5 stars  See all reviews (16 customer reviews)
• Amazon.com Sales Rank: #78,765 in Kindle Store (See Bestsellers in Kindle Store)

Customer Reviews

Most Helpful Customer Reviews

33 of 34 people found the following review helpful:

4.0 out of 5 stars Great Rewrite of a Landmark Work, March 22, 2004

By	Brian E. Mitchell (Dunwoody, GA USA) - See all my reviews (REAL NAME)

This review is from: Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) (Hardcover)

The original book Intermarket Technical Analysis was great for its time, however some of the relationships it described change in a deflationary environment which the author suggests we are in. However, the best reason for the rewrite was the writing in the earlier book was terrible in my opinion. It was a terribly boring book -- even if you are interested in the topic.

This book is different, and is a much better book. It also seems to me that the sector analysis coverage is a little more thorough (although I have not opened them up side by side to tell).

The only downside of this book is I don't think it gives you as many practical tools for tracking the business cycle and sector rotation as Pring's book, how to select stocks using technical analysis. It will give you the basics though, relying heavily on comparative relative strength.

If you want to see the big picture and understand how the markets are tied together, I can without hesitation recommend this book. There are several other books that complement this one as well.

43 of 46 people found the following review helpful:

5.0 out of 5 stars A Panoramic Market View, February 28, 2004

By	Brett Steenbarger (Naperville, IL USA) - See all my reviews (REAL NAME)

This review is from: Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) (Hardcover)

John Murphy's "Intermarket Analysis" is an updating of his excellent 1991 text "Intermarket Technical Analysis". Both books are the most clearly written and thought-provoking texts on this topic that I have encountered.

In the interest of disclosure, let me say that I do not know Mr. Murphy; nor has he or his publisher solicited this review. His editor at Wiley, Pamela Van Giessen, also edited a book I wrote on The Psychology of Trading. Knowing Ms. Van Giessen's integrity in a business that too often lacks that virtue, and having enjoyed Murphy's first book on the topic, I was eager to give "Intermarket Analysis" a thorough read.

Murphy begins with a review of the markets from the 1980s, recapitulating themes from the first book, including the close linkages among the currency, bond, commodities, and stock markets. His discussion of the role of oil and gold in economic slumps and booms is first rate, as he traces the interplay among these markets during the first Persian Gulf War and then during the "stealth bear market" of 1994. Throughout these presentations, Murphy captures qualitative relationships between markets that provide inspiration for traders interested in quantitative modeling. For example, the relationship between oil stocks and crude oil prices and the CRB/Bond Ratio are promising tools in capturing shifts in commodity prices that tend to impact the stock indices. I was particularly intrigued by his presentation of sector relationships during economic/market cycles, including the relative performance of cyclical and consumer stocks.

Where Murphy's book really shines, however, is in its explanation of intermarket relationships in a deflationary environment. He captures these relationships in his account of the recent bear market, drawing upon such diverse intermarket relationships as semiconductor stocks, Japanese markets, the Australian dollar, and the yield curve. This alone is a major advance over his previous text. At the end of the book, he traces the start of the recent bull market, illustrating the transition from a deflationary environment to an inflationary one--a pattern that also occurred after the great bear market of the 1930s.

Weaknesses in this book, from this reviewer's perspective, include an overemphasis on charts and visual data at the expense of quantitative treatments and a glib treatment of the Kondratieff Wave (long-term economic cycles). That having been said, this is an excellent market book. The presentation of sector rotation during economic cycles alone provided enough ideas to keep me busy with modeling efforts. Chart-based technical analysts and quants alike can find value in Murphy's work.

Brett Steenbarger
www.brettsteenbarger.com

14 of 15 people found the following review helpful:

5.0 out of 5 stars Excellent Book, May 1, 2005

By	brazen999 (Florida USA) - See all my reviews

This review is from: Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) (Hardcover)

I find myself always picking up this book for questions involving intermarket relationships. Stocks, bonds, commodities. There are even historical reviews of intermarket relationships in the book as well. Don't be fooled by the title, the author does discuss US markets very well. It is an easy read without technical jargon. Sure, the Phd of economics would probably be quite bored with the material but for the layman and BA student....this is a terrific reference with all meat and no fat!