Technically Speaking, July 2024

Hello Technical Thinkers!

As an association we’ve entered quite a busy summer. You’ll find plenty of webinars, events, articles and the like in this issue of Technically Speaking. Through it all, I have been grateful for the reliable guidance of our friend, and now CEO, Tyler Wood, CMT.

Tyler has truly kept the heart of CMT Association beating strong for many years. He brings an invigorating energy to every branch, event, room, and each conversation he participates in.

I’ve been told that when Tyler started out with our association, he and Bill Kelleher, CMT, CFA were thrown into the deep end, as it were, and joined forces to breathe life into the 40th Anniversary Symposium. Since then, Tyler’s events have always stirred a buzz!

It’s very clear from all his efforts that Tyler has put members first at every turn. The man is a networking legend, and he has used his skills to spread CMT Association all over the world at an exponential rate. He is the greatest advocate for the members that I know.

As we transition into the era of Executive Director Tyler Wood, CMT, I can’t help but get excited to see where he will lead this organization. I’m certain it will be great!

May that which is sacred to you bring you joy this month!

– Alayna Scott

To view this page as a shareable PDF, click here!

What's Inside...

Letter from the Board

Dr.Kelly Corbiere, CMT, CFA, CFP

Dear CMT Association Members,

I am excited to formally...

Elevating Diversity in Technical Analysis: Launching the CMT Global Black Caucus

Cedric Thompson, CMT, CFA

Damanick Dantes, CMT

Firstly, it’s with great respect that we acknowledge Ralph Acampora, the revered “Godfather of Technical Analysis”, for his role in...

New York City Chapter Event

Tom Bruni, CMT

John Gagliardi, CMT

Story On June 11th, John Gagliardi, CMT, hosted the New York City Chapter at Fidelity Investments for its latest chapter...

Advocacy in Academia: Why, What, and How

Joel Pannikot

This month I want to reflect on the importance of our Advocacy of technical analysis in academic settings, particularly in...

Darvas Trading Boxes

Frank Cappelleri, CMT, CFA

Removing emotion and adhering to a trading system are two of the most vital keys to trading success. Simple, but...

CMT Association Midwinter Retreat in Tampa, Florida

Tyler Wood, CMT

CMT Association’s Midwinter Retreat is a time-honored tradition of connecting members from around the country in an intimate investment management...

CMT Association West Coast Regional Summit in San Francisco, California

Tyler Wood, CMT

CMT Association’s West Coast Regional Summit is back! Save the date for your chance to learn from the best and...

Member Highlight - Ivan Scherman

Ivan Scherman

Ivan Scherman, CMT was crowned the winner of the 2023 World Cup Championship of Futures Trading® edition, setting new expectations...

Fill the Gap with Janine Guenther, CMT, CFA

Janine Guenther, CFA, CMT

David Lundgren, CMT, CFA

Tyler Wood, CMT

In the podcast interview for CMT Association’s Fill The Gap, Janine Guenther, CMT, CFA, a seasoned financial professional based in...

Congratulations to New Charterholders!

Barbara Terry

Celebrating Success: 5 New Chartered Market Technicians Earn Coveted Designation

We are thrilled to announce the achievement of 5 individuals...

Letter from the Board

Dear CMT Association Members,

I am excited to formally introduce myself as a board member. My journey in investing began when I started my career as a “bond girl” for a major insurance company. I was raised on fundamental analysis and didn’t even hear the word “technicals” until a manager encouraged me to read Martin Pring’s seminal text “Technical Analysis Explained” almost 20 years ago. While I would intermittently pick up that book, it was not until I became an equity analyst that I really realized how important it was to understand the psychology of the markets. My mantra has always been that if technicals add just a few basis points of return, the compounded impact of that is enough to outperform and set oneself apart from the crowd. However, my employer at the time did not see things the same way and actually discouraged me from pursuing the CMT designation which I now understand is because that individual probably did not have an appreciation for the value of our practice. Studying in secret meant some long days, particularly before the now famous study course offered by Optuma was available, but it was well worth the effort when the charter was delivered.

My own appreciation of technical analysis, market inefficiency, active trading, and all the related concepts has increased materially as I’ve done academic research into these areas in pursuit of a PhD. What began as the desire to put some letters after my name has turned into my life’s work, my livelihood, and my intellectual passion.

