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Bruno DiGiorgi

Bruno DiGiorgi
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            [post_content] => Dear Members, 

For more than 50 years, the CMT Association has existed to advance the discipline of technical analysis. This core value established by our founders guides us as we face the difficult challenge of responding to the coronavirus (COVID-19), which the World Health Organization has declared a global pandemic. 

Our hearts and thoughts go out to the families who have been directly affected by this unprecedented event and we appreciate the healthcare workers, local communities, and governments around the world who are on the front line working to contain this coronavirus. We also applaud all CMT Members engaged in unselfish acts: caring for family and friends; supporting co-workers and colleagues; aiding those in our communities without the privilege to work remotely or lean on savings to fill their pantries 

As the situation grows, the CMT Association has also been impacted. In the interest and health of our members, the Board of Directors decided on March 14th to postpone the upcoming 47th Symposium. The decision was not make lightly, but we know that the event will come back stronger in the years to come. The Association is closely monitoring the pandemic with an eye on the CMT Program. While it has not been immediately impacted, we are in close contact with Prometric to make sure that we have all the current information.

Compounding the challenges of disrupted travel, uncertain business planning and clear public health threats, we know that all our members are shouldering responsibilities for firms and clients trying to navigate tumultuous and uniquely volatile market behavior. So, in the spirit in which the CMT Association was first forged 50 years ago, lean on us for the resources you need to get through this difficult period. Here are a few quick resources you can access from anywhere. 

Resources

1. Journal of Technical Analysis – 70 issues over 40+ years of research by practitioners for practitioners.  

2. Weekly Webinars –  View the schedule of upcoming live digital presentations 

3. CMT Youtube Channel – share video presentations, podcast interviews and other free content with your network here 

4. CMT on Twitter – Converse with members and stay current with the latest market commentary from CMT charterholders all over the world at https://twitter.com/cmtassociation 

Community Leadership Whether you reside in Mumbai, Milwaukee, or anywhere in between, we all have some difficult times aheadWhile it is challenging to resist getting swept up in the media frenzy or falling victim to our own emotional response to sharp losses and client frustrations, remember that this is a time when the industry is counting on our community to bring calm rational perspectives and disciplined guidance. It is on you to be the leader now. Here’s how you can help in the short-term: 

1. Speak to the media, and let us know when that happens so we can amplify that through our social media networks.  

2. Share resources with colleagues at your firm. Send them links to articles or archived videos at www.cmtassociation.org  

Long-Term Relevancy We are trading through what will be an incredible case study in the future. Here's how you can leverage this for your career and the global recognition of the CMT Charter.

1. Submit your research to the Charles H. Dow Award competition. Use this market environment to track and monitor your strategies. Share your work and help us all advance the discipline of technical analysis. 

2. Advocate within your firm. Does your employer support ongoing professional development? Can all CMT charterholders use the designation on business cards and research reports? Do they have a learning & development team we can speak with about the value we bring to employees and the firm’s clients? Make your suggestions or introductions to Alvin, Tyler, or Joel - @cmtassociation.org. 

3. Do your colleagues or institutional clients want to improve their professional practice? Introduce them to the CMT Program. 

As we have often been told, hope is not an investment strategy. Hope does not lie in a rate cut or a stimulus package. It comes from calm leaders who are experts in their field sharing objective facts and honest recommendations. CMT Association members have a responsibility to the industry right now. Please send your thoughts and recommendations on how you are taking action and how we can engage deeply in that work with you right now, and for the weeks and months to come.  On behalf of all CMT Members and staff around the world, we wish you and your families health and safety in the weeks and months ahead  Sincerely,  The CMT Association Board of Directors   [post_title] => Technically Speaking, March 2020 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2020 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:20:31 [post_modified_gmt] => 2021-04-07 20:20:31 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47034 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 405568 [post_id] => 47034 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) [1] => stdClass Object ( [ID] => 45557 [post_author] => 2 [post_date] => 2020-02-06 13:20:12 [post_date_gmt] => 2020-02-06 18:20:12 [post_content] => The month of March is said to come in like a lion and go out like a lamb. If we apply that to this January, it was pretty much the reverse. After months of nary a hiccup, the stock market growled its way into the close and in the process wiped out its early gains. It does seem that the market was set up for a problem, from overzealous sentiment to various valuation comparisons to 2000. Still, the real problem was knowing when. The market needed an excuse to do what it had to do and along came another deadly virus to virtually shut down the world’s second largest economy. And what better time to think about what we did right and what we did wrong leading up to the top? Did we panic at the first whiff of the Hindenburg Omen? Was the CNN Fear and Greed Index our kryptonite? Did we play along with record unemployment? BTFD? Or panic when the yield curve arguably inverted again? Iran? China (the trade deal part)? Politics? Plunging oil? Plunging copper? To all that, all the pure technician in me hears is, “blah, blah, blah.” No, I’m not going to say none of that matters but it does make me appreciate the simply beauty in assessing price action itself. Or, as we say here in my new gig, Supply and Demand. This month, we continue Bruno DiGiorgi’s History of Wall Street series with installment number five. We’ve also got a piece from a decade ago called The Top Technical Analysts, which answers the question many of us hear – “Where are the rich technicians?”  It was written in 2013 so the numbers are off, as are some of the firm names. But it is a timeless story that should make all technicians proud, especially when doubt creeps in that our processes don’t work anymore. This month’s member interview is with Greg Harmon, of Dragonfly Capital Management. Considering he never heard of the CMT Association until fairly recently, he’s gotten quite involved. There is chapter news from New York and Minnesota, as per usual, and we once again plead for other chapters to let us know what is going on with their members and programs. We’ve also got a list of CMT candidate resources, membership news and an invitation to submit a paper to one of our partner organizations. Don’t say there are no places for you to publish your ideas.  And as always, we’d love to publish something you wrote right here in this newsletter. Can you think of a better place for beginners to share their ideas? Don’t worry, we don’t bite. In fact, we’ll help you develop your writing style. Michael Kahn, CMT Editor [post_title] => Technically Speaking, February 2020 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-february-2020 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:20:59 [post_modified_gmt] => 2021-04-07 20:20:59 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=45557 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 383823 [post_id] => 45557 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) [2] => stdClass Object ( [ID] => 44360 [post_author] => 35924 [post_date] => 2020-01-07 09:13:32 [post_date_gmt] => 2020-01-07 14:13:32 [post_content] =>

