23 INTERMARKET ANALYSIS JOHN MURPHY ON TODAY'S CHANGING MARKETS By Kira Brecht Years ago when I trained to be a technical analyst at an institutional advisory firm, my boss handed me John Murphy's Technical Analysis of the Financial Markets and told me to read it. A few days later, I told him I was done. He gave the book back to me and said "No, you really need to learn this material." That was just the beginning. To many technical traders Murphy's original book was considered the "bible" of technical analysis. I still have that book on my desk today for reference. Murphy's knowledge and understanding of the charts and the intuitive ability to make intermarket connections is legendary. Murphy is one of the INTERMARKET RELATIONSHIPS The dollar and commodities trend in opposite directions. Bond prices and commodities trend in opposite directions. Since 1998, bond and stock prices have trended inversely. Since 2008, stocks and commodities have been closely correlated. —From Trading With Intermarket Analysis by John J. Murphy, published by John Wiley & Sons, Inc. 2013