Since obtaining the charter, the best part of the experience for me has been the opportunity to get involved and help shape the future of the designation and the practice of TA. After serving on the Curriculum & Test Committee for a number of years, I joined the CMT Association’s Board of Directors in mid-2021. Before I had attended my second board meeting, my sister died of COVID and, at the same time, my parents were hospitalized with it for a year. While personal issues made the on-boarding experience a little more challenging than would have otherwise been the case, it also made life more comforting to be working with a close-knit, understanding group of highly experienced and hard-working colleagues on the board. I am now one of three female directors among the Association board of 14 people.

Together, the three of us, along with Sandra Stoutenberg, CMT, have recently come together to form the Women in TA global chapter that meets virtually on a quarterly basis and meets in person at select events. This group stemmed from an informal luncheon that occurred at the 50th annual symposium in 2023 that included roughly 25 people who identify as female. Meetings are not your usual webinars where people quietly multi-task through an hour of industry lecture. Instead, these zoom meetings are interactive and involve discussion, networking, and ample Q&A, among other things. To that point, please mark your calendars for noon ET on Friday, August 16 when Kristi Mallory, Executive Coach, will lead a discussion about networking, mentoring, connection, and coaching. The fourth quarter event will be a book discussion on Friday, October 11 with Susan Berger, author of the 2023 book “Moral Compass: A Memoir” (available at amazon.com). Susan worked in TA at Fidelity Investments and is eager to share her story. To register for either event, please email Barbara Terry (barbara@cmtassociation.org).

In the meantime, if you know someone who would enjoy being part of Women in TA, WHETHER OR NOT they practice technical analysis (yet), please send them Barbara’s contact information. And, of course, if YOU haven’t yet become involved in the chapter, please do so by simply identifying yourself and your wish to participate (again, through Barbara Terry). We are building out the schedule for the future, so if you have topic suggestions, ideas regarding engaging speakers or facilitators, OR is you a have program you’d like to share, we welcome ALL of that.

My journey has not been free of obstacles. The day I was scheduled for the Level II exam, a storm took out the power in the Austin, Texas testing center, leaving me sitting outside studying in the sweltering heat for hours, wondering if I’d have to reschedule the exam for the next administration of the test 6 months six months later (for those inquiring minds who want to know, the power was restored half a day later and the rest of the test went off without a hitch).

When I was the single mother of tweens studying feverishly for the CMT examinations, I never envisioned the community I would enjoy as a member of the CMT Association. Getting involved, asking questions, and contributing to the conversation around technical analysis has truly been one of the best things I’ve done both personally and professionally. The charter has been invaluable for my career, but the community and camaraderie has been invaluable for my soul. To that point, nothing makes me happier than foreign travel, foreign cultures, and foreign food (especially the food), and the CMT Association has allowed me to indulge all of these passions with events across the world attended by members from dozens of countries. One recent day I found myself texting a Level III candidate from Haiti and the next day I was on a videocall with fellow board members from Hong Kong and Japan. My hope is that, you too, are able to leverage similar experiences via regional events, volunteer roles, and all the networking that being an active participant brings!

Contributor(s)

Dr.Kelly Corbiere, CMT, CFA, CFP

Kelly Corbiere, CFA, CMT, CFP has over 25 years of experience in financial services. She has worked in wealth management, as a global equity analyst and in institutional taxable fixed income. Kelly holds both a Bachelor of Business Administration in Finance and a Bachelor...

Elevating Diversity in Technical Analysis: Launching the CMT Global Black Caucus

Firstly, it’s with great respect that we acknowledge Ralph Acampora, the revered “Godfather of Technical Analysis”, for his role in inspiring the creation of a more inclusive community within the Chartered Market Technician (CMT) Association. On separate occasions, Ralph approached both Damanick Dantes, CMT, and myself, Cedric Thompson, CMT, CFA, with concern for the lack of ethnic diversity within the CMT Association – “why not create something akin to a Black Caucus, similar to that in Congress?”

This idea resonated deeply with us, especially after we first met at a CMT conference dinner, noting we were the only persons of color with CMT designations present. This moment of realization was the catalyst for our forthcoming initiatives.