Letter from the Editor

Well, another year is in the books and unless you were a short-only equities trader, you probably did well. I’m not going to give you the typical year-in-review in the markets because you all have your own charts. Rather, let’s look at where we are as an organization and all we need to know is that we are growing. We’re global. We’re recognized by the regulators. And we’re actually kind of fun. Yes, that fun is in a nerdy sort of way - but through chapter meetings, online presentations and the annual symposium, we do get together quite a bit. Of course, we also hoist a few cold ones after the serious stuff is over. I joined the organization in 1994, if memory serves. At first, I was just an associate member before I became a professional member. At the time, my membership was a bit unusual because I was not officially trading, advising or managing money with technical analysis. Rather, I was the technical analysis product manager for a vendor called Tradecenter, which was owned by Knight-Ridder Financial at the time. It was my job to identify new analyses to add to the service, define it for programmers, test it with real and simulated data and then teach the customers how to use it. From that starting point, I got more involved in the Association, first as a committee member, then a committee chair, then newsletter editor for the first time, and eventually as a member of the Board of Directors. There is plenty of diversity in what we do and plenty of opportunity in how you can contribute to the Association. I encourage you to find your angle of interest and simply join that committee. As a largely volunteer-powered organization, we need you! This month, we’ve got the latest installment of Bruno DiGiorgi’s History of Wall Street series, in which we learn more about how Wall Street got its name. The very reliable New York and Chicago chapters have speaker reviews for your enjoyment. And this month’s member interview is with David Keller, CMT. Toss in the usual Association news and there you have it. Michael Kahn, CMT Editor [post_title] => Technically Speaking, January 2020 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-january-2020 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:21:29 [post_modified_gmt] => 2021-04-07 20:21:29 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44360 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 362585 [post_id] => 44360 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) [3] => stdClass Object ( [ID] => 43422 [post_author] => 35924 [post_date] => 2019-12-10 10:05:33 [post_date_gmt] => 2019-12-10 15:05:33 [post_content] =>

