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Matt Nygaard, CMT

Matt Nygaard, CMT

Matthew Nygaard, CMT, is a Trader for Quiet Light Securities, LLC where he provides daily technical analysis commentary on the US index markets and is responsible for hedging the delta exposure and trading the electronic option markets for the firm’s ES/SPX trading group.  He has been with the firm since 2004.  Prior to joining Quiet Light Securities, Mr. Nygaard was a Managing Partner at Mulsanne Capital Management, LLC from 2002-2004, and he was a Proprietary Trader/Risk Manager for TFM Investment Group/Midland Trading, LLC/ The Arbitrage Group, LLC from 1994-2002.

Mr. Nygaard received his A.B. from the University of Chicago in 1991 and M.B.A. from the University of Chicago Booth School of Business in 1994. He holds the Chartered Market Technician (CMT) designation.

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            [post_content] => The Dog Days are upon us, yet the animal ruling the roost is the bull. That is, if you are in the stock market and most of the metals. Not so much if you own U.S. dollars. With the world still upside down due to the pandemic, whole swaths of the economy are likely to change; that means rethinking portfolio allocations.

But you don’t need me to tell you about the new world, as we are all living in it. I do, however, have confidence that this time next year things will be mostly back to normal. We’ll still probably look at each other as if everyone has got a secret case of the cooties, which, by the way, is a real word in the dictionary. I had no idea.  But that, too, will pass with time.

In this month’s edition, we interview Jeanette Schwarz Young, options trader and educator extraordinaire. The feature article by a recent new member, John Letizia, looks at the FAANG stocks with a new spin. For most of them, the big gains have happened after hours, but that could be changing. He also introduces us to an index that tracks an expanded version of these stocks that we can actually chart.

Of course, we’ve got some Chapter meeting summaries from NY, Minnesota and Chicago, as we proceed with virtual-only meetings for the foreseeable future.  We've also got another first, as the Singapore and Hong Kong Chapters held a joint virtual meeting with three speakers and several attendee polls. Check this out and see that our Asia presence is alive, well and growing.

Membership news and a message from the President round it all out. Don't forget, pricing for the CMT exams increases on September 1, so register now to get the current (Standard) price.

The post-Labor Day period typically sees activity of all sorts pick up. When we add the Presidential election drawing near, these should be “interesting times” ahead. Stay safe.

Michael Kahn, CMT

Editor
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            [post_content] => I know we Americans tend to have a self-centered view of things, but the U.S. market has outperformed most of the world for the past two years. Of course, there are some exceptions, notably in Australia, India and Saudi Arabia. Curiously, Greece and Russia appear to have woken up recently.

Anyway, the point of this build-up is to say that May was one of the worst months in quite some time, only eclipsed by December 2018 in terms of net loss, based on the S&P 500 (October 2018 was about the same as May). The lingering trade battle with China and a threat towards Mexico got plenty of headlines. Too bad stiff resistance at 2935-2950 was not part of all the news that was fit to print.

The yield curve got a lot scarier looking, and as I write this, bill yield is higher than benchmark 10-year yield (and the mythical 20-year yield). But is that an official inversion?  Take out bills and the rest is still upward-sloping. And the economy and markets are backing the Fed into a rate-cutting corner.

And for you stock jockeys, have you noticed a resurgence in grains lately? There’s always a bull market somewhere (not a forecast!).

In the newsletter this month, we continue with the regular features, including part 3 of Joyce and Daniel Miller’s lesson on copyrights. Yes, it can be a dry topic, but if you publish anything - from newsletters to full books - you should at least be aware of this stuff. The authors give you more than most of us will ever need, but I urge everyone to give the material at least a skim.

This month’s member interview is with Greg Schnell of StockCharts.com. His story could be any one of ours. And we’ve got a reprint of Prof. Richard Lehman’s article on investment decision making. A little psychology, a little behavioral finance.

And, of course, the news from around the Association with chapter meeting speaker reviews, CMT updates and even a few job openings.

If you’ve got an analysis technique you’d like to share with the membership, why not put it on cyber paper and send it in. We’d love to publish articles about how members do their jobs.

Michael Kahn, Editor
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