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Ken Winans, CMT

Ken Winans, CMT

Ken Winans, CMT
President & Founder, Winans Investments

For 28 years, Ken Winans, CMT, has conducted groundbreaking financial research within the discipline of technical analysis while serving as a portfolio manager, investment analyst, broker and investor. Ken is the President and Founder of Winans Investments, an award-winning investment management and research firm based in Novato, CA. He is a regular guest on various TV and radio shows nationwide, and has had much of his investment research published by leading financial industry magazines, newspapers and websites.

Ken’s analytical work pioneered the development of the Winans International Real Estate Index and Preferred Stock Index. Both are considered leading market indexes, and are used by major financial and academic institutions such as Fidelity Investments, Princeton University and the Securities Research Company.

Ken holds a Bachelors degree in Business Economics from the University of San Diego, a Masters in Finance from the University of San Francisco, and is a Chartered Market Technician (CMT). In 2004, the University of San Francisco named him one of its most celebrated graduates. Ken serves as a trustee for several non-profit organizations, including the Museum of American Finance (New York City), The W Foundation (Novato), and The San Francisco Fleet Week Association.

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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] => 370398 [post_id] => 44674 [meta_key] => newsletter_content_10_contributor [meta_value] => a:1:{i:0;s:3:"768";} ) [2] => stdClass Object ( [ID] => 44747 [post_author] => 35924 [post_date] => 2014-09-15 12:00:58 [post_date_gmt] => 2014-09-15 16:00:58 [post_content] =>

LETTER FROM THE EDITOR

This month we are including a number of charts. As technicians, it is a relatively simple matter to generate charts. The challenge is to create meaningful charts. We think the authors of the charts in this month’s newsletter accomplished that. Each of the charts presented in this issue can be studied to develop new insights into the markets. Many members enjoy obtaining information on career opportunities. We try to include that information in the newsletter when we can and will be including more information in the next few months about the QGLDX Trading Strategy Contest. This contest has a rigid, quantified process that allows money managers to demonstrate their skill and to obtain a oneyear exclusive contract to trade at least $1 million in assets. We also have a news release from a company that has created a platform designed to help financial services firms launch new technology applications. The cost and time dedicated to software development can be daunting to professionals focused on the financial markets. New innovations in technology are creating new opportunities for professionals to expand their product offerings. If you are aware of similar opportunities, please let us know by sending an email to editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, September 2014 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2014 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:12 [post_modified_gmt] => 2020-08-03 15:31:12 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44747 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 371016 [post_id] => 44747 [meta_key] => newsletter_content_6_contributor [meta_value] => a:1:{i:0;s:5:"44768";} ) [3] => stdClass Object ( [ID] => 47185 [post_author] => 2 [post_date] => 2011-07-15 12:00:45 [post_date_gmt] => 2011-07-15 16:00:45 [post_content] =>

Letter from the Editor

This issue contains a few more summaries of MTA Symposium speaker presentations. There were two other presentations that no one should miss, but are in some ways too important to offer in summary form. The Technician’s Technician Panel brought together the technical analysts employed by the largest firms. Jordan Kotick, CMT, Managing Director and Head of Technical Trading Strategy for Barclays Capital, led the discussion and shared the stage with: While their market views and favorite techniques differ, all of these esteemed analysts share one opinion. They agreed that technical analysis is in a bull market and opportunities are more plentiful than ever in this field. Always popular, the Market Forecast Panel brings several distinguished technicians together to discuss what they see in the markets and how they think the future will unfold. Rather than trying to present the views of Ralph Acampora, Dr. Hank Pruden, Ken Tower and Chris Cady into simple bullish or bearish calls, the video of this discussion should be watched in full. What is most important is the thought process that some of the greatest minds in technical analysis apply to formulate their opinions. Each uses a different approach, and each has attained a great deal of success with their technique. As we work on future issues, we would like to hear what is important to you, our readers. Please let me know what you’d like to see in upcoming issues. The MTA Directory lists my phone number, or email editor@mta.org. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, July 2011 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-july-2011 [to_ping] => [pinged] => [post_modified] => 2020-03-10 21:52:44 [post_modified_gmt] => 2020-03-11 01:52:44 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47185 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 409385 [post_id] => 47185 [meta_key] => newsletter_content_5_contributor [meta_value] => a:2:{i:0;s:3:"768";i:1;s:5:"43131";} ) [4] => stdClass Object ( [ID] => 47207 [post_author] => 2 [post_date] => 2011-06-15 12:00:34 [post_date_gmt] => 2011-06-15 16:00:34 [post_content] =>

