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Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) Hardcover – January 28, 2004

ISBN-13: 978-0471023296 ISBN-10: 0471023299 Edition: 2nd

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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: 7.4 x 1 x 10.3 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: #793,895 in Books (See Top 100 in Books)

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)

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.


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 StockCharts.com, 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

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I highly recommend this book to any serious investor/trader.
Traders Laboratory
The book is well written and very readable with plenty of examples to demonstrate each key point.
P. Matt Blackman
One you can follow the daily news with, and have a keen understanding.
T. Provan

Most Helpful Customer Reviews

41 of 42 people found the following review helpful By Brian E. Mitchell on 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 By Brett Steenbarger on February 28, 2004
Format: 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.
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39 of 46 people found the following review helpful By ServantofGod on January 24, 2005
Format: Hardcover
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 By brazen999 on 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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