tailieunhanh - Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets_10

Tham khảo tài liệu 'trading strategies for the global stock, bond, commodity, and currency markets_10', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 262 APPENDIX FIGURE STOCKS VERSUS BONDS FROM LATE 1989 THROUGH SEPTEMBER 1990. AFTER FALLING THROUGH THE EARLY PORTION OF 1990 THE BOND TROUGH IN EARLY MAY HELPED SUPPORT THE STOCK RALLY. BONDS FAILED TO CONFIRM THE DOWS MOVE TO NEW HIGHS DURING THE SUMMER. BOTH MARKETS THEN TUMBLED TOGETHER. Dow Industrials-One Year 2900 2700 2500 2300 10 89 12 89 1 90 3 90 5 90 7 90 9 90 - I-----1-1 ---1---1---1---1---1---1 4-----11 10-17 11-14 12-18 1-12 2-9 3-12 4-9 5-8 6-6 7-5 8-2 8-30 9-28 Treasury Bonds 10-17 11-14 12-18 1-12 2-9 3-12 4-9 5-8 6-6 7-5 8-2 8-30 9-28 9 29 90 APPENDIX 263 FIGURE A COMPARISON OF THE DOW INDUSTRIALS DOW UTILITIES AND TREASURY BONDS FROM AUTUMN OF 1989 THROUGH THE THIRD QUARTER OF 1990. RELATIVE WEAKNESS IN THE DOW UTILITIES FROM THE BEGINNING OF 1990 PROVIDED AN EARLY BEARISH WARNING FOR THE DOW INDUSTRIALS. NOTICE THE CLOSE CORRELATION BETWEEN THE DOW UTILITIES AND TREASURY BONDS. 230 220 210 200 190 Treasury Bonds 12-13 2-26 5-8 7-19 9-28 Dow Utilities 12 89 2 90 5 90 9 90 I 1__1---X- - 12 13 2-26 5-8 7-19 9-28 9 29 90 264 APPENDIX FIGURE A COMPARISON OF THE CRB INDEX TO THE . DOLLAR FROM LATE 1989 TO SEPTEMBER 1990. THE FALLING DOLLAR WHICH IS INFLATIONARY HELPED COMMODITY PRICES ADVANCE DURING 1990. A BOUNCE IN THE DOLLAR DURING MAY CONTRIBUTED TO THE CRB PEAK THAT MONTH. COMMODITIES FIRMED AGAIN DURING THE SUMMER AS THE DOLLAR PROPPED TO NEW LOWS. CRB Index 9 29 90 APPENDIX 265 FIGURE THE . DOLLAR VERSUS GOLD FROM LATE 1989 THROUGH SEPTEMBER 1990. THE DECLINING DOLLAR DURING MOST OF 1990 WASN T ENOUGH TO TURN THE GOLD TREND HIGHER. HOWEVER THE INVERSE RELATIONSHIP CAN STILL BE SEEN ESPECIALLY DURING THE DOLLAR SELLOFFS IN LATE 1989 AND JUNE 1990 WHEN GOLD RALLIED. THE INTERIM BOTTOM IN THE DOLLAR IN FEBRUARY 1990 WAS ENOUGH TO PUSH GOLD PRICES LOWER. 9 29 90 266 APPENDIX FIGURE GOLD VERSUS THE DOW INDUSTRIALS FROM THE SUMMER OF 1989 TO THE AUTUMN OF 1990. THE GOLD RALLY IN THE FALL OF 1989 COINCIDED WITH .