Martin J. Pring
Martin J. Pring is the president of Pring Research and Chairman of Pring Turner Capital group, a money management and sub-advisory firm. Pring.com provides research to individuals and financial institutions around the world through the publication of the Intermarket Review, a monthly synopsis of the long-term technical position of the world’s principal financial markets, now in its 35 fifth year. In addition, he writes a monthly Chinese research report for institutional investors on their equity market.
He is the author of over 15 investment books; one of the more well-known ones is the classic, Technical Analysis Explained (TAE), now in its fifth edition. TAE is used by international technical societies and many universities for training and was required reading for the CMT certification for several decades. Others are his Investment Psychology Explained, cited by Worth Magazine as one of the fifteen best investment books of the last 150 years, as well as The All-Season Investor and Active Asset Allocation. He has also written Martin Pring’s Complete Guide to Technical Analysis: An Indian Perspective, released in 2010 by Shroff Publishing in Mumbai.
He is widely acclaimed by his peers and has received the Canadian Society of Technical Analysts‘s Jack Frost Memorial Award as well as the CMT Association’s coveted Annual Award. He has also been made an honorary member of the Swiss Association of Market Technicians and a fellow of the British Technical Society.
His latest endeavor, launching in late 2019, is an interactive, web-based compilation of all his video/DVD educational training courses. In his usual casual and informative style, Pring.comU offers over 15 hours of video training in the art of Technical Analysis; each lesson is followed by an interactive quiz. Pring.comU will be available on his website under the banner “Pring University”.
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We focus on the practical in this month’s newsletter. From trading psychology to trading tools and trading strategies, we have tried to provide you with new ideas that you can apply in the slow summer market. Of course, the slow summer market is probably a myth but we all need to find time to explore ideas and tools that might help us become better at what we do.
Trading seems to be the point where theory meets practice in technical analysis. Hopefully you will find the techniques and tools we highlight to be useful.
Although trading is often associated with short-term analysis, many traders analyze long-term data. In the long-term, stocks can move up or down just as they do in the short-term. SRC Stock Charts offer a long-term perspective on markets and we conclude this issue with a chart of Japan’s Nikkei 225 stock index. The Nikkei ended May with a one-week loss of 15% but is up about 50% in the last year. Shortterm volatility can mask the relentless down trend that defines that market. Over the past 25 years, the Nikkei has lost an average of 2.8% a year.
Please email us with suggestions for other long-term charts to highlight the ups and downs of trading for a living. We can be reached at editor@mta.org.
Michael Carr
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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 (www.ssrn.com) 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
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Letter from the Editor
The goal of Technically Speaking is to deliver timely and useful research to MTA members. Since switching to our electronic format, we do feel that we improved our ability to meet these goals. We have significantly expanded our use of charts, and we introduced full color charts. This format also means that we are now able to publish longer research pieces alongside shorter articles.
All of these changes make Technically Speaking more of a benefit to our members as a source of ideas and as an avenue for being published. That first benefit is obvious - ideas are always welcome to traders and investors alike and serve as a starting point for individual research. In today’s job market that second benefit may be overlooked but even more valuable.
Being published in a professional publication is a great addition to any resume. It demonstrates that you can not only analyze the markets using technical analysis, but also that you can detail this analysis and present it in an understandable manner. Many positions require the ability to communicate strategies to traders, sales staff, or clients and a published article offers proof that you have this skill.
I hope you’ll consider sharing your research and analysis with the members of the MTA, whether you’re a seasoned professional or new to the field. As always, we are looking for longer term work – we can’t publish short-term market forecasts although these are perfectly suited for the Technical X-Change section of the Knowledge Base that is maintained on the MTA web site (http://knowledgebase.mta.org/).
Some great examples of the diverse topics we’d like to publish are in this month’s issue, which we hope you’ll enjoy reading.
Sincerely,
Mike Carr, CMT
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Contributions
- How will the next few years be characterized: Inflation, Deflation or Both? -
Join us for an intellectual market discussion between two of the world's most renowned veteran technicians, sharing their insights on one of today's most widely debated questions about Inflation & Deflation pressures and how both risk scenarios would impact...
- Keynote Address -
Best-selling author, educator and investment manager Martin Pring will share insights on his approach to investing around the business cycle. Martin will explain some of the indicators he uses and what they are telling us about the current state of the markets. He views the...
- Conversations: Podcast Interview with Martin Pring -
Martin J. Pring entered the financial markets in 1969 and has grown to become a leader in the global investment community. He founded Pring Research in 1981 and began providing research for financial institutions and individual investors around the world. Since 1984, he has...
- One and Two Bar Price Patterns -
One and Two Bar Price Patterns
On January 27th, 2009, Martin Pring presented a webcast to the CMT Association membership as part of the CMT Association Educational Web Series.
Source: cmtassociation.org
- Institutional Money Management Panel: A Practitioners Review of Technical Analysis & Portfolio Management -
The Institutional Money Management Panel will explore the prevalence of technical analysis as a primary method of money management as practiced by institutional buy side managers. Panel participants will be encouraged to present cases studies illustrating primary methods of...
- How to Use Technical Analysis to Navigate the Business Cycle: Introducing the Dow Jones Pring Business Cycle Index -
A webcast presentation by Martin Pring as part of the CMT Association's Educational Web Series, originally recorded on May 9th, 2012. The business cycle is nothing more than a set series of chronological sequences. The six turning points in primary trends of stocks, bonds and...
- Technically Speaking, September 2016 -
- Technically Speaking, June 2013 -
LETTER FROM THE EDITOR
We focus on the practical in this month’s newsletter. From trading psychology to trading tools and trading strategies, we have tried to provide you with new ideas that you can apply in the slow summer market. Of course, the slow summer market is...