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Intermarket Analysis: Profiting from Global Market Relationships


Praise for Intermarket Analysis

"John Murphy has done it again. He dissects the global relationships between equities, bonds, currencies, and commodities like no one else can, and lays out an irrefutable case for intermarket analysis in plain English. This book is a must-read for all serious traders."
--Louis B. Mendelsohn, creator of VantagePoint Intermarket Analysis software

"John Murphy's Intermarket Analysis should be on the desk of every trader and investor if they want to be positioned in the right markets at the right time."
--Thom Hartle, President, Market Analytics, Inc. (

"This book is full of valuable information. As a daily practitioner of intermarket analysis, I thought I knew most aspects of this invaluable subject, but this book gave me several new ideas. I thoroughly recommend it for beginners and professionals."
--Martin Pring, President of and editor of the Intermarket Review Newsletter

"Mr. Murphy's Intermarket Analysis is truly the most efficient and unambiguous way to define economic and fundamental relationships as they unfold in the market. It cuts through all of the conflicting economic news/views expressed each day to provide a clear picture of the 'here and now' in the global marketplace."
--Dennis Hynes, Managing Director, R. W. Pressprich

"Master Murphy is back with the quintessential look at intermarket analysis. The complex relationships among financial instruments have never been more important, and this book brings it all into focus. This is an essential read for all investors."
--Andrew Bekoff, Technical Strategist, VDM NYSE Specialists

"John Murphy is a legend in technical analysis, and a master at explaining precisely how the major markets impact each other. This updated version provides even more lessons from the past, plus fresh insights on current market trends."
--Price Headley,, author of Big Trends in Trading

Acknowledgments ix

Introduction to Intermarket Analysis xi

1. A Review of the 1980s 1

2. 1990 and the First Persian Gulf War 17

3. The Stealth Bear Market of 1994 33

4. The 1997 Asian Currency Crisis and Deflation 51

5. 1999 Intermarket Trends Leading to Market Top 65

6. Review of Intermarket Principles 81

7. The NASDAQ Bubble Bursts in 2000 97

8. Intermarket Picture in Spring 2003 115

9. Falling Dollar During 2002 Boosts Commodities 131

10. Shifting from Paper to Hard Assets 145

11. Futures Markets and Asset Allocation 159

12. Intermarket Analysis and the Business Cycle 179

13. The Impact of the Business Cycle on Market Sectors 199

14. Diversifying with Real Estate 217

15. Thinking Globally 235

Appendix 247

Index 263