Larry M. Berman, CMT, CTA, CFA

Larry M. Berman, CMT, CTA, CFA

Larry M. Berman appears weekly on BNN’s Berman’s Call where he blends fundamentals with expert technical analysis to help Bloomberg viewers uncover opportunities in the marketplace. He is a Co-Founder of ETF Capital Management and The Independent Investor Institute — an organization dedicated to providing unbiased education to Canadian investors. With nearly twenty-five years of investment industry experience, Larry is a Chartered Market Technician (CMT), a Chartered Financial Analyst (CFA) charterholder, and is a US registered Commodity Trading Advisor (CTA).

Larry began his career as a Toronto-based investment advisor in 1989 and completed a technical internship in New York with the CMT Association in 1994, where he studied the techniques of many top Wall Street technicians. Prior to co-founding ETF Capital Management in 2006, he was Chief Technical Strategist and Managing Director for CIBC World Markets since 1997. While at CIBC, Larry consistently earned ratings as one of Canada’s Top 3 Analysts (including a #1 ranking in fixed income), according to Brendan Wood institutional investor surveys. Prior to that, Larry was a senior technical analyst for Thomson IFR in Boston and senior technical analyst and trader for Marleau, Lemire Futures in Toronto.

Larry is the primary author of the textbook for the technical analysis course offered by the Canadian Securities Institute (CSI), which is the primary source of education for technical analysis in Canada. Larry is past President of the Canadian Society of Technical Analysts (CSTA), past Vice-Chairman (Americas) of the International Federation of Technical Analysts (IFTA), and in 2010 completed a 2-year term as President of the CMT Association.

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            [post_content] => Dear Members, 

For more than 50 years, the CMT Association has existed to advance the discipline of technical analysis. This core value established by our founders guides us as we face the difficult challenge of responding to the coronavirus (COVID-19), which the World Health Organization has declared a global pandemic. 

Our hearts and thoughts go out to the families who have been directly affected by this unprecedented event and we appreciate the healthcare workers, local communities, and governments around the world who are on the front line working to contain this coronavirus. We also applaud all CMT Members engaged in unselfish acts: caring for family and friends; supporting co-workers and colleagues; aiding those in our communities without the privilege to work remotely or lean on savings to fill their pantries 

As the situation grows, the CMT Association has also been impacted. In the interest and health of our members, the Board of Directors decided on March 14th to postpone the upcoming 47th Symposium. The decision was not make lightly, but we know that the event will come back stronger in the years to come. The Association is closely monitoring the pandemic with an eye on the CMT Program. While it has not been immediately impacted, we are in close contact with Prometric to make sure that we have all the current information.

Compounding the challenges of disrupted travel, uncertain business planning and clear public health threats, we know that all our members are shouldering responsibilities for firms and clients trying to navigate tumultuous and uniquely volatile market behavior. So, in the spirit in which the CMT Association was first forged 50 years ago, lean on us for the resources you need to get through this difficult period. Here are a few quick resources you can access from anywhere. 


1. Journal of Technical Analysis – 70 issues over 40+ years of research by practitioners for practitioners.  

2. Weekly Webinars –  View the schedule of upcoming live digital presentations 

3. CMT Youtube Channel – share video presentations, podcast interviews and other free content with your network here 

4. CMT on Twitter – Converse with members and stay current with the latest market commentary from CMT charterholders all over the world at 

Community Leadership Whether you reside in Mumbai, Milwaukee, or anywhere in between, we all have some difficult times aheadWhile it is challenging to resist getting swept up in the media frenzy or falling victim to our own emotional response to sharp losses and client frustrations, remember that this is a time when the industry is counting on our community to bring calm rational perspectives and disciplined guidance. It is on you to be the leader now. Here’s how you can help in the short-term: 

1. Speak to the media, and let us know when that happens so we can amplify that through our social media networks.  

2. Share resources with colleagues at your firm. Send them links to articles or archived videos at  

Long-Term Relevancy We are trading through what will be an incredible case study in the future. Here's how you can leverage this for your career and the global recognition of the CMT Charter.

