"quantity"exercise:relative strength analysis
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Questions 1:
The process of looking for inflection points in one market that may signal a trend change in a related market is best described as:
A 、capital market cycle analysis.
B 、relative strength analysis.
C、 momentum analysis.
Questions 2:
Assume the following:
● The real risk-free rate of return is 3%.
● The expected inflation premium is 5%.
● The market-determined interest rate of a security is 12%.
The sum of the default risk premium, liquidity premium, and maturity premium for the security is closest to:
A 、10%.
B 、4%.
C 、8%.
B is correct. In intermarket analysis, technicians often use relative strength analysis to look for inflection points in one market as a warning sign to start looking for a change in trend in a related market.
A is incorrect. Analysis of capital market cycles is used to find trends that may help predict future price movements based on the reoccurrence of historical cycles. This is typically looked at for a single market, not based on intermarket correlations.
C is incorrect. Momentum analysis is focused on identifying changes in market sentiment for a single market, not intermarket correlations.
B is correct. The market-determined interest rate is equal to the real risk-free rate of return plus an inflation premium plus risk premiums for default risk, liquidity, and maturity. In this case, 12 = 3 + 5 + X. Solving for X: X = 4.
A is incorrect. 10% =12% – (5% – 3%)
C is incorrect. Eight percent is the sum of the real risk-free rate and expected inflation.
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