Together, we conceptualized and proposed the CMT Global Black Caucus to the CMT Board in late 2023. Our mission is clear: To enhance the field of technical analysis by nurturing and educating professionals of African descent to the highest industry standards. Our goal is to foster expertise and excellence within this community, thereby enriching the broader global financial landscape. Through dedicated education and mentorship, the Caucus is committed to empowering these individuals to achieve their CMT designations and bring much-needed diversity to the technical analysis profession.

Our efforts kicked off with an engaging presentation at Baruch College, where we introduced students to the merits of technical analysis. We’re excited to extend this dialogue through a webinar scheduled later this summer—details to follow, so stay tuned.

Call to Action for Regional Leaders

Damanick and I are reaching out to regional leaders within the CMT community to help spread the word about the Global Black Caucus. We’re particularly eager to connect with members who have ties to Historically Black Colleges and Universities (HBCUs). Your collaboration will be crucial as we reach out to these institutions and invite them to be part of this transformative movement.

We extend our heartfelt thanks to Tyler Wood and the entire CMT Board of Directors for their unwavering support and commitment to this initiative. Your support is instrumental in making this vision a reality.

We look forward to seeing everyone at the upcoming webinar and to furthering this vital cause.

Together, let’s diversify and strengthen the field of technical analysis.

Best,
– Cedric Thompson, CMT, CFA
– Damanick Dantes, CMT

Contributor(s)

Cedric Thompson, CMT, CFA

Cedric is one of the first to hold the Chartered Market Technician (CMT) designation, and also the Chartered Financial Analyst (CFA) from the English speaking Caribbean. As one of the pioneer technical analysts in the English-Speaking Caribbean, Cedric was able to construct...

Damanick Dantes, CMT

Damanick Dantes, CMT is an investment professional specializing in global markets, asset allocation, and ETF portfolio construction. He holds a Chartered Market Technician (CMT) designation and serves as a board member of the CMT Association. Damanick is also the founding member of...

New York City Chapter Event

Story On June 11th, John Gagliardi, CMT, hosted the New York City Chapter at Fidelity Investments for its latest chapter meeting.

His presentation focused on what actually works in technical analysis. How you can test the theories. Once you look at the math and apply a scientific method, we can address clients pain points. At Fidelity, the most common requests from self-directed clients who have achieved some successes were:

1. How can I avoid being involved in large market crashes (drawdowns)

2. How can I capture more upside than the S&P 500 when the market is trending

John addresses these concerns by combining a broader market view and demonstrated how infrequently you truly needed to move to cash. The market downtrends of 2001, 2002, 2008. Three of the past 50 years were truly cashes. But 97% of the time it made sense to remain vested. In short, buy and hold works for the long term. But if you could truly be technically driven and follow rules, eliminating those years could begin the journey beyond buy and hold.

Next, what about outperformance? Nothing fancy needed. The power of the S&P can be found within the market cap rankings. The overweight of 10 names being 34% and the bottom 100 being 3% drastically underweights the smaller capitalizations of the portfolio. Perhaps reducing drag when invested by only owning 20 or 30 stocks furthers the exaggeration. This could be a manageable portfolio. Jay Woods interjected, perhaps that is how the .DJI has kept up over the decade’s, the concentration. In the end, to outperform the S&P you need to own what is outperforming the S&P.

While rebalancing frequency, position sizing, and other factors can be tailored to different timeframes and objectives, the presentation reiterated the importance of being able to quantify strategy results and remove human-driven subjectivity that often produces sub-optimal results.

Outside of the model-driven portfolio theories, John shared insights on the role of demographics in market moves and the relevance of the five-year business cycle. For those looking to learn more on the subject, he recommended one of the oldest technical books, Edward R. Dewey’s “The Science of Cycles.”

Thanks again to John for sharing his knowledge and Fidelity for allowing us to use their space for the event. And to the several dozen members who attended and joined us for drinks and networking afterward, we’ll see you at the next one!

-Tom Bruni, CMT

Contributor(s)

Tom Bruni, CMT

Tom Bruni, CMT, is the Head of Market Research at Stocktwits, where he publishes the brand’s flagship market recap newsletter, “The Daily Rip,” for one million subscribers and oversees the platform’s growing publishing efforts. Bruni has been at the intersection of finance and media...

John Gagliardi, CMT

John Gagliardi graduated from New York University with a bachelor of arts in business and legal studies. Using a thesis created at NYU’s Stern School of Business, John sold his company to Barnes and Noble (NYSE: BKS). This concept evolved to become...