1. Submit your research to the Charles H. Dow Award competition. Use this market environment to track and monitor your strategies. Share your work and help us all advance the discipline of technical analysis. 

2. Advocate within your firm. Does your employer support ongoing professional development? Can all CMT charterholders use the designation on business cards and research reports? Do they have a learning & development team we can speak with about the value we bring to employees and the firm’s clients? Make your suggestions or introductions to Alvin, Tyler, or Joel - 

3. Do your colleagues or institutional clients want to improve their professional practice? Introduce them to the CMT Program. 

As we have often been told, hope is not an investment strategy. Hope does not lie in a rate cut or a stimulus package. It comes from calm leaders who are experts in their field sharing objective facts and honest recommendations. CMT Association members have a responsibility to the industry right now. Please send your thoughts and recommendations on how you are taking action and how we can engage deeply in that work with you right now, and for the weeks and months to come.  On behalf of all CMT Members and staff around the world, we wish you and your families health and safety in the weeks and months ahead  Sincerely,  The CMT Association Board of Directors   [post_title] => Technically Speaking, March 2020 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-march-2020 [to_ping] => [pinged] => [post_modified] => 2021-04-07 16:20:31 [post_modified_gmt] => 2021-04-07 20:20:31 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 405621 [post_id] => 47034 [meta_key] => newsletter_content_4_contributor [meta_value] => a:1:{i:0;s:4:"1005";} ) [1] => stdClass Object ( [ID] => 46361 [post_author] => 2 [post_date] => 2012-10-15 12:00:49 [post_date_gmt] => 2012-10-15 16:00:49 [post_content] =>


Once again, we have tried to present a broad array of work in technical analysis to you in this month’s issue. Eric Leake uses economic news and interest rates to discuss the outlook for high yield bonds. Scott Hathaway applies geometric techniques to the gold market.  Larry Berman, CMT, CFA, CTA, and Keith Richards, CMT, offer general trading guidance that they first offered on MTA blogs. While Larry points out that Canadian investors need to watch global events, this is good advice for traders and investors in any country. There is an increasing degree of globalization in the markets and events in any country could set off a global crash. Keith highlights the role of the Federal Reserve, a force that no analyst can ignore anymore. We wrap up with a very brief look at two bubbles – tulips and subprime mortgages share some similarities that could help us spot future bubbles. I would appreciate any feedback you have on bubbles or any comments you have on our newsletter. Email us at Sincerely, Michael Carr [post_title] => Technically Speaking, October 2012 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-october-2012 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:34:54 [post_modified_gmt] => 2020-08-03 15:34:54 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 396945 [post_id] => 46361 [meta_key] => newsletter_content_2_contributor [meta_value] => a:2:{i:0;s:4:"1005";i:1;s:5:"37378";} ) [2] => stdClass Object ( [ID] => 47783 [post_author] => 2 [post_date] => 2010-05-15 12:00:12 [post_date_gmt] => 2010-05-15 16:00:12 [post_content] =>

Letter from the Editor

In this month’s issue of Technically Speaking, we proceed from the theoretical side of technical analysis to the practical application of technical analysis. The theory is important to understand, ideally before you start putting real money into trading ideas. Perhaps that last idea is what separates the professionals in our audience from the many failed traders that find technical analysis doesn’t work. It’s not that technical analysis doesn’t work – it’s more likely that the default settings of an indicator they saw on a web site don’t work. Several prominent technicians offer examples of what they have read over the years. Combined with the CMT reading list, which can be downloaded here, there is a lot to learn. If you haven’t reviewed that list in a few years, it’s worth taking a look at the changes that have been made over the past couple of years. The MTA library has many, if not all the technical analysis books that are worth reading. We also include two articles showing how to turn theory into actionable analysis as we attempt to continue offering something for everyone in each issue of the newsletter. Larry Berman’s analysis is long, but our electronic format allows us to reproduce it in its entirety. It can serve as a valuable example of quality analysis to those new to the profession. Finally, I’m looking forward to seeing many of you in New York City for the Annual Symposium. I’m not sure what the official numbers say, but the early registration seems to be much higher than last year and the attendees and speakers I’ve had a chance to speak with are enthusiastically looking forward to the event. If you haven’t decided to join us yet, please think about it. You won’t be disappointed and you’ll learn a lot, no matter how much you already know. While you’re in New York, you can also stop by the MTA library and see the physical enormity of the literature in our field. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, May 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-may-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-19 21:19:26 [post_modified_gmt] => 2020-03-20 01:19:26 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 419698 [post_id] => 47783 [meta_key] => newsletter_content_5_contributor [meta_value] => a:1:{i:0;s:4:"1005";} ) [3] => stdClass Object ( [ID] => 48334 [post_author] => 2 [post_date] => 2008-07-15 12:00:07 [post_date_gmt] => 2008-07-15 16:00:07 [post_content] =>

