August 2008
Intermediate to advanced
208 pages
6h 50m
English
book
Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
by Jamie Saettele
Content preview from Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
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P1: PIC/b P2: c/d QC: e/f T1: g
c03 JWBK195-Saettele June 5, 2008 18:56 Printer: Yet to come
46 SENTIMENT IN THE FOREX MARKET
The subtitle for the lead article, “An Economy Singed,” was “The mar-
kets’ mood reflects a poor outlook for America’s economy.” A more ac-
curate subtitle would have been “The markets’ mood indicates that stock
markets are close to a significant bottom.”
It is December 2007 as I write this book and the EURUSD hit a
high of 1.4967 on November 23. Guess what? The December 1 issue of
The Economist features the U.S. dollar yet again. An image of George
Washington in an airplane that is going down in flames is on the cover with
the title, “The panic about the dollar.” The day that this cover hit news-
stands, the EURUSD rate closed at 1.4744 in New York dealing. Today is
December 20 and the EURUSD is over 400 pips lower at 1.4322. This most
recent cover preceded the largest dollar rally (against the euro) in nearly
three years. Coincidence? I think not.
CONCLUSION
The examples above are a few of the many contrarian signals in finan-
cial markets that magazine covers have provided. In 2007, a group of pro-
fessors from the University of Richmond, Virginia, conducted a study in
order to determine whether positive cover stories are associated with su-
perior future performance and whether negative stories are associated
with inferior future performance regarding specific corporations.
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