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Louise Yamada, CMT

Louise Yamada, CMT

Louise Yamada is the Managing Director of Louise Yamada Technical Research Advisors (LYA), which she founded in 2005. Previously, she was Managing Director and Head of Technical Research for Smith Barney (Citigroup), and while there, was a perennial leader in the Institutional Investor poll and the top-ranked market technician in 2001, 2002, 2003 and 2004. Louise was the 2016 recipient of the CMT Association’s Lifetime Achievement Award.

At Smith Barney for 25 years, Louise authored a weekly flagship report, “Market Interpretations,” in which she identified the developing structural bear market and the technology decline in 1999-2000; the lift in gold in 2002; the small and mid-cap outperformance leadership in 2002; the emerging structural energy bull in 2004; her 2004 Alternate Hypothesis suggesting that the 2000-2002-2008 equity market could track the alternate 1929 1932-1938- stock market period (it did); and a multi-year low interest rate environment.

Additionally, Louise penned several notable reports, including “Bull Market Extension? There is Historic Precedent” (1994) and “New Horizons for the 21st Century” (1996), both the subject of feature interviews in Barron’s on May 8, 1995 and September 9, 1996, as well as the special 1999 TRENDS report “Shifting Sands,” identifying major 20 plus-year structural shifts taking place not seen since 1980-1982. She is also the author of Market Magic, published by John Wiley & Sons, released in March 1998 and reviewed as “a monumental book, one that all serious and professional investors should read.”

At LYA Louise has made major calls on the structural decline of the financial sector (beginning March 2007); the 2008-2009 Equity Bear Market; the emerging bull in spring 2009; the topping in Gold in 2013; the structural decline in Energy in early 2014; and the 2015 equity market topping process.

Louise holds a Chartered Market Technician designation and is a member of the CMT Association, the American Association of Professional Technical Analysts, and the Financial Women’s Association. Louise appeared as a special guest on “Louis Rukeyser’s Wall Street.” She appears frequently on Bloomberg, CNBC and in other media. Louise joined Smith Barney in 1980 after receiving a B.A. from Vassar College and an M.S. from Bank Street College of Education.

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            [post_content] => Forget March. October came in like a lion as the news cycle and economic reports stomped on the bulls. Considering that September was rather tame, it was a big wake-up call for stock jocks.

But September did have its moments. The U.S. dollar soared and the UUP bullish dollar ETF nearly hit all-time highs (set in 2008). Gold, which still holds a long-term breakout, faded all month, not surprisingly. Bitcoin barfed (my opinion embedded there). The long Treasury yield recovery failed while the curve inverted and un-inverted again. And crude oil gave up its gains and then some after the Saudi oil field attack.

There are fun markets to trade everywhere!

Lest we forget, after peaking in 2014, the number of UFO sightings dropped this year to date to a 19-year low. I don’t quite see the correlation to any market, and especially not cannabis.

So, while we sip our pumpkin spice (barf again) and watch this October’s volatility, remember that the “good part” of the year is upon us. No, not the seasonal strength for stocks but the CMT Association’s rolling out of all sorts of good stuff to make your work life better and easier.

In this issue, we’re re-running a series from Technically Speaking’s past on the history of Wall Street, written by Bruno DiGiorgi. Did you know how the term “broker” came about? It had nothing to do with investors getting broker the more they traded.

And since we’re in the rerun spirit, we’ve got an article from Adam Koos that ran last May in Proactive Advisor magazine. In it, Adam details his CMT journey and how it helped him in his advisory business. It’s a testament to the value of the designation and the process of getting it.

I’ve also included a short piece on the “spirit of technical analysis.” Basically, it asks the question, “Does your precise analysis make sense in the real world?”

We have an interview with the legendary Louise Yamada, whose work decades ago helped shape the analysis we practice today.

Of course, we’ll round it off with Association news, updates from the CMT program, members in the media and chapter speaker reviews from New York, Chicago and Minnesota. The latter two are my total favorite chapters because they share frequently. The rest of you, well, bless your hearts.

Michael Kahn, CMT

Editor
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LETTER FROM THE EDITOR

In February, the MTA is recognizing Women in Finance and will be featuring webcasts by experts in technical analysis who also happen to be women. We have tried to recognize the contributions some women have made to technical analysis in this issue of Technically Speaking. The MTA has a long history of recognizing the role of women in finance including Bernadette Murphy, CMT, who served as the fifth president of the organization in 1977. We also briefly highlight the work of another past President, Gail Dudack, CMT, in this month’s newsletter along with brief articles about the work of Louise Yamada, CMT and Jeanette Schwarz Young, CFP, CMT. While celebrating the fortieth anniversary of the MTA, it is interesting to note that the MTA has always focused on “attract(ing) and retain(ing) a membership of professionals devoting their efforts to using and expanding the field of technical analysis and sharing their body of knowledge with their fellow members.” Those words in found in the MTA constitution and history shows that women just happen to have been among the leading contributors to the body of knowledge over the years. We would appreciate receiving any comments you have on the newsletter, which can be emailed to editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, February 2013 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-february-2013 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:34:32 [post_modified_gmt] => 2020-08-03 15:34:32 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=46191 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 394898 [post_id] => 46191 [meta_key] => newsletter_content_0_contributor [meta_value] => a:1:{i:0;s:3:"938";} ) [2] => stdClass Object ( [ID] => 47323 [post_author] => 2 [post_date] => 2010-12-15 12:00:07 [post_date_gmt] => 2010-12-15 17:00:07 [post_content] =>

Letter from the Editor

Technical analysis is a varied discipline, including such diverse forms of analysis as chart patterns, Elliott Wave, and relative strength. If this month’s newsletter has a theme, it could be described as “whatever works.” Larry Williams is a world renowned trader and first class researcher. He recently made a presentation to the Los Angeles chapter of the MTA. Those who have been fortunate enough to take in one of his many presentations always get a variety of ideas. Larry seems to look at any idea, adopting those that can lead to profits. He doesn’t appear to be interested in being right or being pigeon holed as an expert on any one topic. Everything he presents is simply designed to make money in the markets. We also have a summary of an archived video presentation that demonstrates ways to combine technical and fundamental data into a single trading opinion. Dennis Gartman explained his strategies more than a year ago. One advantage of using the archives for education and strategies is that you can look at how effective the ideas have been since they were presented. Gartman’s is yet another example of the timeless ideas available to traders and analysts in the MTA’s video archives. Finally, as I read the publications of the CFA Institute, I am struck by the number of articles that build on ideas rooted in technical analysis. This issue discusses one of those articles. Please consider sharing ways that you combine other disciplines with technical analysis. You can email them to editor@mta.org. We’d like to print your techniques in a future issue of Technically Speaking. Sincerely, Mike Carr, CMT [post_title] => Technically Speaking, December 2010 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-december-2010 [to_ping] => [pinged] => [post_modified] => 2020-03-12 09:06:17 [post_modified_gmt] => 2020-03-12 13:06:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=47323 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 412654 [post_id] => 47323 [meta_key] => newsletter_content_1_contributor [meta_value] => a:2:{i:0;s:5:"37938";i:1;s:5:"47326";} ) [3] => 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] => https://cmtassociation.org/?post_type=technically_speaking&p=48366 [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";} ) )

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