Gregory W. Harmon, who holds a Chartered Market Technician (CMT) designation, is the President and Founder of Dragonfly Capital Management, LLC, a company that provides daily technical analysis of securities markets and consulting services to the marketplace. Greg was previously the CIO and Founding Partner of Presidium Capital, LLC, an asset management firm. He has been in the financial industry for over 30 years, and has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity and Portfolio Swaps Trading at Chase Manhattan, State Street Corporation and BNP Paribas. Greg earned an MBA in Finance from NYU Stern School of Business and BS in Mechanical Engineering from Cornell University. In addition to his CMT designation, Greg also holds a Chartered Financial Analyst (CFA) designation.

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            [post_content] => The month of March is said to come in like a lion and go out like a lamb. If we apply that to this January, it was pretty much the reverse. After months of nary a hiccup, the stock market growled its way into the close and in the process wiped out its early gains.

It does seem that the market was set up for a problem, from overzealous sentiment to various valuation comparisons to 2000. Still, the real problem was knowing when. The market needed an excuse to do what it had to do and along came another deadly virus to virtually shut down the world’s second largest economy.

And what better time to think about what we did right and what we did wrong leading up to the top? Did we panic at the first whiff of the Hindenburg Omen? Was the CNN Fear and Greed Index our kryptonite? Did we play along with record unemployment? BTFD? Or panic when the yield curve arguably inverted again? Iran? China (the trade deal part)? Politics? Plunging oil? Plunging copper?

To all that, all the pure technician in me hears is, “blah, blah, blah.”

No, I’m not going to say none of that matters but it does make me appreciate the simply beauty in assessing price action itself. Or, as we say here in my new gig, Supply and Demand.

This month, we continue Bruno DiGiorgi’s History of Wall Street series with installment number five. We’ve also got a piece from a decade ago called The Top Technical Analysts, which answers the question many of us hear – “Where are the rich technicians?”  It was written in 2013 so the numbers are off, as are some of the firm names. But it is a timeless story that should make all technicians proud, especially when doubt creeps in that our processes don’t work anymore.

This month’s member interview is with Greg Harmon, of Dragonfly Capital Management. Considering he never heard of the CMT Association until fairly recently, he’s gotten quite involved.

There is chapter news from New York and Minnesota, as per usual, and we once again plead for other chapters to let us know what is going on with their members and programs.

We’ve also got a list of CMT candidate resources, membership news and an invitation to submit a paper to one of our partner organizations. Don’t say there are no places for you to publish your ideas.  And as always, we’d love to publish something you wrote right here in this newsletter. Can you think of a better place for beginners to share their ideas? Don’t worry, we don’t bite. In fact, we’ll help you develop your writing style.

Michael Kahn, CMT

Editor
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            [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
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