Jeffery E. Lay, CMT

Jeffery E. Lay, CMT

Jeffery E. Lay, who holds a Chartered Market Technician (CMT) designation, is an independent investment advisor who specializes in creating custom tailored portfolios for his clients using a proprietary fusion of stress tested trading methodologies. As the principle of Point Zero Three and former President of Talon Eight Global Wealth Management, Jeff guides his clients in strategic and tactical asset allocation using highly non-correlated asset classes, with key emphasis on capital preservation and tax efficient transfer of wealth to deliver sophisticated asset allocation solutions

Jeff previously served as Vice President and Wealth Advisor at Neuberger Berman Wealth Management, a Lehman Brothers company. A trusted advisor to ultra high net worth families, corporate institutions, and nonprofit organizations, he delivered the full spectrum of financial services and investment banking disciplines to senior executives and their counsel. The sole Chartered Market Technician in the organization, Jeff blended fundamental and technical analysis in crafting unique investment solutions based on client goals and income needs.

Prior to joining Lehman Brothers, Jeff founded Sensor Fusion Asset Management. As Director of Strategic Trading Tactics, he advised private clients and hedge fund managers regarding their asset allocations to commodities, currencies and other leveraged financial instruments. Creator of the Sensor Fusion Method, Jeff has appeared as market commentator regarding Euro/US Dollar spot rate movements on, and his proprietary strategies have been featured in Active Trader Magazine and Stocks, Futures and Options (SFO) Magazine.

He actively publishes for several major media outlets, wherein he reveals his technical approach to the markets. An accomplished speaker and mentor, he has personally trained more than 400 analysts and portfolio managers from over 12 countries. Mr. Lay received his Bachelor of Science in Mathematics from the United States Naval Academy in 1987. In addition to the CMT designation, he also holds the Series 3, 7, 63 and 66 securities licenses.

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We are starting the New Year for the newsletter by offering you a variety of topics. Hopefully we are reflecting the wide variety of work members of the MTA are doing in the real world. Celebrating the New Year involves a number of traditions and applying technical analysis is also rooted in a number of traditional tools, many of which are updated and applied in unique ways. We feature the work of Eric Leake and John Kosar, CMT, showing how they are applying traditional tools to create valuable forecasts. Jeb Handwerger applies these types of tools to a market that isn’t widely followed, rare earth metals, but is in the news quite frequently. Ken Safian has long been applying traditional tools in an untraditional way to economic data in addition to following the stock markets with a technical-based approach. We also highlight a new book from Christopher Grafton, CMT, which explains a traditional tool, cycles, in a new way. Please let us know what you are doing and allow us to share your application of the tools of technical analysis to the readers of Technically Speaking by sending an email to Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, January 2012 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-january-2012 [to_ping] => [pinged] => [post_modified] => 2020-03-25 13:21:33 [post_modified_gmt] => 2020-03-25 17:21:33 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 402038 [post_id] => 46756 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:3:"967";} ) [1] => stdClass Object ( [ID] => 47797 [post_author] => 2 [post_date] => 2010-04-15 12:00:18 [post_date_gmt] => 2010-04-15 16:00:18 [post_content] =>

Letter from the Editor

In this month’s newsletter, we take a look at several recent research papers on technical analysis. The field has been well studied by the academic community, and in many cases, the studies really do support our approaches. For example, relative strength has been the subject of a number of research papers. Academics prefer the term “momentum” to relative strength, but reading through any of the papers you will quickly see the underlying concepts are the same. The idea that momentum persists in stock prices has become so well documented that it is now acknowledged as a known anomaly of the Efficient Market Hypothesis. Many of the common indicators can be thought of as derivative of relative strength, and in fact Richard Tortoriello demonstrated the effectiveness of Wilder’s RSI in his book Quantitative Strategies for Achieving Alpha. The academic community could prove to be a valuable source of trading ideas for the motivated technician. Math can appear to be a hurdle – while we as technicians tend to look at winning percentages and profit factors, academics use more daunting statistical techniques. Papers tend to explain and illustrate the mathematical concepts. This is done so that others can reproduce the results. For those new to reading this type of work, you could start by reading the abstract, introduction, and conclusion. If the results seem like something you can use in your work, wading through the math would be well worth the effort. Personally, I have found a great deal of value in the academic work on momentum. There are also a number of papers showing that momentum doesn’t work well at times, and I have been able to use these papers to prepare a model showing when the risk is greatest for relative strength strategies. For those wanting to get started on studying the diverse literature available to us, a good place to start is the Social Science Research Network ( where a search on the term ‘technical analysis’ yields 1,000 hits. Not all the papers are relevant to technicians, and not all papers are available for free download. But there are many hours of reading and testing available for those willing to dig into the field of technical analysis. For those wanting to talk about whether or not academic research fits into the TA community, maybe we can continue this discussion at the MTA Symposium to be held in New York. Late May is a good time for us out-oft-owners to gather there, it should be the ‘not too cold, not too hot’ time of year. The speakers lined up by the MTA are among the best in the industry, and there is always ample time to learn from the other attendees. It’s time well spent on professional education and personal collaboration. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, April 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-april-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-20 11:50:54 [post_modified_gmt] => 2020-03-20 15:50:54 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 420086 [post_id] => 47797 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:3:"967";} ) [2] => stdClass Object ( [ID] => 48165 [post_author] => 2 [post_date] => 2008-12-15 12:00:35 [post_date_gmt] => 2008-12-15 17:00:35 [post_content] =>

Letter from the Editor

The content in this month’s newsletter is similar to what you’ve come to expect from us. We present very brief summaries of technical perspectives offered by expert technicians Ken Tower, Ken Winans, and Jeff Lay at a recent Trader’s Expo. A link to a video of the entire panel discussion is available on your member  homepage. Other articles include a couple book reviews and the Nominating Committee and Dow Award Committee have also provided important information. This issue of Technically Speaking represents the end of an era, and the beginning of a new one. It is the last one which will be delivered as a hard copy. Beginning in January 2009, we will be using electronic delivery to serve you better.  Initially we will be delivering the same information in a different format. Once a month, we will email a newsletter similar to the other electronic newsletters many of you now receive.  Links to each article will take you to the full text, and there will be an option to print anything you’d like to study in more detail. As soon as we can, we will add more timely updates. Interim emails will deliver short-term analysis. We will also be able to expand the quantity of material we deliver, including more reviews of books, software, and the latest products supporting technical analysts. We are excited about the changes that will come over the next few months. The quality of Technically Speaking will increase, and the value to you, the members, will be enhanced. Please feel free to offer any feedback to us as we craft your new newsletter. Email me at with any ideas, requests, or articles you’d like to have published. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, December 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-december-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-23 13:46:43 [post_modified_gmt] => 2020-03-23 17:46:43 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 428676 [post_id] => 48165 [meta_key] => newsletter_content_0_contributor [meta_value] => a:4:{i:0;s:4:"7251";i:1;s:4:"1048";i:2;s:3:"768";i:3;s:3:"967";} ) )