Master the Markets (by Tom Williams),
Taking a Professional Approach to Trading & Investing by Using Volume Spread Analysis
(A Fascinating Insight into the Secret World of the Professional Operators and How They Manipulate You into Making the Wrong Decisions in Your Investing and Trading.)

Contents
ACKNOWLEDGEMENT ……………………………………………………………………........................ 3
PREAMBLE ………………………….………………………………………………………………..................... 8
INTRODUCTION …………………………………………………………………………………………………………. 9
SECTION 1 – MARKET BASICS
Random Walks & Other Misconceptions ……………….…………………………………………. 12
What is the Market? ………………………………………………………………………………………… 13
The Market Professionals ………………………………………………………………………..………. 14
A Special Word About Market-Makers ………………………………………………………..…… 15
Volume – The Key to the Truth ……….……….…………………………………………………….. 16
Further Understanding Volume ……………………………………………………………………….. 18
What is Bullish & Bearish Volume ……………………………………………………………………. 19
Accumulation & Distribution …………………………………………………………………………….. 20
Strong & Weak Holders …………………………………………………………………………………….. 21
Resistance & Crowd Behaviour ……….………………………………………………………………… 23
Supply & Demand ……………………………………………………………………………………………… 25
The Basics of Market Reading …………………………………………………………………………… 26
How to Tell if a Market is Weak or Strong ….…………………………………………………… 28
How to Identify Buying & Selling …………………………………………………………………….. 31
How to Identify Lack of Demand ………………………………………………………………….….. 32
Testing Supply …………………………………………………………………………………………………… 34
Pushing Up Through Supply ………………….………………………………………………………….. 36
High Volume on Market Tops …………………………………………………………………………….. 38
Effort Versus Results ………………………………………………………………………………………….. 39
The Path of Least Resistance …………………………………………………………………………….. 40
Markets can be Marked Up (or Down) …….………………………………………………………… 41
Volume Surges in Related Markets ……………………………………………………………………. 42
Using Different Timeframes ……………………………………………………………………………… 44
The Relationship between the Cash & Futures Price …………………………………………. 45
Manipulation of the Markets ………………………………………………………………………………… 46
SECTION 2 – TRENDS & VOLUME SPREAD ANALYSIS
Introduction to Trends ……………………………………………………………………………………….. 50
Constructing Trend Lines ……………………………………………………………………………………. 51
Bottoms & Tops ………………………………………………………………………………………………….. 52
Trend Scaling ………………………………………………………………………………………………………. 54
Why do Trend Lines Appear to Work? ………………………………………………………………. 55
Using Trends to Determine Overbought and Oversold Levels ………………………….. 56
Perceived Value & Trend Lines ……………………………………………………………………………. 58
Introducing Trend Clusters …………………………………………………………………………………. 59
Using Trend Clusters …………………………………………………………………………………………… 61
Analysing Volume Near a Trend Line …………………………………………………………………. 63
Pushing Through Supply/Support Lines ……………………………………………………………… 65
Absorption Volume & Lower Trend Lines ……………………………………………………………. 68
SECTION 3 – THE ANATOMY OF BULL & BEAR MARKETS
What Starts a Bull Market? ………………………………………………………………………………. 70
The Forces of Supply & Demand Move the Markets ……………………………….……….. 72
It All Starts With a ‘Campaign’ ………………………………………………………………………….. 73
How to Recognise the Likely Market Top ………………………………………………………….. 75
How to Recognise the Likely End of a Rally ………………………………………………………. 77
Up-thrusts in More Detail ……………………………………………………………………………………. 79
The Selling Climax and Professional Support …………………………………………………….. 81
The Buying Climax and Professional Selling ………………………………………………………. 83
A Buying Climax in an Individual Stock …………………………….………………………………. 85
From Bear to Bull Markets ………………………………………………………………………………….. 87
Bear Markets in General ……………………………………………………………………………………… 89
What Stops a Down-Move & how will I Recognise This? ……………………………….. 90
How to Recognise a Market Bottom ……………………………………………………………………. 92
Professional Support ……………………………………………………………………………………………. 94
The Shake-out …………………………………………………………………………………………………….. 95
Stopping Volume …………………………………………………………………………………………………. 97
Falling Pressure ………………………………………………………………………………………………….. 98
SECTION 4 – BECOMING A TRADER OR INVESTOR
The Dream ………………………………………………………….………………………………………………. 100
Beware of the News ……………………………………………………………………………………………. 102
You Need a System …………………………………………………………………………………………….. 105
Trading Hints & Tips ……………………………………………………………………………………………. 106
What are the Main Signs of Strength? ………………………………………………………………. 110
What are the Main Signs of Weakness? ………………………………………………… ………… 111
Checklist for Going Long (Buying) …………………………………………………………………….. 112
Checklist for Going Short (Selling) ……………………………………………………………………. 114
How to Select a Stock the Easy Way …………………………………………………………………. 116
Closing Comments ………………………………………………………………………………………………. 119
SECTION 5 – THE TRADEGUIDER SYSTEM
Summary ……………………………………………………………………..…………………………………….. 121
Brief Description ………………………………………………………………………………………………….. 122
Features List ………………………………………………………………………………………………………… 123
Product Detail ………………………………………………………………………………………………………. 124
Data Provision ……………………………………………………………………………………………………… 136
Broker Alliances …………………….…………………………………………………………………………... 137
Suggested Reading List …….….…………………………………………………………………………... 138
Customer Testimonials ………………………………………………………………………………………… 139
Do Not Ignore These Trading Facts! ……………….…………………………………………………. 140
GLOSSARY OF TERMS USED ……………………………..…………………………………………………………. 141
INDEX ……………………………………………………………………………………………………………………………… 181