public

Dr. Bryan Taylor

Dr. Bryan Taylor

Dr. Bryan Taylor
President & Chief Economist, Global Financial Data

Dr. Bryan Taylor serves as President and Chief Economist for Global Financial Data. He received his B.A. from Rhodes College, his M.A. from the University of South Carolina in International Relations, and his Ph.D. from Claremont Graduate University in Economics. Dr. Taylor has taught both economics and finance at numerous universities in the southern California area, and even spent time teaching at Franklin University in Switzerland. In 1990, Dr. Taylor began collecting and transcribing financial and economic data from historical archives around the world, which are now collectively known as the GFDatabase.

Dr. Taylor enjoys analyzing financial markets and authoring definitive articles utilizing data derived from all of the GFD Databases. Today, he continues to compile data from numerous books, periodicals and newspapers, author papers on global current events as they relate to financial and economic markets and personally assist GFD clients in all forms of research, projects and data analysis.

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LETTER FROM THE EDITOR

Many of us have been planning to attend the MTA’s Annual Symposium and February might be the time to start acting on those plans. According to a study done by CheapAir.com:

In 2014, [we] amassed [a database of] 1.5 billion airfares as we watched 4,986,522 trips, recording the lowest fare for each trip every day from 320 days in advance up until one day before flight time. It’s a treasure trove of cool info if you’re an airfare geek; or, a curious use of terabytes, if you’re anybody else.

Since the majority of questions we get asked every year start with “When is the best time to book my flight to…”, the first thing we always do with this data is determine, on average, how far in advance should you book your flight to get the lowest fare.

This year, for domestic flights, the answer is 47 days.

This is actionable market data and there’s even a chart that shows now is the time to start watching airfares for those flying to New York which will kick off on April 6, 2015 and run through April 8. You can learn more about the Symposium here and I hope to see many of you there. In addition to Technically Speaking, the MTA provides actionable ideas at chapter meetings and at the Annual Symposium. It’s time for many of us to start planning for that meeting. It will be held in New York City. In the rest of the magazine, we provide you with more traditional market analysis. As always, please let us know what you’d like to see in future issues of Technically Speaking by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, February 2016 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-february-2016 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:25:55 [post_modified_gmt] => 2020-08-03 15:25:55 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=43286 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 344598 [post_id] => 43286 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [1] => stdClass Object ( [ID] => 43359 [post_author] => 35924 [post_date] => 2016-01-15 12:00:51 [post_date_gmt] => 2016-01-15 17:00:51 [post_content] =>

LETTER FROM THE EDITOR

This month’s magazine is focused on actionable ideas for traders. After reading this issue of Technically Speaking, you will have specific ideas for designing a lon-g or short-term trading strategy or advancing your career potential as an investment manager. We’ve also included an article that demonstrates the value of investment skill by reviewing how Berkshire Hathaway performed before Warren Buffett became involved in the company. In addition to Technically Speaking, the MTA provides actionable ideas at chapter meetings and at the Annual Symposium. It’s time for many of us to start planning for that meeting which will kick off on April 6, 2015 and run through April 8. It will be held in New York City. You can learn more here. You will also obtain actionable ideas at local chapter meetings. You may have noticed the word “will” in that previous sentence. It jumps out because as investment professionals, we often hedge our statements with phrases including “is likely to” or words like “could.” I am confident you will be exposed to new ideas at MTA chapter meetings and broke with tradition to make an unequivocal prediction. If you haven’t been to a chapter meeting, check for local events by clicking here. Finally, feel free to share your own actionable ideas with readers of Technically Speaking. Please let us know what you’d like to see in Technically Speaking this year by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, January 2016 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-january-2016 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:26:01 [post_modified_gmt] => 2020-08-03 15:26:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=43359 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 345749 [post_id] => 43359 [meta_key] => newsletter_content_6_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [2] => stdClass Object ( [ID] => 43893 [post_author] => 35924 [post_date] => 2015-12-15 12:00:28 [post_date_gmt] => 2015-12-15 17:00:28 [post_content] =>