Letter from the Editor

November proved to be an interesting month for the markets. Just before the market burped up a post-Thanksgiving 2% pullback, the Russell 2000 finally broke out from its 2019 range. False hope? Recession time? Once again, the sloth (look it up) of bearish economists was out with the utterly useless prediction that a recession was coming by the end of 2021.  Thanks for the heads up, fellas. Have you seen a price chart? I keep a collection of equally dim-witted headlines. Last month’s favorite was “Don’t Time the Market, but If You Do, Here’s When the Bear Might Come Knocking.” Do as I say, not as I do. Gold is still correcting, Oil showed a little stealthy increase, the dollar looks a little shaky and apparently Europe is still so bad that the ECB is dipping back in the QE well…Because it worked so well the last time.  Again, have they ever seen a price chart? This month in Technically Speaking, we’ve got part three of Bruno DiGiorgi’s History of Wall Street, and George Schade, CMT, continues the history theme with a story about preserving the technical analysis of legend Edmund W. Tabell. This month’s member interview is with Stanley Dash, Program Director of the CMT program and a well-established technician in his own right. You may know him as a technical educator at TradeStation, where he spread the gospel. New York, Minnesota and Richmond chapters weigh in with reviews of their recent speakers. Hey other chapters who are not Northern Ohio and Chicago, can you help a TA brother out with reviews of your own? In addition to all this, you can find Association news, congrats to new CMTs and another job posting all inside. If you’ve got a book out, let us know so we can tell everyone. Also, if you are hiring technicians, we can post that here. And one more time, I ask members to submit articles they’ve written (not forecasts but methods) or write something new to share your knowledge with the group. If you are new, this is a great way to develop your chops as an analyst and a writer. Yes, I am begging for content! It’s your Association. Get involved. To all, a joyous and profitable end of the year. See you back here in 2020. Michael Kahn, CMT Editor [post_title] => Technically Speaking, December 2019 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-december-2019 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:22:10 [post_modified_gmt] => 2021-04-07 20:22:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=43422 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 346579 [post_id] => 43422 [meta_key] => newsletter_content_6_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) [4] => stdClass Object ( [ID] => 41398 [post_author] => 35924 [post_date] => 2019-11-07 10:06:12 [post_date_gmt] => 2019-11-07 15:06:12 [post_content] => As the leaves finally turn here in the New York area, the stock market has once again reached new highs, at least according to the big indices. But just when you stopped looking, the Russell clawed back to the top of its year-long range and the NYSE composite – the average Joe index – is at a two-year high. Could it be that the converse to “sell in May” is finally going to work? The answer is, of course, who knows?  The usual suspects still hold us hostage: China and the Fed. The latter seems to be on hold after the last rate hike. There are a few things of note, namely the resurgence of retail stocks and banks. The dollar may be breaking down, too. Copper may still be comatose, but look at platinum soar! This month in Technically Speaking, we’ve got part two of Bruno DiGiorgi’s History of Wall Street and a twist on an old, less-well-known indicator by David Steckler. New York and Minnesota Chapters weigh in with speaker reviews, and our member interview is with Ken Tower, CMT, a past president of the Association. We’ve also got a similar interview with CMT Association Executive Director Alvin Kressler. It is easy to think of him as just an administrator, but when you look at his career, he is truly one of us. Of course, we’ve got Association news, including the announcement of 27 new CMTs. If you’ve got a book out, let us know so we can tell everyone. Also, if you are hiring technicians, we can post that here. And as usual, I ask members to submit articles they’ve written (not forecasts but methods) or write something new to share your knowledge with the group. If you are new, this is a great way to develop your chops as an analyst and a writer. Michael Kahn, CMT Editor [post_title] => Technically Speaking, November 2019 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-2019 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:22:37 [post_modified_gmt] => 2021-04-07 20:22:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=41398 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 320663 [post_id] => 41398 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) [5] => stdClass Object ( [ID] => 40215 [post_author] => 35924 [post_date] => 2019-10-03 15:49:34 [post_date_gmt] => 2019-10-03 19:49:34 [post_content] => Forget March. October came in like a lion as the news cycle and economic reports stomped on the bulls. Considering that September was rather tame, it was a big wake-up call for stock jocks. But September did have its moments. The U.S. dollar soared and the UUP bullish dollar ETF nearly hit all-time highs (set in 2008). Gold, which still holds a long-term breakout, faded all month, not surprisingly. Bitcoin barfed (my opinion embedded there). The long Treasury yield recovery failed while the curve inverted and un-inverted again. And crude oil gave up its gains and then some after the Saudi oil field attack. There are fun markets to trade everywhere! Lest we forget, after peaking in 2014, the number of UFO sightings dropped this year to date to a 19-year low. I don’t quite see the correlation to any market, and especially not cannabis. So, while we sip our pumpkin spice (barf again) and watch this October’s volatility, remember that the “good part” of the year is upon us. No, not the seasonal strength for stocks but the CMT Association’s rolling out of all sorts of good stuff to make your work life better and easier. In this issue, we’re re-running a series from Technically Speaking’s past on the history of Wall Street, written by Bruno DiGiorgi. Did you know how the term “broker” came about? It had nothing to do with investors getting broker the more they traded. And since we’re in the rerun spirit, we’ve got an article from Adam Koos that ran last May in Proactive Advisor magazine. In it, Adam details his CMT journey and how it helped him in his advisory business. It’s a testament to the value of the designation and the process of getting it. I’ve also included a short piece on the “spirit of technical analysis.” Basically, it asks the question, “Does your precise analysis make sense in the real world?” We have an interview with the legendary Louise Yamada, whose work decades ago helped shape the analysis we practice today. Of course, we’ll round it off with Association news, updates from the CMT program, members in the media and chapter speaker reviews from New York, Chicago and Minnesota. The latter two are my total favorite chapters because they share frequently. The rest of you, well, bless your hearts. Michael Kahn, CMT Editor [post_title] => Technically Speaking, October 2019 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-october-2019 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:23:14 [post_modified_gmt] => 2021-04-07 20:23:14 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=40215 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 304825 [post_id] => 40215 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:5:"40254";} ) )

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