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Christopher Cain, CMT

Christopher Cain, CMT

Christopher Cain, CMT, Senior Quantitative Researcher at Connors Research LLC.

As a senior quantitative researcher at Connors Research, Chris shares his insights weekly in the Connors Research Traders Journal. He is an expert on trading system design and development. Mr. Cain is also the creator and lead instructor for TradingMarket’s Programming in Python For Traders course.

Chris is also co-author with Larry Connors of the new book The Alpha Formula; Beat The Market With Significantly Less Risk.

Mr. Cain has 10 years of institutional trading experience, serving as a market maker throughout the yield curve in various fixed income instruments. He is passionate about quantitative trading, investing, data science, coding, and behavioral finance.

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            [post_content] => As we turn the page on another summer season, well, here in the Northern Hemisphere, traders return from the Hamptons, or wherever they park their yachts, and supposedly liquidity comes back with them. But this is no ordinary year. Between on-again, off-again trade talks with China, negative interest rates overseas and volatility during the usually quiet dog days of late August, who knows?

The yield curve inverted again while long rates plummeted to super oversold levels. Gold scored a long-term breakout, and who gave the silver market a triple espresso? Yet through it all, the NYSE advance-decline line hit a new all-time high before Labor Day.

It’s been relatively quiet on the Association front, as you would expect during the late summer. However, things are ramping back up. The first item to note is that we are now accepting submissions for the 2020 Charles H. Dow Award (details within).  Registration for the next CMT exam cycle remains open, and we are welcoming a new crop of freshly-minted CMT charterholders into the fold.

This month, we’ve got an article by Stefanie Kammerman discussing dark pools. We all can agree that volume analysis has been somewhat ineffective over the past decade and one reason is that a lot of trading takes place off the exchanges. Whether you believe it or not, it is an interesting thought.

And Christopher Cain, CMT, is back with another article, this time explaining how his firm combines technical data with fundamentals and some quant methodology to only buy quality companies in rising trends.

This month’s member interview is with Fred Meissner, CMT, who has been a big supporter of the Association and has served in many positions over the years, including president.

And what has become my own favorite chapter, Minnesota, offered yet another speaker review from its monthly meeting. Come on, other chapters. We want to know what you are all up to these days. Send in your speaker reviews.

And while I am on a roll, how about individual members volunteer to send in your own reviews of relevant books you’ve read or lectures you’ve attended? Share the knowledge!

Michael Kahn, CMT

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            [post_content] => Once again, we find ourselves dealing with the external market forces of a China trade deal. Will we, or won’t we? But this time, China went into the currency markets and nobody liked that very much.

And the internal forces, somewhat internal, anyway, of the Fed dropping rates – giving the market what it asked to get – was not fun either. Apparently, it was not enough.

I get that the yield curve almost demands further cuts but the economy is also pretty much at the higher end of possibilities. Why exactly do we need cuts? To appease the bond market? Or is the bond market inverted because it knows the Fed will act?

What will the historians say in 20 years? I cannot wait to find out!

Gold has a long-term breakout. Copper looks terrible. Oil, too. The Baltic Dry rate is soaring but sources tell me it has nothing to do with demand, rather for ships out under adjustments. And the amount of global debt offering negative yields is at another record.

I’ll leave it to you to decide if that is reason enough to shun stocks. But a pundit – one who is not paid to advise investors - said on the tube this morning that a trade deal with China will be good for 5000 Dow points. A different pundit said that there will be a deal before the end of the year.

Hold your nose and buy? Again, that’s up to you. It’s a good thing you use charts.

In this edition, the summer doldrums have taken hold and there is not much sizzle to report around the Association. However, the meat continues to cook, from CMT testing to international symposium summits. The Association may not be making soundbites, but rest assured things are still happening.

For example, Association Executive Director Alvin Kressler reports on not one but two events in the planning stage for our overseas members. We welcome a new crop of freshly minted CMTs. And we are about to start accepting submissions for the Charles H. Dow Award.

In chapter news, we have two reviews for presentations by the same speaker in two different cities. It is interesting to see the different takeaways in nuance, although the main points were the same.

This month’s member interview is with trading legend and all-around nice guy Larry Williams. Larry is one of the most generous people around when it comes to sharing his accumulated knowledge.

And finally, this month's feature from Chis Cain, CMT, about his experiences programming with Python. Python has become the hottest programming language on Wall Street and is now being used by the biggest and best quantitative trading firms in the world.

Michael Kahn, CMT
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