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Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) [Hardcover]

by John J. Murphy
4.3 out of 5 stars  See all reviews (21 customer reviews)

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Book Description

January 28, 2004 0471023299 978-0471023296 2

"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 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,, author of Big Trends in Trading

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Editorial Reviews


“…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)

From the Inside Flap

Intermarket analysis has come a long way in the ten years since John Murphy wrote his groundbreaking Intermarket Technical Analysis: Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets. Although the idea that global markets were linked to each other was once viewed with skepticism, intermarket analysis is now considered among today’s most important technical disciplines. Today, market observers look to history for parallels that may predict future market performance.

In Intermarket Analysis: Profiting from Global Market Relationships, Murphy incorporates and reflects on the most recent world market data to show how seemingly disparate world markets interact and ultimately influence each other. Beginning with a brief overview of the intermarket changes that launched the bull market of the 1980s, Intermarket Analysis next revisits the stock market crash of 1987 and its importance to the development of intermarket theory. The author then discusses the 1990 bear market with emphasis on its relevance to later global events. Finally, the text offers in-depth coverage and analysis of the deflation trend that resulted in the bursting of the stock market bubble in 2000 followed by three years of stock market decline.

Citing recent world events that have had a profound impact on even longstanding economic relationships, Murphy shows us what earlier intermarket models are still working and, more importantly, what has changed. Based on the premise that intermarket analysis is not a "static" model, he examines the overall economic impact of such events as escalating tensions and wars in the Middle East, the decade-long downward spiral of the Japanese economy, and global over-investment in technology stocks.

Drawing on his vast experience as both an educator and an expert trader, the author lays out his key tools to understanding global markets and illustrates how these tools can help today’s serious investors profit in any economic climate. Armed with the knowledge of how economic forces impact the various markets and sectors, investors and traders can profit by exploiting opportunities in markets about to rise and avoiding those poised for a fall.

Product Details

  • Series: Wiley Trading (Book 115)
  • Hardcover: 288 pages
  • Publisher: Wiley; 2 edition (January 28, 2004)
  • Language: English
  • ISBN-10: 0471023299
  • ISBN-13: 978-0471023296
  • Product Dimensions: 10.1 x 7 x 1 inches
  • Shipping Weight: 1.5 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (21 customer reviews)
  • Amazon Best Sellers Rank: #716,017 in Books (See Top 100 in Books)

More About the Author

John J. Murphy is a former technical analyst for CNBC and has over forty years of market experience. He is the face of, which provides financial information to online investors via technical analysis tools. Murphy has appeared on Bloomberg TV, CNN's Moneyline, Nightly Business Report, and Wall $treet Week with Louis Rukeyser. In 1992, he was given the first award for outstanding contribution to global technical analysis by the International Federation of Technical Analysts, and was the recipient of the 2002 Market Technicians Association Annual Award. In addition to the First Edition of The Visual Investor, he is also author of Intermarket Technical Analysis and Intermarket Analysis, all of which are published by Wiley. He also authored Technical Analysis of the Financial Markets. Murphy has a bachelor of arts in economics and a master of business administration from Fordham University.

Customer Reviews

Most Helpful Customer Reviews
41 of 42 people found the following review helpful
4.0 out of 5 stars Great Rewrite of a Landmark Work March 22, 2004
Format:Hardcover|Verified Purchase
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.
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59 of 63 people found the following review helpful
5.0 out of 5 stars A Panoramic Market View February 28, 2004
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.
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39 of 46 people found the following review helpful
3.0 out of 5 stars Informative and macro. Good for rookies January 24, 2005
The author is definitely an avante garde in the field of intermarket analysis, considering the first version of this book was published in 1991. However, with the advance in IT, the sophistication of today's market, and that traders can easily "cross" and "correlate" whatever they want on a "trade station" PC platform, the material provided in this second version becomes much less helpful than what it's predecessor then offered to its readers over a decade ago. Though much had been updated, I am afraid it still can't satisfy the savvy investors/traders of the day. As a pragmatic reader/trader, I must complain that the author had told little about the skills/techniques for identification of inflationary/deflationary cycles and the respective opportunities in sector rotation, thus asset allocation and trading/investment strategies. However, the author did show that history apparently didnt repeat itself in the relationships between bonds, commodities, stock, and currencies. You will simply go bankrupt if you bet on a strategy that worked perfectly in the past.

In case you are still not aware of the significance of the correlations of different classes of investment vehicles, this book can be quite a good start for you. If you are a veteran, please give this a pass.

p.s. Below please find some stuff that I think may be helpful (with a relatively high chance of recurrence) for your future investment/trading decision.

In the past, inverted yield curves have usually marked the end of economic expansions and the end of bull markets in stocks.
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15 of 16 people found the following review helpful
5.0 out of 5 stars Excellent Book May 1, 2005
Format:Hardcover|Verified Purchase
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!
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Most Recent Customer Reviews
5.0 out of 5 stars Excellent book
Murphy does a great job of explaining a complicated subject in easy to understand language. I would recommend this book to anyone interested in learning about relationships... Read more
Published 22 months ago by R. Leonhardt, CMT
5.0 out of 5 stars inter-market analysis
Excellent book. I would be very interested in purchasing and reading Murphy's related book "Trading with Intermarket Analysis: A Visual Approach to Beating the Financial Markets... Read more
Published 23 months ago by lance
4.0 out of 5 stars Great Read!
This book helped me see the relationships between the different markets and how the interact with one another. Read more
Published on October 6, 2011 by William Morris
5.0 out of 5 stars Excellent Overview of Market Interaction
This is one of the best books on finance I have ever read - (I have over 200 books on finance). Most finance books only analyze that portion of the market relevant to their... Read more
Published on May 28, 2010 by Chawks
5.0 out of 5 stars the big picture of global markets
John Murphy's Intermarket Analysis is a thesis that markets such the currency, commodities, bond, stocks, and market sectors are and have been inter-related. Read more
Published on February 21, 2010 by photondn
4.0 out of 5 stars comprehensive but chronological as compared to factual
I like your book Mr Murphy but could you rewrite it in a spreadsheet tabular format for more clarity ??
Published on February 6, 2010 by B. Remia
5.0 out of 5 stars INTERMARKET ANALYSIS
I should have bought this book and the 1st one when they came out. Kept thinking they where not for me, as I day trade. Read more
Published on September 28, 2009 by T. Provan
3.0 out of 5 stars Plainly Introduced
Intermarket Analysis is a bridge between TA and economics.
Simply and clearly written, the subject is expounded. Read more
Published on July 27, 2009 by aipuo
2.0 out of 5 stars Description of what happened during past decades
Any economist would consider markets related, often in very complex manner. This book takes up these theme and presents a lot of examples mainly from the 90s and onwards. Read more
Published on November 28, 2008 by Jackal
4.0 out of 5 stars An important book on an overlooked topic
This is a very important book because the author does an outstanding job of explaining intermarket relationships in a very readable manner. Read more
Published on April 19, 2008 by T. Berry
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