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Michael Gayed, CFA

Michael Gayed, CFA

Michael A. Gayed is Portfolio Manager at Toroso Investments, an investment management company specializing in ETF focused research, investment strategies and services designed for financial advisors, RIAs, family offices and investment managers.

Prior to Toroso Investments, Michael was the Co-Portfolio Manager and Chief Investment Strategist at Pension Partners, LLC, an investment advisor managing mutual funds and separate accounts.

He is the co-author of four award-winning research papers on market anomalies and investing. Michael is an active contributor to MarketWatch and has been interviewed on CNBC, Bloomberg, and Fox Business, as well as the Wall Street Journal Live for his unique approach to interpreting market movements. His analysis has also been featured by Marc Faber of the Gloom, Boom and Doom Report.

Michael earned his Bachelor of Science degree with a double major in Finance & Management at NYU Stern School of Business.  Michael became a CFA Charterholder in 2008 and is a two-time winner of the Charles H. Dow Award (2014, 2016).

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            [post_content] => With the vaccine roll-out in full swing, we can truly see the light at the end of the tunnel. For those of us in the colder Northern climates, the pending Spring is double good news since we’ve been cooped up inside our own homes. Who cannot wait to go to their favorite restaurant and not have to wear a parka?

The downside? Now we have to shed those pandemic pounds so we can wear more than sweat pants. I think I’ll take that.

Since mid-February, the markets have finally been interesting. Tech investors saw a “correction” while at the very same time portions of the rest of the market were at all-time highs. Gold is in the tank but oil is at multi-month highs. Remember last year when it went negative? Fun times – not. And have you seen copper?

Then, of course, there is all that debt out there. Liquidity … until the piper shows up for payment.

On a more somber note, over the past few weeks we’ve lost three great people and assets to the Association. Les Williams was a model of involvement, with participation and leadership in many areas in the Association over the years. Not only that, he was a genuinely nice guy and his signature adorns the CMT charter hanging on my wall. Bernadette Murphy, who was known to greater Wall Street as a leader for decades, was instrumental in legitimizing technical analysis as a true investment discipline. Younger members may not know of her, but they should. Memorials for both of these great people are in this month’s edition, and this month’s photo archive features a few shots of them. We've also got a brief tribute to Bill Sharp, co-founder and past President of the CSTA - the technical society in Canada.

This month’s member interview is with Michael Gayed CFA, who is a multiple winner of the Dow Award and awards from other groups. Walter Deemer, a now-retired technical analysis veteran, has put decades of his writings and analysis online for all to see. What was it like in the 60s, 70s, 80s and 90s? Just read his comments.

He also happens to be the subject of this month’s Fill the Gap, the CMT Association's official podcast.

Of course, we have news from the Association, and President Scott Richter offers his thoughts about helping our colleagues out of any lingering career effects from the pandemic.

Don’t forget, you can submit articles for publication here. As long as they are about technical analysis or the business (not forecasts) we want to see them. Yes, even from brand new analysts. Write something. How do you think I, a physics major in college, got to be a columnist and editor? I wrote – a lot. Now it is your turn.

We want your photos, too. Book reviews, software reviews, thoughts on regulation, anything that members would find useful or interesting relating to technical analysis.

Michael Kahn, CMT

Editor
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            [post_content] => Well, it is finally over! Or is it?

What is “it” anyway? It could be the pandemic, as on November 9 we got some excellent news on the vaccine front. Or it could be the election, which looks like a blue win but with a lot of legal challenges on the docket. Or maybe it was the end of ridiculously low T-bond rates? No, I don’t include any Fed changes in that one. Twitter? Zoom?

I’d go with all of the above, which was actually no answer.

So it goes as Halloween morphs into Thanksgiving. One thing is for sure: everyone cannot wait until 2021. Keep your extra hour of sleep as the clocks were changed back.

Fortunately, there is always something good happening in your Association. From a wildly successful India Summit to the upcoming Charles H. Dow Award competition to the next round of CMT exams, the CMT never sleeps. Our CMT Program enrollment numbers, including the cohort of candidates that had to postpone their exam in June, are up dramatically.

In this month’s edition of Technically Speaking, we have some good stuff, too. Our feature article is by Michaael Gayed, CFA, a two-time winner of the Dow Award, on market returns given the current level of the VIX. The result is actually against what we might think and that is what makes it valuable.