Letter from the Editor

Every May, the MTA holds its Annual Symposium and technicians converge in New York to see old friends, meet new ones, and learn about the markets. This year was the largest gathering in history, with 350 members and affiliates from around the world gathering at the New York Stock Exchange (NYSE). The venue offered an interesting perspective on technical analysis. One of the fundamental principles of technical analysis is that history repeats itself. Without thinking, the NYSE seems to be a symbol of change, at least in the modern era. Electronic algorithms and high frequency trading have reshaped the investment landscape, and the Exchange has been on the leading edge of technology to adapt to penny spreads and an ever-evolving market structure. On breaks, the Symposium attendees had a chance to wander the hallowed halls of finance sitting at the corner of Wall and Broad. Some history is displayed in those halls, a collection of pictures and memorabilia. In some ways, the Symposium was what it must feel like for a baseball fan to wander through the Hall of Fame at Cooperstown while getting to talk to the players who will have their plaques in the future. Wandering those halls on a break, I read a letter to the Exchange written by Thomas Edison on August 24. 1882. He asked for permission to run a line from the exchange for his own data service, promising to transmit quicker and more reliable data. That letter seemed to sum up technical analysis. Investors never change; they always want an edge in the markets. History is a lot like a series of repetitive themes that play out in different ways each time. The NYSE displays proof that investors wanted faster and cleaner data for at least the past 130 years. Odds are, that will still be an issue in the twenty-second century. History also repeats within the MTA. Every May, there is an Annual Symposium that benefits members with unique opportunities and market perspectives. It’s only June, but many are already looking forward to next May. In this issue of Technically Speaking, we present brief summaries of a few of the presentations. We’ll offer more details on other presentations in the next issue. Videos of the presentation will soon be available in the MTA archives, and every presentation is worth watching, or re-watching for those fortunate enough to have been there. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, June 2011 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-june-2011 [to_ping] => [pinged] => [post_modified] => 2020-03-11 15:59:49 [post_modified_gmt] => 2020-03-11 19:59:49 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47207 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 409894 [post_id] => 47207 [meta_key] => newsletter_content_0_contributor [meta_value] => a:3:{i:0;s:3:"768";i:1;s:3:"772";i:2;s:4:"7251";} ) [5] => stdClass Object ( [ID] => 47345 [post_author] => 2 [post_date] => 2010-11-15 12:00:34 [post_date_gmt] => 2010-11-15 17:00:34 [post_content] =>

Letter from the Editor

Dr. Hank Pruden will receive the Mike Epstein Award later this month. The MTA Educational Foundation created this award to recognize those who make significant contributions to technical analysis in the academic community. Hank is without a doubt a worthy recipient. The MTA Educational Foundation was founded in 1993 to create and fund educational programs in the field of technical analysis. The mission was later expanded to include the creation and support of a complete technical analysis curriculum to be taught for credit in colleges and universities around the world. By the time the Foundation was established, Hank had almost twenty years experience in teaching technical analysis at the university level. He created not only a course, but was instrumental in developing a graduate-level certificate in technical analysis at Golden Gate University. Hank has long taught two courses in the Wyckoff Method, and has written a book that can be used at the Master’s degree level. In addition to representing the field of technical analysis in academia, Hank has a long history of success in the MTA and IFTA. He has presented to audiences around the world, and served as a roving global ambassador for technical analysis. Technically Speaking is honored to be among those extending congratulations to Hank on this well deserved recognition. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, November 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-november-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-12 09:40:37 [post_modified_gmt] => 2020-03-12 13:40:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47345 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 413401 [post_id] => 47345 [meta_key] => newsletter_content_4_contributor [meta_value] => a:2:{i:0;s:3:"768";i:1;s:4:"7251";} ) [6] => stdClass Object ( [ID] => 47846 [post_author] => 2 [post_date] => 2010-02-15 12:00:56 [post_date_gmt] => 2010-02-15 17:00:56 [post_content] =>