LETTER FROM THE EDITOR

In this month’s issue we sadly note the passing of 2003 MTA Annual Award winner, Richard Russell. The story of his life was inseparable from his work and we present two examples of his work. There are many other examples available and young analysts would benefit from studying Richard’s approach to both work and life. Young analysts would also benefit from studying the life of Ralph Acampora, CMT, who recently spoke to business students at the University of Denver. He began by talking about a bubble that developed in railroad stocks in the 1800’s. This bubble played out on the charts just like the internet bubble would almost 150 years later. As technical analysts know, history repeats. This time-tested idea is the subject of an article about the failure of a financial firm in 19th century Britain. Overend, Gurney & Co. is a company few traders remember but Dr. Bryan Taylor provides us with the details of one of the most dramatic events in the financial history of Victorian England. The collapse of Overend, Gurney and Co. had a more severe impact on the London financial market than the collapse of Bear Stearns had on U.S. markets over 140 years later. During the financial crisis of 1866, over 200 firms went bankrupt, including a number of banks. The similarities with 2008 are startling but few technical analysts will be surprised to see that history and human nature never seem to change. This month’s issue also includes calls for papers from the sponsors of the Charles H. Dow Award and the Wagner Award. Research papers can be a valuable source of trading ideas as you can see in this issue’s Chart of the Month feature which shows the indicator highlighted in the 2015 Dow Award winning paper for several key markets around the world. In the next few months, we will be charting several other Dow Award-winning ideas. Sincerely, Michael Carr [post_title] => Technically Speaking, November/December 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-december-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:26:04 [post_modified_gmt] => 2020-08-03 15:26:04 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=43893 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 353143 [post_id] => 43893 [meta_key] => newsletter_content_9_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [3] => stdClass Object ( [ID] => 44049 [post_author] => 35924 [post_date] => 2015-09-15 12:00:53 [post_date_gmt] => 2015-09-15 16:00:53 [post_content] =>

LETTER FROM THE EDITOR

This month’s issue of the magazine is the sixth month in a row we are featuring content from the Annual Symposium. That meeting lasts just a few days but it truly does provide months worth of ideas for attendees. Planning is underway for the 2016 Symposium and each year is always better than the previous year. It’s not too early to start making plans to attend.  This month’s magazine also includes examples of the latest research into technical analysis and historical perspectives of the field. As always, we hope you find actionable ideas in each issue.  Remember, submissions for the 2016 Charles H. Dow Award are now being accepted. More details are available by clicking here. Submissions for other awards, including the MTA Annual Award and the Memorial Award, will also be accepted soon. If you know of someone who should be recognized with one of the MTA’s awards, now is the time to plan their nomination.  You can always provide feedback on Technically Speaking by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, September 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:26:01 [post_modified_gmt] => 2020-08-03 15:26:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44049 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 355133 [post_id] => 44049 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [4] => stdClass Object ( [ID] => 44112 [post_author] => 35924 [post_date] => 2015-08-15 12:00:42 [post_date_gmt] => 2015-08-15 16:00:42 [post_content] =>

LETTER FROM THE EDITOR

Just four months after the winner of the 2015 Charles H. Dow Award was recognized it’s time to plan for the 2016 Award. This month we are announcing the deadlines for the Award.  Although there are several months before papers are due, planning and writing the papers is a large undertaking.  We hope many of you will begin that pursuit.  This month’s newsletter also includes an admission by one of Wall Street’s most-respected strategists that technical analysis is an important component of his work. Byron Wien, a name familiar to many readers, credits technical analysis with turning his career around.  We also have research on market liquidity, a growing concern especially in the fixed income markets.  Liquidity is a major factor in supply and technical analysis is dedicated to the study of supply and demand. Changes in market structure could make price action more volatile. As this article highlights, we have already seen several liquidity-related market events and are likely to see more. The potential implications of liquidity changes are important to technicians and we hope you’ll find this research to be useful. Please let us know which areas of research interest you by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, August 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-august-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:28:45 [post_modified_gmt] => 2020-08-03 15:28:45 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44112 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 356650 [post_id] => 44112 [meta_key] => newsletter_content_4_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [5] => stdClass Object ( [ID] => 44163 [post_author] => 35924 [post_date] => 2015-07-15 12:00:47 [post_date_gmt] => 2015-07-15 16:00:47 [post_content] =>

