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David Keller, CMT

David Keller, CMT

David Keller, CMT is Chief Market Strategist at StockCharts.com, where he helps investors minimize behavioral biases through technical analysis. He is a frequent host on StockCharts TV, and he relates mindfulness techniques to investor decision making in his blog, The Mindful Investor.

David is also President and Chief Strategist at Sierra Alpha Research LLC, a boutique investment research firm focused on managing risk through market awareness. He combines the strengths of technical analysis, behavioral finance, and data visualization to identify investment opportunities and enrich relationships between advisors and clients. David’s blog, Market Misbehavior, explores the intersection between behavioral psychology and the financial markets.

David was previously a Managing Director of Research for Fidelity Investments in Boston, where he managed the Technical Research Department as well as the legendary Fidelity Chart Room. He also co-managed the Business Associate Program, a rotational program for recent undergraduates.

A Past President of the Chartered Market Technician (CMT) Association, David most recently served as a Subject Matter Expert for Behavioral Finance. He is also a member of the Technical Securities Analysts Association San Francisco and the International Federation of Technical Analysts. He has lectured on technical analysis and behavioral finance as an Adjunct Professor at the Brandeis University International Business School in Waltham, Mass.

David was formerly a Technical Analysis Application Specialist with Bloomberg LP in New York and was a regular contributor to Bloomberg Markets magazine. He is editor of the book Breakthroughs in Technical Analysis: New Thinking from the World’s Top Minds, published in 2007 by Bloomberg Press.

David is a classically trained musician and student pilot, and resides in Duvall, Wash. with his wife and two children. He received degrees in Music and Psychology from The Ohio State University.

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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] => 362705 [post_id] => 44360 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [1] => stdClass Object ( [ID] => 42665 [post_author] => 35924 [post_date] => 2017-02-15 12:00:28 [post_date_gmt] => 2017-02-15 17:00:28 [post_content] => [post_title] => Technically Speaking, February 2017 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-february-2017 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:24:19 [post_modified_gmt] => 2020-08-03 15:24:19 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=42665 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 336252 [post_id] => 42665 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [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] => 426505 [post_id] => 48072 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [3] => stdClass Object ( [ID] => 48189 [post_author] => 2 [post_date] => 2008-11-11 12:00:53 [post_date_gmt] => 2008-11-11 17:00:53 [post_content] =>

Letter from the Editor

We had to add two more pages this month to fit all the content that we think you want and deserve as members of the Market Technicians Association. Technical analysis is a dynamic field and we all struggle to keep up with new developments. We read a lot of research and MTA news and as we prepare Technically Speaking each month, we struggle to fit in all the content that we would like to print while being constrained by our format limitations. I am working closely with the MTA staff to find the best way to deliver high-quality content, and we want to make it more timely, as well. Our goal is to deliver more value for your membership, and the staff has been very responsive in trying to do this. Their efforts are not limited to the newsletter – they look to improve the organization and our benefits as they work for us every day. So we can’t say when we’ll have a solution, but as soon as possible we will expand the information we deliver to you monthly. This month’s newsletter focuses on quantitative techniques. A few investment techniques are presented in great detail, along with back-tested results. You should be able to work with these ideas immediately and make them your own. Profitable trading ideas are one membership benefit that we hope you find among the most valuable. But in bringing you this type of research, we quickly identify the limits of our ability to present readable graphics. The charts need to improve, and that is one of the things we will accomplish as we look at different formats. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, November 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-23 14:44:04 [post_modified_gmt] => 2020-03-23 18:44:04 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48189 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 429492 [post_id] => 48189 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [4] => stdClass Object ( [ID] => 48410 [post_author] => 2 [post_date] => 2008-04-15 12:00:12 [post_date_gmt] => 2008-04-15 16:00:12 [post_content] =>

