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Trading with Intermarket Analysis: A Visual Approach to Beating the Financial Markets Using Exchange-Traded Funds 1st Edition

4 out of 5 stars 32 customer reviews
ISBN-13: 978-1118314371
ISBN-10: 1118314379
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Editorial Reviews

From the Inside Flap

Intermarket analysis, as the name implies, is the analysis of two or more related asset classes or financial markets to determine the strengths or weaknesses of the financial markets or asset classes being considered. Instead of looking at financial markets or asset classes on an individual basis, it looks at several strongly correlated markets or asset classes—most often, stocks, bonds, commodities, and currencies. Although once viewed with skepticism, intermarket analysis has now become an accepted part of technical market analysis. Trading with Intermarket Analysis will show you that it has also become an increasingly indispensable part of it.

Drawing on his vast experience as both an educator and an expert trader, John Murphy explains what he calls the "new normal" in intermarket relationships that exists as we enter the second decade of the new century. Through a combination of sound economic principles and striking color graphic illustrations, he reveals what those "new normal" relationships are and how you can take advantage of them. In addition, Murphy shows how intermarket analysis plays an important role in asset allocation and sector rotation strategies, both of which are tied to the business cycle, and details how exchange-traded funds (ETFs) have greatly facilitated the application of intermarket strategies.

From the Back Cover

PRAISE FOR TRADING WITH INTERMARKET ANALYSIS

"John Murphy makes it absolutely clear that all markets are interrelated. It would be silly to trade stocks without keeping an eye on interest rates, currencies, and gold. In this valuable new book, the master of technical analysis teaches all of us how to monitor and profit from intermarket relationships."--Dr. ALEXANDER ELDER, author of Trading for a Living, www.elder.com

"Murphy's basic premise is that a trader's analysis needs to extend beyond the market itself to also encompass interrelationships with other markets--a broader perspective that is essential not only in understanding the big picture but also in providing valuable early warning signs through lead-lag relationships. The best part of Trading with Intermarket Analysis is that these critical market interactions are vividly illustrated with more than 150 color charts, providing valuable food for thought not only for chartists but also fundamentalists, as an understanding of intermarket connections is essential for all traders. One lesson I have learned from interviewing market wizards is that intermarket price action provides essential trading clues. In this context, Murphy's book offers traders a valuable resource and idea repository."--JACK SCHWAGER, author of Market Wizards and the Schwager on Futures book series

"In today's lightning-fast, interconnected global markets, savvy traders capitalize and profit on intermarket movements. Murphy's new book shows traders how to read the charts and understand intermarket dynamics in an easy-to-understand visual fashion. Learn how to utilize ETFs to trade and profit off these key market drivers. Long a friend to the TraderPlanet.com community, Murphy once again shines with his latest must-read book for all traders."--LANE J. MENDELSOHN, founder, TraderPlanet.com

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Product Details

  • Hardcover: 256 pages
  • Publisher: Wiley; 1 edition (November 28, 2012)
  • Language: English
  • ISBN-10: 1118314379
  • ISBN-13: 978-1118314371
  • Product Dimensions: 7.7 x 0.8 x 10.3 inches
  • Shipping Weight: 1.5 pounds
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (32 customer reviews)
  • Amazon Best Sellers Rank: #727,708 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By RJR on January 15, 2013
Format: Hardcover Verified Purchase
The author takes you through all of the major intermarket trends mainly through charts. One thing I really liked is that the charts were usually on the same page or opposite the text, making it easy to see what you were reading. The charts were also in color which also added greatly to see what was going on. I thought John Murphy did a great job explaining all of the intermarket relationships. I certainly learned a lot from this book which will be very helpful to me in the future. It will help with identifying long term trends in the various markets which is great if you are concerned about your 401K. The book could have been made better by explaining in more detail why some of the relationships exist i.e. why the Dollar Index affects bond prices, etc. Other than that the book does what it says it will. BTY - this review is in reference to the printed version, not the Kindle. I personally don't like to read trading books on Kindle due to difficulty in reading graphs/charts on Kindle.
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I am a professional investment manager and an advisor to other money managers. I read financial books non-stop. At this point in my career my only goal is to find one good idea in any new book that I read. I can judge a book by how much highlighting I have in the book when finished reading. I usually highlight one line and then throw the book away. John Murphy's new book has at least 50% of the text highlighted. I've read both of his past intermarket analysis books and they were okay, but this new book is one of the most important books on investing that I've come across. I do not know John Murphy. My advice is to buy this book.
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This is an introductory book on the stock and commodity markets that is heavily illustrated with quality charts. It discusses historical price trends and reversals in the context of world events. Each chart shows price history for one or more markets or indices. Major sections of the book are titled The Old Normal, The 2000 and 2007 Tops, The Business Cycle and ETFs, The New Normal and a Conclusion: It's All About Relationships.

What I expected before purchasing this product was a discussion of intermarket relationships from a quantitative perspective that would contribute to my competitive edge as a trader. What I found is a book that is entirely subjective in nature, that presents little in the way of new information outside of an analysis of price history in light of historical events. That is not particularly bad, but leaves the reader without any sense of how to use the information in trading. Systematic (computerized) traders have been using intermarket analysis for decades. Commercial vendors sell credible trading advice based on intermarket analysis. Due to its broad-brush, subjective nature, it is unlikely that anyone reading this book will gain an edge in trading from the information presented.

The book is educational. First and foremost it is a valuable survey of historical events that strongly affected price in a wide variety of world markets for equities, commodity futures and currencies. Next, it visually presents the nature of intermarket relationships. The key takeaway is that those relationships change over time. Sometimes commodities and the US Dollar diverge, sometimes they run in parallel. Usually they diverge, but not always. Is that a tradeable relationship? How might one quantify that?
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Intermarket Analysis provides insight into how markets depend on each other as well as which assets have historically provided leading indicators for price turns in other assets. It goes well beyond the traditional inter-asset relationships (e.g., Oil and Gold drive the Aussie) to provide deeper insight into how different asset classes and markets depend on each other. It further associates changes in asset correlations over time with intrinsic economic and cyclic behavior, providing powerful insights into (for example) why bonds correlate positively with equities in some conditions and negatively in others. Inspired by this book, I have directly applied the methods (particularly ratio analysis) to see rotations out of risk-off assets and into risk-on over the past months. Traders and investors familiar with inter-asset comparison and sector rotation will benefit from both the methods he demonstrates and the ties between assets and underlying economic conditions.
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John Murphy is to inter market technical analysis what michael jordon is to basketball.

This book is his best book ever as it covers everything that has happened since 1980

The first book intermarket technical analysis was a classic

If you are dumbfounded how the stock market can soar while the economy stinks this explains it and a lot more
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Format: Hardcover
This book is decent. I had to read it for the Level 3 CMT exam. Not as good as the other reviewers suggest in my opinion. If you are at all familiar with intermarket analysis then you won't learn anything new. This book is really for beginners. For instance, throughout the book there are graphics titled "John's Tips" which are one or two sentence explanations of concepts that he refers to in the book. These tips are VERY basic. A few of them for demonstration:

"Copper is also viewed as a barometer of the strength of the global economy"
"It's dangerous to trade energy shares without also charting the direction of crude oil"
"A rising stock market increases investors' appetite for riskier bond categories like high-yield bonds"

The value of the book is that many intermarket relationships are presented so that you can see how they all interact, and that he explains the history behind what was going on at the time in the market. However there is really nothing new from this book that I will be applying to my trading. The majority of the intermarket relationships are common knowledge, or at least you could find adequate information about them by searching Google and doing your own reading.
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