LETTER FROM THE EDITOR

At the Annual Symposium in March, Jason DeSena Trennert explained why he was bullish. He summed it up as “TINA” or “there is no alternative.”  Months later, his presentation is just as timely. Large investors running pension funds or insurance companies understand stocks are expensive but they are faced with the reality that there is no alternative.  This month’s newsletter includes a summary of that presentation and demonstrates the value of the Symposium. Presentations like Jason’s are both timely and timeless. As your schedule permits, I urge you to remember that videos of this year’s presentations and the previous four years are available at http://symposium.mta.org/ and can be viewed at anytime.  Dr. Bryan Taylor also presents timely and timeless information. Using data going back nearly 200 years, Bryan demonstrates history is repeating in Greece. The fact that history repeats is one of the basic precepts of technical analysis. We can be certain history will repeat in the future which is why technical analysis will continue to add value to the investment decision process.  This value is being demonstrated by academic research as we explain in this issue. We also explain how the value of technical analysis is driving changes in the careers of technicians and these changes resulted in an update to the CMT program.  As always, we welcome your feedback. Please let us know what you think of Technically Speaking, the MTA magazine, by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, July 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-july-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:29:28 [post_modified_gmt] => 2020-08-03 15:29:28 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44163 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 357563 [post_id] => 44163 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [6] => stdClass Object ( [ID] => 44215 [post_author] => 35924 [post_date] => 2015-06-15 12:00:49 [post_date_gmt] => 2015-06-15 16:00:49 [post_content] =>

LETTER FROM THE EDITOR

Technical analysis has always been focused on the application of knowledge. In the early editions of Edwards and Magee’s Technical Analysis of Stock Trends, they focused on how to trade chart patterns. But these pioneers of the field also included a theory explaining why the pattern should work.  While applying the ideas of technical analysis is still the important consideration to practitioners, many academic researchers are working to uncover why the techniques work. In this month’s newsletter, we provide articles highlighting both the application of technical analysis and the research that technical analysis is stimulating in the academic community.  This month’s newsletter also includes a summary of Tom Dorsey’s presentation at the Annual Symposium. The Symposium truly does provide a year’s worth of ideas and we will be presenting summaries of those ideas in the months ahead. Videos of this year’s presentations and the previous four years are available at http://symposium.mta.org/ and can be viewed at anytime. As always, we welcome your feedback. Please let us know what you think of Technically Speaking, the MTA magazine, by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, June 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-june-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:28:49 [post_modified_gmt] => 2020-08-03 15:28:49 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44215 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 358994 [post_id] => 44215 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [7] => stdClass Object ( [ID] => 44248 [post_author] => 35924 [post_date] => 2015-05-15 12:00:41 [post_date_gmt] => 2015-05-15 16:00:41 [post_content] =>

LETTER FROM THE EDITOR

Ethics is the lead story in this month’s magazine. The MTA is adopting a large body of knowledge related to all areas of finance through a licensing agreement with the CFA Institute. All finance professionals, whether they analyze fundamental, quantitative or technical data, share common goals (finding profitable opportunities) and share a common operating environment. Given all of the commonalities, it’s not surprising we share the same ethical requirements. This new body of knowledge will not require members of the MTA to change anything they do professionally. The original MTA Code of Ethics was comprehensive and covered all of the important standards of professional behavior. The shortcoming was a lack of case studies and examples of how to apply the Code. This licensing agreement makes all of the CFAI’s Code and Standards developed over several decades available to MTA members. For CMT candidates, this licensing agreement provides clear readings which will make studying for the exam a more efficient process. In short, there are no changes required of MTA members to meet the requirements of the new Code and Standards. One benefit is that there are now examples of how to apply ethics in everyday situations. Another benefit is the clear material that CMT candidates will have to study ethics so that there will be no surprises on the exam related to ethics. In short, we have found a risk-free opportunity to partner with the CFA Institute and we are excited to begin the next stage of the MTA’s growth. We also have articles related to the tools technicians use to analyze the markets and the techniques they apply to find profitable trading opportunities. As always, we welcome your feedback on what you would like to see in future issues of Technically Speaking. Please let us know by emailing us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, May 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-may-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:41 [post_modified_gmt] => 2020-08-03 15:31:41 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44248 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 360400 [post_id] => 44248 [meta_key] => newsletter_content_11_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [8] => stdClass Object ( [ID] => 44322 [post_author] => 35924 [post_date] => 2015-04-15 12:00:33 [post_date_gmt] => 2015-04-15 16:00:33 [post_content] =>

LETTER FROM THE EDITOR

Once a year, the MTA Symposium assembles a lineup of great speakers yet some of the best technicians attending are in the audience. Symposiums have long been one of the most valuable of MTA membership and now technology makes it possible to extend that benefit to all members. Videos of the presentations will soon be available on line. Discussion forums on the MTA web site allow members to exchange ideas about the presentations or any other topic of interest.  In this month’s Technically Speaking we try to start the conversation about speakers with an article featuring the wisdom of a few presenters. This month’s newsletter also highlights the fact that chapter meetings offer another way for members to hear from great speakers. Leslie Jouflas, CMT, shares insights from Market Wizard Ed Seykota’s recent presentation in Washington. We also have new ideas about how to apply the principles of technical analysis in this issue and we’d like to hear from you about how you apply those principles. If you have ideas for articles in upcoming issues of the newsletter, please send me a note at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, April 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-april-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:40 [post_modified_gmt] => 2020-08-03 15:31:40 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44322 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 362342 [post_id] => 44322 [meta_key] => newsletter_content_8_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [9] => stdClass Object ( [ID] => 44393 [post_author] => 35924 [post_date] => 2015-03-15 12:00:16 [post_date_gmt] => 2015-03-15 16:00:16 [post_content] =>

