Intermarket Technical Analysis: Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets

In this book John Murphy explains the interactions of the four major market sectors mentioned in the book's title. He structures his analyses around the concept of the business cycle, the recurring boom and bust loop which the economy has gone through over the past two centuries. Showing how the four major sectors (as well as other economic factors) interact in feedback loops to drive the business cycle, he gives us the information we need to see what stage of the cycle we're currently experiencing and where we're headed. Knowing this we can better decide where to park our assets in the short and medium-term future. His outline of the various stages of the business cycle is very helpful, even though it's a rough guide. For instance, although gold does not seem to have played its assigned role in this scheme, it is clear that commodities did bottom in the third quarter of last year, signaling that a market top would follow in the not-too-distant future. Thus, even though the stock market is a dynamic system and cannot be exactly predicted, there are patterns that take a huge amount of guesswork out of charting one's way through it. This book thoroughly explores those patterns and provides the investor/trader a solid support for making financial decisions.

There is very little information out there on Intermarket analysis (see Martin Pring's "All Season Investor" and Murray Ruggiero "Cybernetic Trading Strategies" among the few to offer info in this niche). Turns out the Intermarket form of technical analysis is among the most important in analyzing the economy and the various links between financial sectors. It's a key to deciphering the intermediate and longer term trends ( & with Ruggiero, possibly short term trends). Amazingly, nearly all high paid economists and many financial market analysts get it wrong, but the markets collectively don't by definition. (You can't trade an economist, there is no "economic futures index", and the economists generally aren't traders since they don't know how.) Once you have the basics of technical analysis under your belt, this book is a pivotal and necessary step forward in an education towards deciphering the increasingly interrelated worldwide financial markets. A must read, but only for the serious investor. Too complicated and difficult to use for the dilettante. I wish John would do a "year 2000" update just to freshen up the charts, but the basic relationships haven't changed much and the lessons are still totally valid.

This is the best book you can find in advanced technical analisys. Together with John's book "Technical analisys of futures markets" and the Schwager on Futures series is a "must" for whoever wants to start in Futures Trading. This book is so logical that it is incredible! Reading it and testing its theory you will discover the way the markets work. As a Futures trader is the book that has helped more than any other one my way of trading (That seems quite succesfully at the moment!). As a Member of IFTA (International Federation of Technical Analisys) is the book that I find more logical, because IT HAS A REAL LINK WITH THE MACROECONOMIC ENVIRONMENT, AND EXPLAIN IT IN A SIMPLER AND FUNNIER WAY! The book is not supereasy to understand, even if it has been written in a very good way. Buon Trading!

I've read a lot of books on technical analysis, and this book is on the top of the pile. The relationship between other markets and other exchanges is explored. The intermarket theory is so simple, that's it's ingenious. Buy the book if your into trading. Period.

Which way is the market headed? Before reading this book, I never really had a firm clue. I would usually just wind up agreeing with the concensus of so-called "experts". Now, Murphy has shown me (through visual analysis) how signs of major market turning points can be easily perceived by anyone. I can now make up my own mind as to the direction of the markets just as I already pick my own investments. A true classic!