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Acknowledgments
Introduction
PART I The Old Normal
Chapter 1 Intermarket Analysis: The Study of Relationships
All Markets Are Related
Asset Allocation Strategies
ETFs Have Revolutionized Intermarket Trading
Sector Rotation and the Business Cycle
Stocks Peak and Trough before the Economy
The Role of Oil
Advantages of Using Charts
Viewing the Big Picture Is Important
Intermarket Implications for Technical Analysis
A New Dimension to Technical Work
Intermarket Work Is an Evolutionary Step
Why Relationships Change
Intermarket Principles
Review of the Old Normal
CHAPTER 2: Review of the Old Normal
1980 Was a Key Turning Point
The End of the Inflationary 1970s
The 1987 Crash Reinforced Intermarket Trends
Order
The 2002 and 2003 Bottoms Reverse Normal Order
The Fed Discovers Deflation during 2003
Commodities Turn Up during 2002
Chapter 5: The 2002 Falling Dollar Boosts Commodities
Commodities Inflate
Commodities Gain from Battle against Deflation
The Dollar Drop Leads to a New Bull Market in Gold
Falling Stocks Are Also Good for Gold
Not a Lot of Alternatives
Gold and the Dollar Experience Major Trend Changes
Shifting from Paper to Hard Assets
The Stock Peak Coincides with Gold Bottom
Gold Breaks 15-Year Resistance Line
Stocks End Secular Uptrend
Gold Outperforms Stocks for the First Time in 20 Years
The Oil Peak Coincides with the 2003 Stock Bottom
Chapter 6: Asset Allocation Rotations Leading to 2007 Top
Relative Strength between Asset Classes
Asset Allocation
2002 Shift from Paper to Hard Assets
The Commodity/Bond Ratio Also Turned Up
Turns in the Bond/Stock Ratio
Foreign ETFs
Inverse and Leveraged ETFs
Summary
2008
Copper Influences Stock Market Direction
The Silver/Gold Ratio Influences the Stock Market
Silver Stocks Led Commodity Lower during 2011
The Influence of Commodities on Sector Performance
Commodities Led Stocks Lower during 2011
The Commodity Peak Also Influenced Sector Rotations
Gold Stocks versus Gold
Gold Miners Are Stocks
Gold Shares Underperform Bullion during 2011
Gold and Miners Relink during July
Dollar Direction Impacts Foreign Stocks
Conclusion
Recap of Intermarket Principles
The New Normal in Intermarket Relationships
Fed Policy May Be Interfering with Normal Bond/Stock
Relationship
The Fed Also Kept Bond Yields Low during the 1940s
Asset Allocation Strategies May Start Favoring Stocks
The Nasdaq/Bond Ratio May Be Bottoming
The Nasdaq Composite Index Hits a 12-Year High
Banks Show New Leadership
Homebuilders Bottom
Adding a New Dimension to Technical Analysis
Reading Up on Charting
StockCharts.com Chart School
Neural Networks
Looking Ahead
A Dollar Bottom Would Have a Depressing Effect on
Commodities
A 40-Year Trend of the CRB Index
The Stock/Commodity Ratio Favors Stocks over
Commodities
Trade trends, not opinions
About the Author
Index