LETTER FROM THE EDITOR

The MTA recently announced this year’s award winners: In this month’s newsletter we provide more insight into why Walt Deemer and Amber Hestla-Barnhart were honored. Walt is a true legend in the analysis community and the short articles we offer provide a small glimpse of his work. Amber shares details about the process she followed to win the prestigious Charles H. Dow Award in the hope of encouraging more submissions to next year’s competition. We will have more details on the honorees in next month’s newsletter. Later this month, hundreds of MTA members will spend time together at the Annual Symposium. Attendees will spend time hearing the thoughts of extraordinary market analysts in formal presentations and in informal settings that are an equally important part of the Symposium. I hope I will get to meet everyone attending the Symposium but the odds of that are low because the Symposium only lasts two days. If you will be attending and have ideas on how we can improve Technically Speaking, please send me a note at editor@mta.org so I can get your feedback in person. Sincerely, Michael Carr [post_title] => Technically Speaking, March 2015 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2015 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:30:26 [post_modified_gmt] => 2020-08-03 15:30:26 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44393 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 363941 [post_id] => 44393 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) [10] => stdClass Object ( [ID] => 44747 [post_author] => 35924 [post_date] => 2014-09-15 12:00:58 [post_date_gmt] => 2014-09-15 16:00:58 [post_content] =>

LETTER FROM THE EDITOR

This month we are including a number of charts. As technicians, it is a relatively simple matter to generate charts. The challenge is to create meaningful charts. We think the authors of the charts in this month’s newsletter accomplished that. Each of the charts presented in this issue can be studied to develop new insights into the markets. Many members enjoy obtaining information on career opportunities. We try to include that information in the newsletter when we can and will be including more information in the next few months about the QGLDX Trading Strategy Contest. This contest has a rigid, quantified process that allows money managers to demonstrate their skill and to obtain a oneyear exclusive contract to trade at least $1 million in assets. We also have a news release from a company that has created a platform designed to help financial services firms launch new technology applications. The cost and time dedicated to software development can be daunting to professionals focused on the financial markets. New innovations in technology are creating new opportunities for professionals to expand their product offerings. If you are aware of similar opportunities, please let us know by sending an email to editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, September 2014 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2014 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:12 [post_modified_gmt] => 2020-08-03 15:31:12 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44747 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 371140 [post_id] => 44747 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:5:"44772";} ) [11] => stdClass Object ( [ID] => 47207 [post_author] => 2 [post_date] => 2011-06-15 12:00:34 [post_date_gmt] => 2011-06-15 16:00:34 [post_content] =>

Letter from the Editor

Every May, the MTA holds its Annual Symposium and technicians converge in New York to see old friends, meet new ones, and learn about the markets. This year was the largest gathering in history, with 350 members and affiliates from around the world gathering at the New York Stock Exchange (NYSE). The venue offered an interesting perspective on technical analysis. One of the fundamental principles of technical analysis is that history repeats itself. Without thinking, the NYSE seems to be a symbol of change, at least in the modern era. Electronic algorithms and high frequency trading have reshaped the investment landscape, and the Exchange has been on the leading edge of technology to adapt to penny spreads and an ever-evolving market structure. On breaks, the Symposium attendees had a chance to wander the hallowed halls of finance sitting at the corner of Wall and Broad. Some history is displayed in those halls, a collection of pictures and memorabilia. In some ways, the Symposium was what it must feel like for a baseball fan to wander through the Hall of Fame at Cooperstown while getting to talk to the players who will have their plaques in the future. Wandering those halls on a break, I read a letter to the Exchange written by Thomas Edison on August 24. 1882. He asked for permission to run a line from the exchange for his own data service, promising to transmit quicker and more reliable data. That letter seemed to sum up technical analysis. Investors never change; they always want an edge in the markets. History is a lot like a series of repetitive themes that play out in different ways each time. The NYSE displays proof that investors wanted faster and cleaner data for at least the past 130 years. Odds are, that will still be an issue in the twenty-second century. History also repeats within the MTA. Every May, there is an Annual Symposium that benefits members with unique opportunities and market perspectives. It’s only June, but many are already looking forward to next May. In this issue of Technically Speaking, we present brief summaries of a few of the presentations. We’ll offer more details on other presentations in the next issue. Videos of the presentation will soon be available in the MTA archives, and every presentation is worth watching, or re-watching for those fortunate enough to have been there. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, June 2011 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-june-2011 [to_ping] => [pinged] => [post_modified] => 2020-03-11 15:59:49 [post_modified_gmt] => 2020-03-11 19:59:49 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47207 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 409894 [post_id] => 47207 [meta_key] => newsletter_content_0_contributor [meta_value] => a:3:{i:0;s:3:"768";i:1;s:3:"772";i:2;s:4:"7251";} ) [12] => stdClass Object ( [ID] => 47721 [post_author] => 2 [post_date] => 2010-08-15 12:00:46 [post_date_gmt] => 2010-08-15 16:00:46 [post_content] =>