Letter from the Editor

This month’s issue brings a great deal of news about our organization. To paraphrase Executive Director Tom Silveri’s excellent presentation at the May Symposium, “The state of the MTA is stronger than it has ever been.” The letters from Past President Phil Roth and newly inducted President Larry Berman describe some of the efforts which have led to our growth and strength over the past few years. We also have a detailed report about the MTA Educational Foundation course being taught at the University of Richmond. The Foundation has been actively promoting technical analysis within the academic community for a number  of years. For those interested in learning more about this organization, more details can be found at their web site, A redesign of the site is currently underway, so check back often for the latest information. Three pages of Technically Speaking are devoted to the life and work of Ian Notley, who will be missed by all who had the pleasure of meeting him. Ian’s work is certainly important, and we are able to present a few examples. We also hope you’ll take the time to read the remarks of Ian McAvity and Karl Wagner. We received several other remembrances of Ian that we didn’t have room to print. This space is not just to pay tribute to a life well lived. Ian inspired many during his career, and we hope that more will be inspired by reading about him. He embodied all that the MTA is – knowledge, innovation, friendship, and mentorship.

In Memoriam Ian Sydney Notley It is with great sadness that we report the passing of long-time MTA Member and friend, Ian Sydney Notley. Our thoughts are with him and his family

Sincerely, Mike Carr, CMT Editor [post_title] => Technically Speaking, July 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-july-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 16:22:57 [post_modified_gmt] => 2020-03-24 20:22:57 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 431327 [post_id] => 48334 [meta_key] => newsletter_content_1_contributor [meta_value] => a:1:{i:0;s:4:"1005";} ) [4] => stdClass Object ( [ID] => 48366 [post_author] => 2 [post_date] => 2008-06-15 12:00:35 [post_date_gmt] => 2008-06-15 16:00:35 [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.