Ian McMillan, CMT is our member interview, the old faithful Minneapolis chapter is back with a speaker review, and we’ve got an announcement of the Reuters Investment Summit, for which the CMT Association is a sponsor.

Joel Pannikot gives us a taste of what to expect for the 2021 CMT Symposium, using the India Virtual Summit model to explain what the staff is changing about the Symposium and what's staying the same.

And if you have been procrastinating, this is the last call to submit your paper for the next Dow Award with details inside. There is another entry from the photo archive and news from around the Association.

Enjoy! Just keep your pumpkin spice to yourself.

- Michael Kahn, Editor
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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] => 370696 [post_id] => 44747 [meta_key] => newsletter_content_1_contributor [meta_value] => a:2:{i:0;s:4:"1256";i:1;s:4:"1425";} ) [3] => stdClass Object ( [ID] => 44925 [post_author] => 35924 [post_date] => 2014-05-15 12:00:52 [post_date_gmt] => 2014-05-15 16:00:52 [post_content] =>

LETTER FROM THE EDITOR

We are once again providing short summaries of several moments from the MTA Symposium and we will have more next month. As usual, there was too much information from the two-day event to summarize quickly.  In this month’s summary, we present information about the MTA Annual Award Winner Larry Williams, an article with lessons learned over a lifetime in the industry from Steve Leuthold and the rules for a complete trading strategy from Perry Kaufman. There is also a review of a book written by Michael E. S. Gayed, the late father of this year’s Charles H. Dow Award co-author Michael Gayed. This book was originally published in 1990. It was recently republished by the author’s son as a tribute to his father’s life and work. While the book is certainly a tribute to an insightful mind, it is also a modern day primer on what’s important in the markets. The section on economic indicators is one of the most practical collections of indicators ever assembled, and each section concludes with a clear opinion about the indicator’s usefulness. We hope you enjoy this issue and ask you to please continue sending your submissions and comments to editor@mta.org. Sincerely, Michael Carr [post_title] => Technically Speaking, May 2014 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-may-2014 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:20 [post_modified_gmt] => 2020-08-03 15:31:20 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=44925 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 374102 [post_id] => 44925 [meta_key] => newsletter_content_0_contributor [meta_value] => a:2:{i:0;s:4:"1256";i:1;s:4:"1425";} ) [4] => stdClass Object ( [ID] => 45102 [post_author] => 2 [post_date] => 2014-04-15 12:00:15 [post_date_gmt] => 2014-04-15 16:00:15 [post_content] =>

LETTER FROM THE EDITOR

This month and next, we will feature information covered at the MTA Annual Symposium. This year’s event was the best to date. The quality of the speakers, attendees and collaborative partners was exceptional. Planning is now underway for the 2015 Symposium. If you would like to provide feedback to the MTA on your experience, or make suggestions for topics and speakers next year, please fill out this brief survey: https://www.surveymonkey.com/s/HY39WYV The Symposium committee pulled together a wide array of thought leaders from the investment industry. Technically Speaking will feature summaries of some of the innovative and thought provoking presentations next month. No planning committee can control the quality of attendees. The fact that so many intelligent and personable analysts decide to attend every year is a reflection of the MTA membership. The organization attracts the best and the brightest minds in our field. Great attendees add to the educational value of the Symposium and provide networking opportunities that each member finds in their own way. Collaborative Partners provide support to the event and offer an opportunity for all attendees to check out emerging technologies, research and services available. The MTA is very excited about the organizations that sponsored the Symposium this year and the work they are doing to advance technical analysis in the broader financial industry. We’ve included educational articles from two partners in this issue. The information can be useful to users of their products or to users of other software tools.  Let us know what you’d like to see in upcoming issues of Technically Speaking at editor@mta.org. Michael Carr [post_title] => Technically Speaking, April 2014 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => technically-speaking-april-2014 [to_ping] => [pinged] => [post_modified] => 2020-08-03 11:31:24 [post_modified_gmt] => 2020-08-03 15:31:24 [post_content_filtered] => [post_parent] => 0 [guid] => https://cmtassociation.org/?post_type=technically_speaking&p=45102 [menu_order] => 0 [post_type] => technically_speaking [post_mime_type] => [comment_count] => 0 [meta_id] => 376731 [post_id] => 45102 [meta_key] => newsletter_content_0_contributor [meta_value] => a:2:{i:0;s:4:"1256";i:1;s:4:"1425";} ) )

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