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Ed Easterling

Ed Easterling

Ed Easterling is the author of Probable Outcomes: Secular Stock Market Insights and the award-winning Unexpected Returns: Understanding Secular Stock Market Cycles. He is currently president of an investment management and research firm. In addition, he previously served as an adjunct professor and taught the course on alternative investments and hedge funds for MBA students at SMU in Dallas, Texas. Mr. Easterling publishes provocative research and graphical analyses on the financial markets at www.CrestmontResearch.com.

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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] => 352897 [post_id] => 43893 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) [2] => stdClass Object ( [ID] => 44674 [post_author] => 35924 [post_date] => 2014-10-15 12:00:40 [post_date_gmt] => 2014-10-15 16:00:40 [post_content] =>

LETTER FROM THE EDITOR

We have a variety of articles for you to consider this month. We start with a look back.  Many of us forget that trading software is relatively new and in the first article, one of the pioneers in the development of trading software, Louis Mendelsohn, provides insights into the evolution of software and technical analysis. We are also reprinting some of Lou’s work from the 1990’s which detail problems the financial industry still faces today. We then look at volatility using articles that rely more on the common VIX indicator including the thoughts of three Federal Reserve economists. Other articles provide insights into the state of the markets and work being done by MTA members and chapters around the world. MTA member, Stella Osoba, CMT, published “Women on Wall Street” on Traders Planet. The article provides valuable career advice for both individuals breaking into the field and those in established positions. The article highlights ten valuable career tips for those seeking a job or for those looking to advance within their current position. You can read the whole article at http://go.mta.org/12184 After reading that article, please let us know if you think it would be beneficial to include content similar to that in Technically Speaking. You can always reach us at editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, October 2014 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-october-2014 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:30:55 [post_modified_gmt] => 2020-08-03 15:30:55 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44674 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 369548 [post_id] => 44674 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) [3] => stdClass Object ( [ID] => 46322 [post_author] => 2 [post_date] => 2012-11-15 12:00:35 [post_date_gmt] => 2012-11-15 17:00:35 [post_content] =>

LETTER FROM THE EDITOR

This edition of Technically Speaking consists almost entirely of ideas discussed in Seattle at the recent MTA Regional Seminar. I did not attend the Seminar hoping to find these ideas but all MTA events result in a large number of ideas for me.  The speakers are always thought-provoking and discussions with participants who travel to the events are equally inspiring. In the end, I always find more ideas than I have time to test or write about. Meetings of the MTA have been serving this purpose for years. As the number of members increased, the MTA adopted technology to bring the benefits of meetings to members around the world. Blogs and discussions forums on the MTA web site are offering me an increasing number of trading ideas and increasing networking opportunities. The MTA will certainly keep improving the opportunities for members to interact, but there is no way anyone can improve the quality of the interactions among market professionals that have defined the organization for nearly 40 years. I encourage everyone to take advantage of the opportunity to gain insight, discover new techniques and celebrate with the global technical community at the 2013 MTA Annual Symposium in New York on April 4 &5, 2013. For complete information please visit https://symposium.mta.org. Please send any comments you have about our newsletter to editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, November 2012 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-2012 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:34:38 [post_modified_gmt] => 2020-08-03 15:34:38 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=46322 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 396551 [post_id] => 46322 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) [4] => stdClass Object ( [ID] => 47971 [post_author] => 2 [post_date] => 2009-09-15 12:00:11 [post_date_gmt] => 2009-09-15 16:00:11 [post_content] =>

Letter from the Editor

While September is traditionally a time to think about going back to school, on Wall Street it seems more like the time of year to head back to work. Volume is usually lower than average in the summer months as traders focus on vacations more than they do on getting the best bid. As our members gear up to face the challenges of returning to work, we offer up some opinions on recent books that can help them refocus and sharpen their skills. One trend I noticed in my summer’s reading list was the emphasis on volatility. The markets have certainly been volatile recently and several insightful authors have offered tips on how to profit from that volatility. We also have a research piece by Ed Easterling of Crestmont Research which shows how prices respond after experiencing volatility. As always, we hope you find this issue of Technically Speaking to be useful as well as interesting. Please let us know what you like, and what you’d like to see. Send me an email at editor@mta.org. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, September 2009 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2009 [to_ping] => [pinged] => [post_modified] => 2020-03-20 18:49:58 [post_modified_gmt] => 2020-03-20 22:49:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47971 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 423946 [post_id] => 47971 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) [5] => stdClass Object ( [ID] => 48091 [post_author] => 2 [post_date] => 2009-04-15 12:00:32 [post_date_gmt] => 2009-04-15 16:00:32 [post_content] =>