9 Days in Taipei - a Very Different Teaching Experience

Baruch College has a very successful International Executive MBA program with operations in China, Hong Kong, Singapore, Taiwan, Israel, and France. Over the years the program has enriched the lives of the students whose careers have benefited by the knowledge from the course work, the prestige of a U.S. degree, and the networking amongst other alumni. After being on an informal waiting list for a number of yeas, I was invited to teach Technical Analysis in Taiwan during the recent April holiday break here in the U.S. Courses run consecutively and Technical Analysis is an elective at Baruch, so I had to wait until a class of finance students completed all their core curriculum before I got this opportunity. I accepted the assignment, arranged vacation time at the office and quickly booked an 18 hour flight that would take me over the North Pole to Hong Kong and then Taipei.  Other faculty members at Baruch that I have met who have taught overseas found the experience of teaching in another culture very stimulating and rewarding - I was no exception. I got some counsel about teaching in Asia - for example - giving an individual project instead of a test where unfamiliar business terms may be a problem. When giving an individual project it must be stressed that it is individual work and not a group project. Also the culture overseas does not put as much importance on copyrighted work and students often cut and paste without regard to sourcing. Getting there -- one long flight! Be open to words of experience from people who have endured long flights. Wear compression socks, walk, exercise, drink lots of water, repeat every two hours. Also it helps if you have good neighbors. Check in - Friday night? Where did Friday morning go? Travel from the airport to the hotel was light because it was a local holiday. On Monday I got to see the real level of travel on the streets - buses, taxis, cars, and millions and millions of motor scooters. Naturally when I got to my room I called home and these were expensive minutes. On Saturday after teaching I went to a Seven-Eleven to buy a phone card. I called every day for the next week for less than that first call from the hotel! After booking the flight I had much to do - picking out a text that could be sourced overseas and reworking the course outline to fit into four full days and two evenings versus 14 weeks. Getting the text I wanted proved to be a minor obstacle. This semester in New York I was using Kirkpatrick and Dalhquist as well as my own book. At first they could get Kirkpatrick and Kamich but later I was told they could only get Murphy before the class started and my own book would be bought on the internet and might or might not get there when classes started. At nearly the same time I had to get some extra shots from my doctor, check on the electrical outlets, contact information, getting Blackboard (the school’s uber-website for teaching) set up, what to bring and what to ship over before hand. Material that I would have a guest lecturer cover I now had to become familiar with and I had to arrange the material to flow from day to day. There was no time for homework and a midterm so as a practical issue I wondered how I was going to judge if the material was being understood. At Baruch I have a fair idea of the English skills of the students but what was I going to encounter in Taipei? Teaching from 9 to 5.30PM -- first you have to remember to give breaks every 90 minutes, no matter how exciting the material, 10 to 15 minutes plus an hour and 15 minutes for lunch. You always needed to review what was covered the prior day. The material builds on the early basic ideas and this must be reinforced. You had to put it on the board, tell it, explain it and then review it. This was not because the students were slow but because the subject material was new and the language differences. I found several times that if one student did not understand the material another student might tell the others or the one who was confused in Chinese. This was a little distracting and would not have tolerated it in New York but I learned to  accept it in Taiwan to be successful in getting the ideas across. Bruce M. Kamich, CMT [post_title] => Technically Speaking, June 2008 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-june-2008 [to_ping] => [pinged] => [post_modified] => 2020-03-24 17:08:10 [post_modified_gmt] => 2020-03-24 21:08:10 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 432086 [post_id] => 48366 [meta_key] => newsletter_content_0_contributor [meta_value] => a:4:{i:0;s:4:"7251";i:1;s:4:"1008";i:2;s:3:"938";i:3;s:4:"1005";} ) [5] => stdClass Object ( [ID] => 48738 [post_author] => 2 [post_date] => 2007-01-15 12:00:25 [post_date_gmt] => 2007-01-15 17:00:25 [post_content] =>

From the Editor’s Desk

We start the New Year with a new look for Technically Speaking. Tim Licitra has been working hard to make this newsletter more visually appealing, and in the coming months he’ll continue to lead this effort. If you have any suggestions, don’t hesitate to contact him. As you’ll read throughout this issue, the MTA is trying to actively engage all its members in the business of the Association. This theme is found in articles by Charlie Kirkpatrick, CMT about the MTA Educational Foundation, the letter from Executive Director Tom Silveri, and the short note from our newly appointed Volunteer Czar, Fred Meissner. CMT. I hope you’ll consider contacting Fred and getting more involved – we need your help. Although we include a lot of MTA news, this month’s issue also presents some practical investment research and a brief article on trading psychology. Larry Connors from recently completed some research on the best trading days of the month, and we are able to reprint that. This work could form the basis of a futures trading strategy or can help you time monthly mutual fund purchases. Without a doubt, it has applicability to all traders. Andy Ratkai, CFA, recently published an article reminding us to rely on our own work, and not to become overly invested in the opinions of others. It seems like a nice way to start trading this year, consciously resolving to ignore the talking heads on CNBC and in the press and doing our own work. Finally, Dave Aronson, CMT, has written a book asking us to think about raising the bar in our research. Statistical significance would increase the credibility of technical research and should increase your trading profits, a true win-win outcome. I conclude by quoting an old Wall Street adage, “May your best trade of last year be your worst trade of the New Year.” Mike Carr, CMT Editor, Technically Speaking [post_title] => Technically Speaking, January 2007 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-january-2007 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:00:53 [post_modified_gmt] => 2020-08-03 15:00:53 [post_content_filtered] => [post_parent] => 0 [guid] => [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 444553 [post_id] => 48738 [meta_key] => newsletter_content_7_contributor [meta_value] => a:1:{i:0;s:4:"1005";} ) )