Advocacy in Academia: Why, What, and How

This month I want to reflect on the importance of our Advocacy of technical analysis in academic settings, particularly in universities and business schools. I will touch on 3 aspects.

Why it is crucial?

What are we already doing?

How can you make a difference?

How the endowment effect made technicians underdogs

This is a century-old problem.

The system of academic tenure began to take shape in the early 20th century. Tenure provides job security for professors, allowing them to focus on research, publish in top journals, and contribute significantly to their fields.

With the work of academics like Ben Graham in 1945 and Eugene Fama in 1965, academic research in finance and capital markets became mostly about fundamental analysis. From Munehisa Homma in the rice futures markets of 18th century Japan, to Charles Dow and his successors, those that advanced technical analysis were practitioners.

Enter the Endowment effect, where people ascribe more value to things merely because they own them. Thanks to Kahneman and Tversky’s 1979 Prospect Theory, we now know humans are fundamentally irrational. #punnyquote 😉

Now if a professor has, through years of toil and painstaking research, earned a thesis based on fundamental analysis, they are likely to not only groom their students in fundamental analysis subjects, but also teach them what they think is a healthy disdain for technical analysis. Extrapolate the impact this to generations of professionals who entered the financial services industry over the past 100 years.

Hence our mission. For 51 years, CMT Association has worked tirelessly to advance the discipline of technical analysis, both in its practice and its perception.

WHY engaging with academia matters:

Enhancing Academic Research

By integrating technical analysis into academic research, universities can explore and validate financial theories and practices through empirical data and rigorous studies. This research not only enriches the field but also elevates the legitimacy and acceptance of technical analysis within the broader financial academic community. See this brilliant literature review by our own Gordon Scott, CMT, Michael Carr, CMT, and Mark Cremonie, CMT, CFA.

Education and Skill Development

Incorporating technical analysis into the curriculum ensures that students and faculty are exposed to a comprehensive range of investment strategies and analytical techniques. This education helps produce well-rounded graduates who are better prepared for the complexities of the financial markets.

Bridging Theory and Practice

Technical analysis offers a practical toolset for interpreting market trends and making investment decisions. Teaching these skills in an academic environment bridges the gap between theoretical finance principles and real-world market behaviour, enhancing the practical relevance of finance education.

Career Advancement

For students, learning technical analysis can open up additional career paths in financial services, such as trading, investment management, and market research. For CMT Association, engaging with the academic fraternity expands its network and influence, potentially increasing our membership and the recognition of the CMT credential.

WHAT are we already doing?

Academia Committee:

6 Full-time professors who hold the CMT designation have come together to form our Academia Advocacy Committee. They aim to empower all our member volunteers with the resources you need to engage with you alma mater and other universities in you sphere of influence. You will read more about them and their mission in the next edition of Technically Speaking.

Journal of Technical Analysis:

Among practitioners, our Journal of Technical Analysis is already a venerable publication. We need to get more professors to publish in it. To make it an attractive venue, listing it on the Australian Business Dean’s Council List, getting it indexed in SCOPUS etc will help. These are slow, long efforts, but members of our Academia Committee are keen to make it happen.

Academic Partner Program:

Over the past few years, we have refined our engagement with accredited educational institutions through our Academic Partner Program. Institutions participate by signing a non-commercial MoU with is. Yes, it’s free. All we ask from the institute is that they share our commitment to building a technical-analysis-friendly culture on campus.
We currently have over 60 schools from around the world in the program. It’s a good start. However, in a world with more than 27000 universities and 14000 accredited b-schools, we have room to grow.

We run strategic initiatives to help our partner institutions build a culture of learning technical analysis on campus.

CMT Program Scholarships for full-time students (Level 1) and full-time faculty (all levels)
The Bi-annual CMT Investment Challenge (powered by Optuma) where students experience investing in real markets for 2 months. Results of this challenge are made available to our members for recruitment opportunities.
Our Campus Ambassador Program, where 2 students from each of our partners support their professors in helping the institute make the best of the Program.
Sessions from Kaizad, Tyler and me introducing technical analysis, behavioural finance, career opportunities and more. Here is an example.
Where possible, CMT charter holders teach guest sessions, workshops, or entire courses as adjunct/visiting faculty. They become de facto role models to future professionals

HOW can you participate?