Letter from the Editor

This month’s newsletter contains a variety of information and we hope find some of it to be useful in your pursuit of profits in the markets. As traders, we often get caught up in small stuff and forget about the big picture - knowing when news will move markets is critical to success. In Forex, economic data represents the fundamental inputs that traders should be aware of. We reprint an article from the Online Trading Academy web site describing some of the more important indicators which can drive stocks, bonds, and Forex prices. In stocks, fundamentals are commonly thought of as ratios. Crestmont Research recently completed a report on the P/E ratio and their detailed study includes a chart which shows that P/E ratios have been range bound for decades. Enterprising technical analysts may consider applying indicators to this data to forecast long-term trends. We also added a feature last month that allows you to prepare the newsletter for printing in its entirety with a single click. Please let us know if you have any suggestions for additional improvements. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, April 2009 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-april-2009 [to_ping] => [pinged] => [post_modified] => 2020-03-21 17:01:56 [post_modified_gmt] => 2020-03-21 21:01:56 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48091 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 426945 [post_id] => 48091 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) [6] => stdClass Object ( [ID] => 48383 [post_author] => 2 [post_date] => 2008-05-15 12:00:29 [post_date_gmt] => 2008-05-15 16:00:29 [post_content] =>

On the Campus

This month, instead of A Letter from the Executive Director and from the Editor, we have decided to provide you with an update from the MTA Educational Foundation. This new column is one we are looking to run frequently in upcoming issues of Technically Speaking.

The MTA Educational Foundation at Howard University

Fred Meissner, Charlie Kirkpatrick, and I, Phil Roth, all lectured at Howard University this spring. Prof. William Barbee, in the business school at Howard University, has been conducting a course in technical analysis for a number of years. The MTAEF has been assisting him with guest speakers. I have been giving a lecture in sentiment and supply/ demand indicators for four years. I spoke this year on April 22, using a Powerpoint presentation that the MTAEF developed. I have made presentations at many colleges and universities, including, among others Tulane, Cornell, Georgia Tech, Baruch, and the University of Texas, and have been conducting my own course in the Graduate School of Business at Fordham University in New York for six years. I am always impressed by the caliber of students at Howard, and their interest in the markets and technical analysis. Prof. Barbee helps generate the interest by asking questions about the indicators and the sources of the data. Fred Meissner: A couple of week’s ago, I had the pleasure of teaching at Howard University. I have been teaching a class at this school for several years, and really enjoy Dr. Barbee and the students. The class is scheduled for the end of the day and I almost always run over time because the interest level of the students is so high. I usually teach the Intermarket analysis module of the course, but as always we had a fairly wide ranging discussion – Dr. Barbee’s students are almost always well prepared and are interested both in the material as well as the markets themselves. Because they are well versed in the fundamentals they keep me on my toes! It is tremendously rewarding to teach a class in Technical Analysis. When I started in the business back in 1983 there were no such classes, and unless one was lucky enough to find the right books, or find a mentor, knowledge was almost impossible to come by. One of the reasons that I became involved in the MTA way back when was to help others learn and to spread the word. Readers may recall that my first big job with the association was as Regions Chair. It still excites me to see chapters I helped to form going strong, and now providing teachers for the MTA course. All CMT’s, and older, experienced members, should consider volunteering as a teacher. It is a great way to give back to the community, and to spread the knowledge that has been so rewarding to all of us. Charlie Kirkpatrick: Professor William C. ‘Kip’ Barbee has taught technical analysis for many years as a full credit course in the Howard University School of Business. Kip is known for several research papers on relative earnings, value, and price strength and has been published frequently in academic journals. Howard University is the premier African-American university and is located in Washington DC. As part of the MTA Educational Foundation effort to help universities in teaching technical analysis, I had the privilege of lecturing to Professor Barbee’s class this spring on the subject of price patterns. Approximately 30 students attended the class, the full number enrolled. The students were asking numerous questions and showed extreme interest in how to use patterns to profit. Indeed, the enthusiasm was so high, I didn’t get to finish the talk but ran out of time. Professor Barbee was thrilled, as was I, to see such excitement over technical analysis. [post_title] => Technically Speaking, May 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-may-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 17:59:35 [post_modified_gmt] => 2020-03-24 21:59:35 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48383 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 432474 [post_id] => 48383 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:5:"43068";} ) )

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