It’s taken me about a year, but I’ve finally gotten around to having a look through the 3rd edition of Bernard Baumohl’s book The Secrets of Economic Indicators. Now that I’ve done so, I really which I’d dug in sooner.
This book answers the question a lot of new and developing traders have in terms of what economic indicators are important and where to go to get information about them. It comprises only 6 chapters, despite being over 400 pages long in print format. They are as follows:
Chapter 1 – The Lock-Up, which looks at how indicators are released and lays the groundwork for what’s to come.
Chapter 2 – A Beginner’s Guide: Understanding the Lingo, which is a brief look at what does into economic data and the interpretation of releases.
Chapter 3 – The Most Influential US Economic Indicators is the bulk of the book (over 300 pages). It goes through each of the major releases (and not so major) with a quite thorough discussion. That starts with a quick reference on
- Market Sensitivity
- What Is It?
- Most Current News Release on the Internet
- Home Web Address
- Release Time
That is then followed by discussion sections
- Why Is it Important?
- How Is It Computed?
- The Tables: Clues on What’s Ahead for the Economy
- Market Impact
Lots of information here, for sure.
Chapter 4 – International Economic Indicators: Why Are They So Important? follows a similar pattern to Chapter 3 in looking at the major non-US data releases.
Chapter 5 – Best Websites for U.S. Economic Indicators is several pages worth of useful websites to find fundamental information and news.
Chapter 6 – Best Websites for International Economic Indicators is the same as with Chapter 5 for international data.
I can’t imagine a better, more complete resource on the subject of economic indicators. If you’re looking at using fundamentals in your trading, you’ll definitely want to give The Secrets of Economic Indicators a look.
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About the Author
John Forman, author of this blog, has traded for more than 20 years, is a professional market analyst, and authored The Essentials of Trading. He is an active participant in trading forums, consults for trading related businesses, as published literally dozens of trading articles, and has been quoted in a number of books and in the media.
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- The Timing of Data Releases