There is so much you can do to participate in this effort. It boils down to how much time you have. After all, if you have made it this far in your CMT journey, there certainly are students in your alma mater who can do the same. Helping your alma mater participate in our Academic Partner Program can go a long way to, well, touching the future.

The steps for the institute are simple

Meet with CMT Association Executive staff (Kaizad, Tyler, me) to address any queries the institute has about the program
Sign the MoU
Participate in our initiatives

In increasing order of time, here are some things you can do:

Connect Kaizad, Tyler or me with someone (faculty, dean) you know at your alma mater who would be happy to explore participating in the program. You can introduce the program to them by sharing this fact sheet.
Support your alma mater in joining the program
Continue to mentor your institute to help them embrace technical analysis as not only a career skill, but also a life skill for future professionals

I can’t think of a more profound way to impact the future of this discipline that has defined our careers. Let’s do some good.

Contributor(s)

Joel Pannikot

Joel Pannikot (pronounced as Punny-Quote) is the Managing Director of Chartered Market Technician Private Limited and serves as the Head of the Asia-Pacific region for the CMT Association. In this role, he is committed to advancing the field of technical analysis through...

Darvas Trading Boxes

Removing emotion and adhering to a trading system are two of the most vital keys to trading success. Simple, but NOT easy. Human nature alone prevents us from following these rules 100% of the time.

However, some of the best and well-known investors have mastered them. Countless not-so-popular traders have discovered fantastic success, too.

One of those people was Nicolas Darvas.

Nicolas Darvas made $2,000,000 in the stock market trading in a very specific way from 1957-1959. That’s about $21,500,000 in 2024 dollars. Darvas wrote a book about it: “How I Made $2,000,000 in the Stock Market.”

Catchy title.

Darvas studied price action and noticed that stocks traded in a certain way: they would break out, pause, break out again… or pause and break down instead.
In essence, he was adept at identifying strong stocks and noticed a pattern within their trends. To put it simply, Darvas bought breakouts above a trading box and used stops under the box.

But here was his real edge. He never traded in real time.

Darvas was a professional dancer, which forced him to travel all over the world. He often was performing, on a flight or sleeping during the market hours. And with the financial media and the internet still decades away, there were very few ways to trade “live.”

Instead, he would use the Wall Street Journal and Barron’s to get the closing prices of the stocks he tracked. From there, he drew the charts, identified boxes, and telegrammed his stockbroker orders based on what he observed. “Buy above this box range. Sell below this box range, etc.” His instructions never wavered. Price is price.

As Investopedia aptly states here, “By drawing boxes and following strict trading rules, Darvas turned a $10,000 investment into $2 million over an 18-month period.”

While we have much more sophisticated tools now, removing emotion and following a system still provide a huge advantage.

Here’s one of the stocks that Darvas traded by using various boxes in 1957 and 1958.

Have you ever seen a head & shoulders pattern and disagreed with the placement of the lines? Or, better yet, have you ever shared a chart on X (twitter) with a head & shoulders pattern drawn on it and gotten all sorts of undesirable feedback? I have… many times.

This kind of thing prevents many budding technical analysts from ever using classical patterns in the first place. There are just too many interpretations. I still rely on them all of the time, but I also use trading boxes like Darvas. In fact, this system has captured nearly every move over the last year within the S&P 500.

Blue box – Breakout

Red box – Breakdown

Green box – Box in motion

How does one know which price levels matter? It’s the same as using support and resistance. And with support and resistance, the more time a security touches a level, the more important said level is.

Darvas leveraged this idea in a market that was very similar to this one, especially from January’58 through summer of 1959. If this isn’t proof that the same strategies work now as they always have, I don’t know what is.

The point is that fads will come and go but controlling emotions and sticking with a system always will help us navigate the markets – whatever the trend is and whenever it takes place.

AAPL & GE

Here are two popular stocks with their Darvas boxes. Again, my lines may be different than yours, but identifying important trading ranges and paying close attention to which way they are resolved speaks volumes.

For AAPL, it’s not surprising that a lot more red boxes were apparent in 2022. Also notice how the boxes were resolved higher around the October and April lows. Those bearish patterns never fully materialized.

Conversely, many people doubted GE’s comeback all the way up, but from a trading box perspective, nothing alarming has happened yet. The breakdown below the long red box last fall had very little follow through, which allowed the next box to form. The stock then broke above it and took off from there.