From the Editor

This is an interesting time for technicians and we try to present some examples of that in this month’s newsletter. The collapse of Bear Stearns took its chairman by surprise, according to the testimony he delivered to Congress. Could the charts have provided a clue to the stunning events that impacted that company? We reproduce two charts and ask for your input on that question. If you had an indicator that warned of the carnage in that stock, please let us know and we will publish the details in coming issues. A chart of housing prices is as bearish as the chart of Bear Stearns. We also have a chart of an index to track that market created by MTA Member Ken Winans. Can technical analysis be applied to this market? If so, perhaps an argument can be made that we are oversold. Again, we’d like to know of any analytical tools that you’ve applied in housing, or other nontraditional markets. We also have an interview with Dave Keller, a few other articles and some MTA business included in this month’s newsletter. Details for the Annual Meeting and one-day Symposium in New York are still being finalized, but the Seminar Committee is working to bring the best minds in the business to the Bloomberg Building. In coming issues, more information about speakers will be available. Tentatively, Ralph Vince is scheduled to be the keynote speaker. For those unfamiliar with his work, the December 2007 issue of Technically Speaking including an interview with Ralph and a review of his comprehensive book on money management. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, April 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-april-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 19:02:58 [post_modified_gmt] => 2020-03-24 23:02:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48410 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 433014 [post_id] => 48410 [meta_key] => newsletter_content_1_contributor [meta_value] => a:2:{i:0;s:5:"48405";i:1;s:4:"1086";} ) [5] => stdClass Object ( [ID] => 48431 [post_author] => 2 [post_date] => 2008-03-15 12:00:18 [post_date_gmt] => 2008-03-15 16:00:18 [post_content] =>

From the Editor

Just like every other function within the MTA, the newsletter is poring over the results of the Member Survey and will be changing to meet the needs of the membership. Two trends that jump out in the initial review are the growing international membership and the increased number of younger members. We intend to respond with more articles about markets outside the US and increasing the variety of technical analysis topics we cover. As we do this, we will keep in mind the fact that our readers are professionals. You aren’t reading Technically Speaking for articles like “What is RSI?” We think you want actionable information that builds on the basics. Advanced topics, requiring detailed explanations, are covered in the Journal of Technical Analysis. That leaves intermediate-level topics for the newsletter, and we will strive to deliver them in the months ahead. Often, as in this month’s issue, we will include charts, the tool that has been a staple of technical analysis for decades. Knowing that you are professionals, we print charts that provide a general idea of the topic. Cost prevents us from printing high resolution graphics and we realize that the vast majority of our readers can call up any chart on their computer terminals in seconds. As we work to bring you more TA, and more charts, we ask that you recognize our purpose is to provide research ideas, not specific trading tactics. I look forward to the improvements we have planned in coming months and, as always, appreciate your feedback. Cordially, Mike Carr, CMT MTA Newsletter Editor [post_title] => Technically Speaking, March 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 19:44:48 [post_modified_gmt] => 2020-03-24 23:44:48 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48431 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 433738 [post_id] => 48431 [meta_key] => newsletter_content_2_contributor [meta_value] => a:2:{i:0;s:4:"1086";i:1;s:4:"1277";} ) [6] => stdClass Object ( [ID] => 48627 [post_author] => 2 [post_date] => 2007-08-15 12:00:38 [post_date_gmt] => 2007-08-15 16:00:38 [post_content] => * Due to time sensitive submissions there will not be a letter from the Executive Director or Editor this month. * [post_title] => Technically Speaking, August 2007 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-august-2007 [to_ping] => [pinged] => [post_modified] => 2020-03-26 12:15:09 [post_modified_gmt] => 2020-03-26 16:15:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48627 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 442451 [post_id] => 48627 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [7] => stdClass Object ( [ID] => 51962 [post_author] => 2 [post_date] => 2006-11-15 12:00:39 [post_date_gmt] => 2006-11-15 17:00:39 [post_content] =>

From the Editor’s Desk

As always, the MTA is busy. Staff and volunteers are continuing with preparations for the upcoming Seminar. Graders are preparing to review the growing number of CMT tests. Daily operations continue to increase at an ever quickening pace. This issue of the newsletter reflects that activity and presents some interesting research on techniques of technical analysis. On the cover, Rob Brand, CMT, takes a new look at volume and analyzes institutional fund flows. He concludes that studying this data is useful, and provides a viable framework to incorporate the data into your own market studies. Looking inside the newsletter, on page 8, we publish a short study by Lawson McWhorter, CMT, looking at the volume generated by retail investors. He uses data recently made available by the New York Stock Exchange that was announced in the June Issue of Technically Speaking. His conclusion is that the usefulness of retail data in the current market environment is limited. I hope you’ll read both studies, and maybe consider doing your own work in this area. We are always happy to publish the results of your studies. I hope you enjoy this issue, and look forward to hearing about what you’d like to see in upcoming issues. Cordially, Mike Carr, CMT Editor, Technically Speaking [post_title] => Technically Speaking, November, 2006 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-2006 [to_ping] => [pinged] => [post_modified] => 2020-08-04 13:48:54 [post_modified_gmt] => 2020-08-04 17:48:54 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=51962 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 532433 [post_id] => 51962 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [8] => stdClass Object ( [ID] => 51980 [post_author] => 2 [post_date] => 2006-10-15 12:00:10 [post_date_gmt] => 2006-10-15 16:00:10 [post_content] =>

