public

Brad Herndon, CFA, CMT

Brad Herndon, CFA, CMT

BIO COMING

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            [post_content] => With the vaccine roll-out in full swing, we can truly see the light at the end of the tunnel. For those of us in the colder Northern climates, the pending Spring is double good news since we’ve been cooped up inside our own homes. Who cannot wait to go to their favorite restaurant and not have to wear a parka?

The downside? Now we have to shed those pandemic pounds so we can wear more than sweat pants. I think I’ll take that.

Since mid-February, the markets have finally been interesting. Tech investors saw a “correction” while at the very same time portions of the rest of the market were at all-time highs. Gold is in the tank but oil is at multi-month highs. Remember last year when it went negative? Fun times – not. And have you seen copper?

Then, of course, there is all that debt out there. Liquidity … until the piper shows up for payment.

On a more somber note, over the past few weeks we’ve lost three great people and assets to the Association. Les Williams was a model of involvement, with participation and leadership in many areas in the Association over the years. Not only that, he was a genuinely nice guy and his signature adorns the CMT charter hanging on my wall. Bernadette Murphy, who was known to greater Wall Street as a leader for decades, was instrumental in legitimizing technical analysis as a true investment discipline. Younger members may not know of her, but they should. Memorials for both of these great people are in this month’s edition, and this month’s photo archive features a few shots of them. We've also got a brief tribute to Bill Sharp, co-founder and past President of the CSTA - the technical society in Canada.

This month’s member interview is with Michael Gayed CFA, who is a multiple winner of the Dow Award and awards from other groups. Walter Deemer, a now-retired technical analysis veteran, has put decades of his writings and analysis online for all to see. What was it like in the 60s, 70s, 80s and 90s? Just read his comments.

He also happens to be the subject of this month’s Fill the Gap, the CMT Association's official podcast.

Of course, we have news from the Association, and President Scott Richter offers his thoughts about helping our colleagues out of any lingering career effects from the pandemic.

Don’t forget, you can submit articles for publication here. As long as they are about technical analysis or the business (not forecasts) we want to see them. Yes, even from brand new analysts. Write something. How do you think I, a physics major in college, got to be a columnist and editor? I wrote – a lot. Now it is your turn.

We want your photos, too. Book reviews, software reviews, thoughts on regulation, anything that members would find useful or interesting relating to technical analysis.

Michael Kahn, CMT

Editor
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Letter from the Editor

This month, we are simply highlighting the success of technical analysis. The MTA remains at the forefront of the field and its general acceptance throughout the investment community. In this issue, the success of another regional seminar is detailed. These one-day seminars play host to over 200 attendees and will undoubtedly continue to be well-attended wherever they are held. We also feature an article highlighting the technical analysis of noted analysts Jeremy Grantham and David Rosenberg. While Grantham may not admit to being a technician, his work is easily recognized to members of the MTA as technical analysis. Rosenberg has a large audience and frequently offers technical analysis, helping to increase the acceptance of technical analysis among institutional investors. It seems obvious now that the widespread acceptance of technical analysis in the investment community took a giant step forward when the CMT exam process was introduced. Two articles detail parts of that process: Lance McDonald describes studying and Brad Herndon describes grading. Academia frequently looks at technical concepts and uses different terms to describe well-know concepts. As one example, academic papers about momentum are easily recognized as relative strength strategies by practitioners of technical analysis. An article by George Rahal bridges the divide between behavioral finance (in academic terms) and technical analysis. Please let us know what you’d like to see in future issues of Technically Speaking. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, March 2011 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2011 [to_ping] => [pinged] => [post_modified] => 2020-03-11 17:55:30 [post_modified_gmt] => 2020-03-11 21:55:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47280 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 411448 [post_id] => 47280 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"47288";} ) [2] => stdClass Object ( [ID] => 48072 [post_author] => 2 [post_date] => 2009-05-15 12:00:39 [post_date_gmt] => 2009-05-15 16:00:39 [post_content] =>

Letter from the Editor

In Technically Speaking we try to bring you money making ideas and news that impacts the field of technical analysis each month. This month, both are combined into the most difficult article I have ever had to write. Mike Epstein passed away in April. To those who knew him, his death is an enormous loss since Mike’s outsized personality always left you feeling optimistic after discussing the markets or life with the philosopher-trader. In the brief article we include in this newsletter, we attempt to provide a picture of his life. We also attempt to offer a glimpse into the wisdom he shared from his lifetime of experience. Mike knew how to trade, and he traded for a living and for enjoyment. Whenever he spoke, there was an opportunity to learn. Older traders and analysts offer that opportunity. And the MTA facilitates those meetings. It is an incredible organization from that respect – no where else do I see experienced members, some of whom are highly seasoned citizens, so willing to share their knowledge. For those on the fence, go to the May Symposium in New York. Approach a more experienced member and introduce yourself. Odds are that it’ll be a winning trade – you’ll learn a great deal and enjoy the experience. Personally, my results from meeting older traders is better than my results from trading. Never a loser in the former, and several years of enjoyable conversations with Mike Epstein that I will always value.  While we try to summarize Mike’s impact in this month’s e-newsletter, it can never replace an hour of his time. Take advantage of one the most important MTA benefits and reach out to our more experienced members. I hope to meet many of you at the Symposium, and I hope I have a difficult time breaking through the throng of younger members discussing markets and life with our wealth of knowledge. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, May 2009 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-may-2009 [to_ping] => [pinged] => [post_modified] => 2020-03-21 14:18:58 [post_modified_gmt] => 2020-03-21 18:18:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48072 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 426617 [post_id] => 48072 [meta_key] => newsletter_content_3_contributor [meta_value] => a:2:{i:0;s:5:"47288";i:1;s:5:"47988";} ) [3] => stdClass Object ( [ID] => 48165 [post_author] => 2 [post_date] => 2008-12-15 12:00:35 [post_date_gmt] => 2008-12-15 17:00:35 [post_content] =>

Letter from the Editor

The content in this month’s newsletter is similar to what you’ve come to expect from us. We present very brief summaries of technical perspectives offered by expert technicians Ken Tower, Ken Winans, and Jeff Lay at a recent Trader’s Expo. A link to a video of the entire panel discussion is available on your member  homepage. Other articles include a couple book reviews and the Nominating Committee and Dow Award Committee have also provided important information. This issue of Technically Speaking represents the end of an era, and the beginning of a new one. It is the last one which will be delivered as a hard copy. Beginning in January 2009, we will be using electronic delivery to serve you better.  Initially we will be delivering the same information in a different format. Once a month, we will email a newsletter similar to the other electronic newsletters many of you now receive.  Links to each article will take you to the full text, and there will be an option to print anything you’d like to study in more detail. As soon as we can, we will add more timely updates. Interim emails will deliver short-term analysis. We will also be able to expand the quantity of material we deliver, including more reviews of books, software, and the latest products supporting technical analysts. We are excited about the changes that will come over the next few months. The quality of Technically Speaking will increase, and the value to you, the members, will be enhanced. Please feel free to offer any feedback to us as we craft your new newsletter. Email me at editor@mta.org with any ideas, requests, or articles you’d like to have published. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, December 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-december-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-23 13:46:43 [post_modified_gmt] => 2020-03-23 17:46:43 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48165 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 429051 [post_id] => 48165 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:5:"47288";} ) )

Contributions