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David Steckler

David Steckler

David Steckler spent 24 years as an investment advisor and portfolio manager for individuals, families, and small businesses before his retirement in 2011.

A former professor of business at a university in Missouri, he also was a member and past president of the American Association of Professional Technical Analysts (AAPTA), and a member of the CMT Association. He currently is a speaker, reviewer, and contributor to technical analysis publications and financial web sites, and publishes a daily blog about ETFs.

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            [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
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            [post_content] => 

LETTER FROM THE EDITOR

This year marks the fortieth anniversary of the founding of the MTA and presents an opportunity to review the work of some of the giants of technical analysis.  Each month, we will feature the work of at least one of the individuals who have had a large impact on the study of technical analysis, starting with an in-depth look at the work of Bernadette Murphy, CMT, who was one of the first to note the importance that options trading would have in market analysis. We have reprinted an article she prepared for the MTA Journal in 1980 that serves as a primer to the options markets and shows an example of the thought process that has allowed her to stay ahead of the markets for almost fifty years. Bernadette was also among the first to understand the importance of professional certification and was instrumental in the development of the CMT program. She also understood the limitations of the CMT and in November 1981 wrote, “The principles, philosophy and measurement tools of the technical analyst make analysis of the stock market viable. The effectiveness of the conclusions depends upon the talent of the user. Medical, legal and accounting disciplines are tested regularly. Many pass the examinations but only a handful becomes outstanding practitioners. The talents of the user make the difference. I believe the same applies in the world of technical analysis.” Interestingly, her niece Mary Ann Bartels has also become an outstanding practitioner, continuing the family tradition of identifying new market trends and developed sentiment indicators based on more recent market changes. Mary Ann is one of the exceptional speakers scheduled to make a presentation at the Annual Symposium in April offering current insights into the markets.  Please tell us about the thought leaders you think we should feature in upcoming issues of Technically Speaking by emailing editor@mta.org. MIKE CARR [post_title] => Technically Speaking, January 2013 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-january-2013 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:34:32 [post_modified_gmt] => 2020-08-03 15:34:32 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=46230 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 395650 [post_id] => 46230 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:5:"20558";} ) [2] => stdClass Object ( [ID] => 47577 [post_author] => 2 [post_date] => 2010-10-15 12:00:21 [post_date_gmt] => 2010-10-15 16:00:21 [post_content] =>

Letter from the Editor

The Market Technicians Association is continuing to evolve and remain current. We try to capture that in this newsletter, highlighting some of the activities within the organization while featuring the analysis of members and introducing new ideas from the field of technical analysis. We are also introducing a new feature this month where we will review ethics in our profession. As we grow in stature in the financial community, it becomes more and more important to maintain the highest ethical standards. In fact, our Code of Ethics is one of the biggest benefits of membership – it ensures employers and clients that we follow rules, and that our work is based upon more than guesswork. This column will hopefully focus some thinking on ethics, which needs to be considered in all aspects of analysis. Relevancy of this newsletter depends on contributions from you. Consider publishing an example of your analysis or an insight into some aspect of the very dynamic field of technical analysis. We will maintain the highest standards of publication, so your work will be showcased along with other high quality writing. If you have anything you’d like to submit to Technically Speaking, or any comments about our newsletter, please email me at editor@mta.org. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, October 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-october-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-19 19:58:19 [post_modified_gmt] => 2020-03-19 23:58:19 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47577 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 414972 [post_id] => 47577 [meta_key] => newsletter_content_0_contributor [meta_value] => a:1:{i:0;s:5:"20558";} ) [3] => stdClass Object ( [ID] => 47737 [post_author] => 2 [post_date] => 2010-07-15 12:00:48 [post_date_gmt] => 2010-07-15 16:00:48 [post_content] =>

Letter from the Editor

Little has been written about Ichimoku Clouds, which were first used in the 1930s. They are visually compelling, yet little used in the world of technical analysis. In recent months, two books have been published exploring this topic. We have reviews of both in this month’s issue of Technically Speaking. Prior to the publication of these books, one of the most authoritative pieces on Ichimoku Kinko Hyo may be an article written by Véronique Lashinski, CMT, and published in the Journal of Technical Analysis (http://www.mta.org/eweb/dynamicpage.aspx?webcode=journal2008#section05). MTA members have always produced groundbreaking researching. Lashinski’s paper is just one example of the type of work that our members produce. In the newsletter this month, we offer another example of cutting edge technical analysis with David Waggoner’s article exploring the May Flash Crash. While regulators are still looking at what happened and how to prevent, Waggoner offers a practical insight into the crash. Finally, High Growth Stock Investor recently released a new version of their software. They did this almost at the same time we published a review of the older version last month. We are fortunate to be able to offer details on their product. This company is a long-time supporter of the MTA. They offer a 60 day trial to High Growth Stock Investor for free. This includes the software and daily EOD updates to a database of over 8,000 (NYSE,NASDAQ,AMEX) securities, major market indexes, mutual funds and commodities. After the trial period, they will offer a discount from our $59/month rate to $49.00/month for the first 12 months plus a 6 month free subscription to the Woodward and Brown Newsletter and Video, normally a $200.00 annual subscription. For the 60 day free trial, go to www.highgrowthstock.com/MTA. Many other companies support our organization. Please take a moment to look at them by visiting http://www.mta.org/eweb/dynamicpage.aspx?webcode=membership-discounts Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, July 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-july-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-19 19:56:46 [post_modified_gmt] => 2020-03-19 23:56:46 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47737 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 418827 [post_id] => 47737 [meta_key] => newsletter_content_4_contributor [meta_value] => a:1:{i:0;s:5:"20558";} ) [4] => 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] => 419337 [post_id] => 47757 [meta_key] => newsletter_content_4_contributor [meta_value] => a:1:{i:0;s:5:"20558";} ) )

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