From the Editor’s Desk

This issue of Technically Speaking offers insight into the excitement and energy within the Market Technicians Association. The recently concluded Long Range Planning Committee meeting merits prominent space on the cover of the newsletter to draw attention to the fact that the Board is looking to the membership for ideas on how to grow and improve the MTA. Inside, we bring you news that a new  Executive Director has been hired to lead the implementation of our ideas. After more than 30 years as an organization, the future of the MTA looks brighter than ever. At the Long Range Planning meeting, I had the opportunity to speak with Ralph Acampora. Ralph mentioned that he never expected to see the MTA grow from its humble beginnings to an organization recognized by the SEC and NYSE as legally equivalent to the CFAI. What amazed me, and many others that I spoke with, is that this growth in professionalism has not come at the expense of the “clubbiness” we have long enjoyed. The greatest value of my MTA membership is the personal relationships which have come from actively participating in the organization. (Astute readers will recognize that the monthly pitch to volunteer is beginning here.) I began writing my first article for the newsletter less than 60 days after I became an affiliate. Then-editor Michael Kahn worked closely with me for years, and helped to develop the skill that I have. At Seminars, I have been able to meet the giants of our field, and have learned more from them than I could have by reading every book in the vast library we can access as a benefit of our membership. I have never hesitated to contact MTA members for their insights, and have always been warmly greeted. Consider volunteering for a committee or chapter, and start taking advantage of the greatest value your membership offers – participation. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, October, 2006 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-october-2006 [to_ping] => [pinged] => [post_modified] => 2020-08-04 14:35:55 [post_modified_gmt] => 2020-08-04 18:35:55 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=51980 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 532931 [post_id] => 51980 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) [9] => stdClass Object ( [ID] => 51998 [post_author] => 2 [post_date] => 2006-09-15 12:00:05 [post_date_gmt] => 2006-09-15 16:00:05 [post_content] =>

From the Editor’s Desk

This month we introduce Contributing Editor Molly Schilling, an MTA affiliate. In this issue, you’ll find Part 1 of her In-Depth interview with Josh Rosen. Molly did an outstanding job providing insight into the mind and work of a New York Stock Exchange Specialist with Kellogg Group. As a market maker on the floor of the NYSE, Josh is one of the people responsible for ensuring traders can trade. What and how he thinks may lead to insights that help us trade better. During the May Seminar in New York I had the chance to ask Josh why the floor at every exchange is always gunning for my stops. He had a very Michael Corleone-like expression as he told me it was nothing personal, just business. Stops tend to be clustered and it’s his role to provide liquidity. He must assume that we want trades to occur at the stop prices, and he is only doing his job when he allows me to exit my long at the low of the day. He also pointed out that in the very short term, stop points usually represent good buy or sell prices. When you think about it, stops are support and resistance and as traders, we expect bounces at these levels. From that conversation, I learned to place wider stops. The losses are bigger when they are hit, but they are hit less often. Overall, that short talk with Josh has helped me to become a little more profitable. And, conversations like that represent the largest part of the value of my MTA membership. In coming months, Molly will be offering more insights into the minds that make the markets. Hopefully we can all learn a little from each of her skillful interviews. As always, I hope you learn a great deal from this issue of Technically Speaking. Sincerely, Mike Carr, CMT Editor, Technically Speaking [post_title] => Technically Speaking, September, 2006 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2006 [to_ping] => [pinged] => [post_modified] => 2020-08-04 16:13:36 [post_modified_gmt] => 2020-08-04 20:13:36 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=51998 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 533124 [post_id] => 51998 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:4:"1086";} ) )

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