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Article Archive For John J. Murphy

  • Utilities And Stocks by John J. Murphy

    ARTICLE SYNOPSIS ...Utilities And Stocks by John J. Murphy Last month, this technical trailblazer examined how utilities and bonds were interconnected. This month, John J. Murphy analyzes how utilities in turn affect stocks. My article on utilities and bonds examined the close link between utility stocks and Treasury bond prices. Because bonds usually act as a leading indicator for stocks and because utilities are sensitive to interest rates, it should be no surprise that utilities also provide advance warning about the future direction of the stock market as a whole. Figure 1 provides a five-year comparison o...

  • Interest Rates And The U.S. Dollar by John J. Murphy

    ARTICLE SYNOPSIS ...Interest Rates And The U.S. Dollar by John J. Murphy Veteran technician and leading proponent of intermarket analysis John Murphy continues to delve into the interrelationships between markets, this time between interest rates and the U.S. dollar. Previously, I have focused on intermarket linkages between commodities, bonds and stocks. The U.S dollar also plays an important role in the intermarket chain. The dollar, for example, is affected by movements in interest rate futures. The dollar, in turn, influences the direction of other markets such as gold, the CRB index, bonds and ultimately t...

  • Gold And The U.S. Dollar by John J. Murphy

    ARTICLE SYNOPSIS ...Gold And The U.S. Dollar by John J. Murphy Last month, intermarket analyst and veteran technician John Murphy explored the relationship between interest rates and the U.S. dollar. This month, he progresses to the interrelationship between the U.S. dollar and gold. Last time, I showed that the U.S. dollar moves in the opposite direction of interest rate futures prices. At some point, however, the falling dollar will reawaken inflation pressures. One of the first hints of inflation -- or disinflation -- usually comes from the gold market, due to the strong historical link between the gold marke...

  • The Link Between Bonds And Commodities by John J. Murphy

    ARTICLE SYNOPSIS ...The Link Between Bonds And Commodities by John J. Murphy Like a set of tumbling dominoes, intermarket analysis is based on the theory that one instrument affected will in turn affect another. Technical pioneer John Murphy, best known for his trailblazing work in technical analysis and intermarket analysis, explains how that interrelationship between bonds and commodities works. Intermarket analysis adds another layer to the work of the technician by considering activity in related markets. Whereas traditional technical analysis treats each market separately, intermarket technical analysis su...

  • The Link Between Bonds And Stocks by John J. Murphy

    ARTICLE SYNOPSIS ...The Link Between Bonds And Stocks by John J. Murphy Intermarket analysis is based on the premise that all markets are linked. Last month, technical trailblazer John J. Murphy explored the inverse interrelationship between commodity and bond prices; this month, he examines the relationship between bonds and stocks and how bond prices can be used as a leading indicator for stocks. Take a look. Bonds and stocks usually trend in the same direction. However, it's not as simple as that. At important turning points, bond prices usually turn ahead of stocks. At bottoms, bond prices usually turn up b...

  • The CRB Index/Bond Ratio by John J. Murphy

    ARTICLE SYNOPSIS ...The CRB Index/Bond Ratio by John J. Murphy Veteran technician John J. Murphy, whose trailblazing work on technical analysis and intermarket analysis are classics of the field, has delved into how bonds and commodities are interrelated and then how bonds and stocks influence each other. Now, he introduces the C RB index/bond ratio as another example of how these three market sectors interact, allowing us to determine the relative strength between bonds and commodities. In my last two articles, I examined first the inverse relationship between the Commodity Research Bureau (CRB) Index and bond...

  • Gold And The CRB Index by John J. Murphy

    ARTICLE SYNOPSIS ...Gold And The CRB Index by John J. Murphy John Murphy, the leading proponent of intermarket analysis, closes the current circle of tradable interrelationships by examining how gold and the CRB index interact. The gold market plays a key role in intermarket analysis. Last time, I discussed gold's tendency to trade in the opposite direction of the U.S. dollar. Falling U.S. interest rates, which are usually associated with a weak dollar, at some point begin to reawaken inflation pressures. One of the first places that inflation begins to manifest itself is in a rising gold market. Because of gol...

  • Utilities And Bonds by John J. Murphy

    ARTICLE SYNOPSIS ...Utilities And Bonds by John J. Murphy Of all the interrelationships between markets, one that has been taken for granted for decades is the relationship between the Dow Jones Industrial Average and the Dow Jones Transportation Average. John Murphy, veteran technician and leading proponent of intermarket analysis, points out that the third Dow Jones average, the Dow Jones Utility Average, can be used for forecasting purposes for stocks as well as bonds. Murphy explains. One of the basic premises of the Dow theory is that the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation...






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