intermarket technical analysis - trading strategies.pdf

begin to diverge from one another, an early warning is being given that the trend may be changing. Six years later, in 1986, global inflation began to creep higher again. This divergence, if it continues, holds bearish implications for global stock prices. The set has been tried most prestigious book of the stock market to be collected. AH world markets are interrelated. Bank stocks are an example of a group of stocks that benefit from declin- ing interest rates and that are hurt when interest rates are rising.

Ngày ng:, 20:20 142 international markets figure.20 american stocks (lower right) ARE being pulled downward BY japanese stocks (upper right) aneaker.S. The industrials portion is further subdivided into metals and non-food agriculturals. Intermarket analysis can and should be done on a global scale.

Japan, the, united States, and Italy peaked in early 1980. THE CRB index versus bonds In Chapter 3, the commodity/bond relationship was identified as the most important in intermarket analysis. As 1989 unfolded, it was becoming evident that an important bullish divergence was developing between gold and gold shares. World stock markets generally trend IN THE same direction. The late December top in Texaco occurred at about the same time as that in crude oil.

Some turn a little ahead of others, and some are laggards. If bond prices are strength- ening relative to commodity prices (a climate of falling interest rates and declining inflation emphasis should be placed on interest-sensitive stocks. The commodities are assigned different weightings, which are determined by imports into the European market in the period. Money mar- ket prices usually lead stock prices at major turning points. In November of 1989, oil shares resolved a "symmetrical triangle" on the upside. As gold continued to trend lower, geld shares appeared to be forming an important basing pattern. Japanese Bonds Nikkei 225.S. One way to study this relationship of commodities to bonds is to plot a relative strength ratio of the Commodity Research Bureau Price Index over Treasury bond prices. Figure.12 zs forex lucknow compares oil prices to individual oil companiesTexaco, Exxon, and Mobil.

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