Of the four financial markets used in intermarket work, the dollar is probably the most difficult to fit into a consistent intermarket model.

Bonds have a tendency to peak about midway through an economic expansion and hit bottom about midway through a contraction.

Gold’s historic role has been as a store of value during times of economic upheaval.

The U.S. economy had suffered four recessions since 1970. Three of the four—those that took place in 1974, 1980, and 1990—were accompanied by surging oil prices. Nine years later, surging oil prices in 1999 contributed to the onset of another recession and, in the process, helped burst the bubble in the Nasdaq market.)

there has usually been a fairly close correlation between bond prices and the AD line.

it shows that world stock markets become even more closely linked during serious downturns than they are normally. At such times, global diversification becomes a myth.

Relatively high interest rates in Australia and Canada resulted in high-yield currencies that attracted foreign capital. Their relatively high interest rates were due largely to rising commodity prices.

Warnings came from sector rotations out of late expansion stocks into early contraction stocks.

I wrote these words because one of the intermarket relationships has to do with how a commodity relates to its shares. They should move in the same direction.