Letter from the Editor

The MTA Annual Award recognizes significant accomplishments in the field of technical analysis. It has been bestowed for pioneering work, an insightful innovation, or an extraordinary career. This year’s winner offers an example of an extraordinary career. Robert Peirce, the 2010 Annual Award winner is discussed briefly in this issue, and his story illustrates that technical analysis can be applied to investment management. All too often we hear that technical analysis is not widely accepted in the finance world. Nothing could be further from the truth, and Bob Peirce is but one  example among many where technical analysis was applied professionally. One problem that does damage the reputation of professional technicians is that many people attempt to apply technical analysis without possessing great skill or applying sound techniques. The best defense against the misconceptions inspired by poor analysis is quite possibly your MTA membership. We discuss that idea elsewhere in this issue and hope that all members will let potential employers and clients know that they are bound to follow the industry’s highest professional and ethical standards. Your MTA membership is proof of professionalism. As usual, we also offer examples of excellent analysis in Technically Speaking. Tom McClellan is advancing the work of his parents, and Sherman McClellan is another example of an individual who has enjoyed an extraordinary career in technical analysis. Their work is highlighted this month. We hope that the articles in this issue will inspire you to achieve greatness in your career as Robert Peirce and Sherman McClellan have. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, August 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-august-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-19 19:08:34 [post_modified_gmt] => 2020-03-19 23:08:34 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47721 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 418345 [post_id] => 47721 [meta_key] => newsletter_content_1_contributor [meta_value] => a:2:{i:0;s:4:"2544";i:1;s:5:"47723";} ) [13] => stdClass Object ( [ID] => 47757 [post_author] => 2 [post_date] => 2010-06-15 12:00:42 [post_date_gmt] => 2010-06-15 16:00:42 [post_content] =>

Letter from the Editor

The MTA Symposium held in May was very successful in every way. Attendees had plenty of time to interact with each other and the sponsors, and each speaker presented practical information. In this month’s newsletter, we try to present some details on the event. We’ll have even more from the Symposium in the July issue. But it is impossible to capture all the information in Technically Speaking. I’m already making plans to attend next year’s event, and hope to meet even more of you in New York. As anyone who has ever studied for the first level of the CMT exam knows, technical analysis is built on the assumption that history repeats itself. Many successful technicians study the history of the markets and economics. They often understand how politics affected the economy, and the markets. To bring a long-term understanding of the markets into focus, we are reprinting an article on the history of currency. This was researched by Dr. Brian Taylor, who details the history of every currency at his web site (https://www.globalfinancialdata.com/index_tabs.php?action=ghocmainpage). One theme at the Symposium was that success in our field requires good communications skills. Many have learned that clients like stories with their analysis. This is fairly common when presenting an analysis of equities. Using the resource provided by Dr. Taylor can help you highlight stories even when analyzing the foreign exchange markets. While current politics is interesting, the historical perspective adds a sense of comfort for many clients. We’ve also included a product review for High Growth Stock Investor software. HGSI has been a long-time supporter of the MTA and offers a discount to our members. Our members and affiliates receive the first 60 days of the data service for free and a 17% discount off of the regular monthly subscription price thereafter. Sponsors and supporters of the MTA make events like the Symposium affordable. We’ll be featuring more product reviews in the coming months to help you become familiar with the diverse group of companies that offer benefits to our members. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, June 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-june-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-19 20:59:53 [post_modified_gmt] => 2020-03-20 00:59:53 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47757 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 419266 [post_id] => 47757 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:3:"772";} ) )

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