Contributor(s)

Frank Cappelleri, CMT, CFA

Frank Cappelleri is the Founder & President of CappThesis, LLC, an independent research firm that helps active investors through time-tested chart and statistical analysis. Prior to starting CappThesis, Frank spent 25 years on Wall Street, servicing institutional clients via the roles of...

CMT Association Midwinter Retreat in Tampa, Florida

CMT Association’s Midwinter Retreat is a time-honored tradition of connecting members from around the country in an intimate investment management conference focused on active and tactical portfolio management discipline. Bringing together financial professionals to engage in thought-provoking education sessions and meaningful networking, our conference features instructive content and idea generation from renowned fund managers, analysts, and strategists. The Midwinter Retreat is attended by private wealth managers, investment advisors, research analysts, academicians, and other financial services professionals. Members of CMT Association, CFA Institute, and others are welcome to join in this remarkable exchange of pioneering ideas driving industry innovation for practitioners of technical analysis worldwide.

SAVE THE DATE!
TH & FRI: January 16-17, 2025

Contributor(s)

Tyler Wood, CMT

Tyler Wood serves as CEO and Executive Director of CMT Association with the aim of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. He is...

CMT Association West Coast Regional Summit in San Francisco, California

CMT Association’s West Coast Regional Summit is back! Save the date for your chance to learn from the best and brightest minds in our industry while taking in the iconic attractions of “The City by the Bay.”

The legacy of technical analysis in the West traces its roots back to the 1970’s, when the Pacific Stock Exchange was the center of Finance west of the Mississippi. Things certainly have changed since then, but the San Francisco Bay Area remains the home of some of the largest and most innovative firms in Finance.

Bringing together industry leaders in technical market analysis, Fintech, quantitative finance, and cutting-edge technologies, CMT Association’s West Coast Regional Conference will offer attendees a unique educational experience and the chance to expand your professional network with attendees from around the world.

The series of events will kick off Friday evening April 4th, so book an early arrival and enjoy luxury accommodations at a discounted rate at the historic Palace Hotel. The main conference presentations will be held Saturday at Golden Gate University in downtown San Francisco, located just one block away. We will kickoff with leading macro strategists to set the context of the current market environment. A networking lunch onsite will surely bring out multiple points of view from your fellow attendees. Afternoon sessions will focus on process and tools we can all put to work in our investment practice. Sessions will conclude by 5pm and attendees will explore the culinary delights of California cuisine.

Capping off the weekend will be a bus tour of Sonoma County wineries on Sunday. All attendees are invited to join in this excursion to the finest vineyards in the United States.

CMT is committed to connecting members from around the world and this conference is a top-tier opportunity for expanding your network and gaining actionable market insights. Plan now to attend the leading technical analysis conference of 2025!

Contributor(s)

Tyler Wood, CMT

Member Highlight - Ivan Scherman

Ivan Scherman, CMT was crowned the winner of the 2023 World Cup Championship of Futures Trading® edition, setting new expectations in the question of returns vs risk management.

The World Cup Championship of Futures Trading, an annual event organized by World Cup Trading Championships, stands as the premier platform for traders worldwide to showcase their prowess in the futures markets. This prestigious competition invites participants from all corners of the globe to engage in a rigorous challenge, utilizing real trading accounts with the aim of achieving the highest percentage returns within a specified timeframe.

The 2023 edition witnessed a historic moment with the triumph of Ivan Scherman. His victory not only made headlines for its record-breaking achievements but also showcased a groundbreaking perspective on trading. This event, marked by the addition of a new record to the top ten and the historic achievement of the first Latin American reaching the podium, serves as a testament to the evolving landscape of trading.

Scherman’s rigorous focus on risk management, combined with his expertise in data analysis and historical pattern recognition, has set him apart in a highly competitive and volatile environment. He demonstrated that magnificent returns, such as the final 491.4% obtained in the 2023 World Cup Championship of Futures Trading, can be achieved with low risk. His use of multi-asset strategies including: all tradable commodities (metals, grains, energy, meats, etc.), indexes and currencies, allowed him to demonstrate that it is possible to maintain a low level of systemic risk and achieve high level returns. The maximum drawdown during the competition was 26%, a figure more associated with low-risk funds that have a target return of only 15%. Moreover, this extraordinary performance was achieved in just 10 months of competition, as Scherman joined the event at the end of February 2023, not from January when the championship began.