Letter from the Editor

In this month’s issue of Technically Speaking, we offer several short articles that could stimulate some fresh thoughts on the markets. John R. McGinley, CMT, offers details on a reliable January indicator. What is interesting about his work is that he includes a test of statistical significance, a step lacking in most articles written about technical indicators. We are also reprinting a very readable explanation of the chi squared test written John’s friend and mentor, the late Arthur Merrill, CMT. We follow this with some very specific trading lessons. Mike Moody, CMT, quantifies how much following a disciplined approach can be worth in “The $ Value of Patience.” Ken Winans, CMT, contributes an article which shows that simple strategies can work very well. David Penn of TradingMarkets.com also explains a specific trading strategy. Bob Palmerton, CMT, provides details on a disciplined way to look at the markets each day. Finally, we have some reviews of trading tools developed by MTA members. We are always happy to bring your work to the attention of others. Books can be reviewed as Adobe files so that the article can be published at the time the book is being formally released. Please email us at editor@mta.org to arrange for a review, or to contribute an article that will be read by thousands of MTA members and affiliates around the world. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, February 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-february-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-20 14:28:07 [post_modified_gmt] => 2020-03-20 18:28:07 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47846 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 421370 [post_id] => 47846 [meta_key] => newsletter_content_3_contributor [meta_value] => a:1:{i:0;s:3:"768";} ) [7] => stdClass Object ( [ID] => 48120 [post_author] => 2 [post_date] => 2009-03-15 12:00:58 [post_date_gmt] => 2009-03-15 16:00:58 [post_content] =>

Letter from the Editor

In this issue of Technically Speaking, we provide a great deal of information on market breadth. An interview with well known technician Dick Arms provides insight into the work and current thinking of an industry legend. Several articles detail a small part of the work of Dr. Humphrey Lloyd, unknown to the majority of technicians. Although trained as a pathologist, he has written widely on technical analysis and has developed unique and useful indicators. In learning about Dr. Lloyd’s work, I personally was struck by the similarity to the life of a technician who came to the field late in life but produced more than many others who spend their whole lives researching market action – Arthur A. Merrill, CMT. Both enjoyed great success in their original profession. Both brought the skills they employed in that profession to the markets. Both men were prolific authors, sharing their knowledge with all who wished to learn. But the most defining characteristic of both is that they can best be described as “gentlemen.” This is an adjective that few aspire to in the current environment. Wall Street is more associated with greed than anything else today. But there are still gentlemen and gentlewomen in our field, and I strongly urge the young technicians to reach out to them and learn about technical analysis, and life, from these examples of the life well lived. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, March 2009 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2009 [to_ping] => [pinged] => [post_modified] => 2020-03-21 17:59:42 [post_modified_gmt] => 2020-03-21 21:59:42 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48120 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 428015 [post_id] => 48120 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:3:"768";} ) [8] => 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 editor@mta.org 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] => https://cmtassociation.org/?post_type=technically_speaking&p=48165 [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";} ) [9] => stdClass Object ( [ID] => 48308 [post_author] => 2 [post_date] => 2008-08-15 12:00:13 [post_date_gmt] => 2008-08-15 16:00:13 [post_content] =>

Letter from the Editor

This month’s issue demonstrates the rich variety that exists within the field of technical analysis. As always, we hope you find this issue of your newsletter to be useful. We also welcome your contributions and suggestions. Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, August 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-august-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 15:13:39 [post_modified_gmt] => 2020-03-24 19:13:39 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48308 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 431023 [post_id] => 48308 [meta_key] => newsletter_content_1_contributor [meta_value] => a:2:{i:0;s:3:"768";i:1;s:4:"7251";} ) [10] => stdClass Object ( [ID] => 48612 [post_author] => 2 [post_date] => 2007-09-15 12:00:37 [post_date_gmt] => 2007-09-15 16:00:37 [post_content] =>

From the Editor’s Desk

Traders enjoy instantaneous feedback - seconds after placing a trade they know whether or not it’s working. Traders also have the ability to review their performance at any time just by checking their equity curve. In most other professions, an annual employee performance review is the only feedback available. In large corporations, it is possible to spend 364 days in a delusional bliss, only to learn on appraisal day that they have failed miserably at supporting corporate objectives. As editor of your newsletter, I must admit it would be great to receive constant feedback on whether or now we are meeting your needs. But, we rarely hear from the more than 2,600 recipients of Technically Speaking, and we are wondering if we are doing well or enjoying an extended period of delusional bliss. This month, we thought we’d ask for feedback, and we hope to hear from everyone. Feedback of any kind is welcome: just send an email to editor@mta.org. For those thinking they have nothing to say, consider answering any, or all, of these questions: Thanks! We’ll report back on what we learn and will incorporate all constructive feedback that we receive. Sincerely, Mike Carr, CMT Technically Speaking Editor [post_title] => Technically Speaking, September 2007 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-september-2007 [to_ping] => [pinged] => [post_modified] => 2020-03-25 19:42:57 [post_modified_gmt] => 2020-03-25 23:42:57 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=48612 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 442081 [post_id] => 48612 [meta_key] => newsletter_content_4_contributor [meta_value] => a:2:{i:0;s:4:"7251";i:1;s:3:"768";} ) [11] => 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] => 442312 [post_id] => 48627 [meta_key] => newsletter_content_2_contributor [meta_value] => a:1:{i:0;s:3:"768";} ) )

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