Ivan Scherman has set a new standard in the evaluation of risk versus return. His innovative strategies and insightful analyses have opened new horizons, encouraging traders to reassess their methodologies. This paradigm shift is crucial in an industry known for its high risks and volatility. He has demonstrated that exceptional returns can be achieved without disproportionate high risk.

Scherman has achieved unprecedented recognition for his achievements and in the process has challenged the conventional mindset in the industry and has made a significant contribution to the legacy of this prestigious championship.

Contributor(s)

Ivan Scherman

Ivan Scherman, CMT, CFTe, Portfolio Manager and CIO of Emerge Funds Investments, is renowned for his outstanding track record in managing algorithmic investments, specializing in Technical Analysis and Data Science and Engineering applied to investments. During his 17 years leading Emerge Funds...

Fill the Gap with Janine Guenther, CMT, CFA

In the podcast interview for CMT Association’s Fill The Gap, Janine Guenther, CMT, CFA, a seasoned financial professional based in Vancouver, shared her extensive expertise at the intersection of technical analysis and fundamental research. With a background that includes roles at prominent financial institutions and a deep commitment to the CMT and CFA designations, Guenther provided a nuanced perspective on navigating today’s complex market dynamics.

Throughout the hour-long discussion, Guenther emphasized her holistic approach to investment analysis, integrating technical indicators with rigorous fundamental research. Drawing on her experience from roles at BMO Capital Markets and CIBC World Markets, she highlighted actionable strategies for identifying market trends and opportunities. Guenther also addressed the role of behavioral finance in shaping market movements, illustrating how understanding investor psychology can enhance trading strategies.

Listeners gained insights into her methodology for evaluating stocks and sectors, leveraging both quantitative and qualitative factors to drive investment decisions. Guenther’s commitment to risk management and portfolio protection resonated throughout the interview, underscoring the importance of disciplined approaches in volatile markets.

Her expertise and dedication to advancing financial analysis, evident through her contributions to the CMT Association and CFA Institute, provided a rich backdrop to the podcast, offering professionals and enthusiasts alike valuable perspectives on effective investment strategies in today’s ever-evolving financial landscape.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/

CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.

Contributor(s)

Janine Guenther, CFA, CMT

Janine’s extensive industry tenure spans over three decades, yet her dedication to understanding client needs and providing outstanding service traces back to her early years at her family’s hometown grocery store in Starbuck. Raised in a close-knit community near Winnipeg, she learned...

David Lundgren, CMT, CFA

David Lundgren has more than three decades of investment industry experience, with a focus on technical analysis strategies, particularly momentum and trend following. He is the former Director of Technical Research at Wellington Management, where he was also a Managing Director and portfolio...

Tyler Wood, CMT

Congratulations to New Charterholders!

Celebrating Success: 5 New Chartered Market Technicians Earn Coveted Designation

We are thrilled to announce the achievement of 5 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field of technical analysis and investment strategy.

The Chartered Market Technician (CMT) designation is a globally recognized certification awarded by the CMT Association. It reflects a deep understanding of market dynamics, proficiency in technical analysis, and a commitment to upholding the highest standards of professional conduct.

These newly certified individuals have demonstrated their expertise in interpreting market trends, identifying patterns, and making informed investment decisions based on rigorous analysis. Their attainment of the CMT designation underscores their commitment to excellence and distinguishes them as leaders in the financial industry.

In an ever-evolving market landscape, the expertise provided by Chartered Market Technicians is invaluable. Their proficiency in analyzing market data and identifying emerging trends equips them to navigate complex financial markets with confidence and precision.

We extend our heartfelt congratulations to these 13 individuals on their remarkable achievement. Their dedication, perseverance, and expertise serve as a testament to the significance of the Chartered Market Technician (CMT) designation in today’s financial world.

Please join us in celebrating their success and wishing them continued excellence in their careers as Chartered Market Technicians:

Bhatia, Aniket – India
Gordon, Ethan – Spain
Mozley, Alexander – United Arab Emirates
Pierce, David – Oregon
Sacher, Alexander – Switzerland

Contributor(s)

Barbara Terry

Barbara Terry is the CMT Association’s volunteer coordinator, based in New York. She has close to 20 years of experience in large-scale project management and account management roles, and is an invaluable resource for the CMT Association’s event planning team. Barbara holds...