Letter from the Editor
This year’s Annual Symposium will focus on the fusion of technical analysis with fundamental valuation, behavioral finance, macroeconomics and quantitative methods. The work of three of the scheduled speakers is included in this month’s newsletter.
Steven Leuthold explains his investment strategy for the next year and readers can ask him for an update in April at the Symposium. Steve is the only individual who has received the Charles H. Dow Award from the CMT Association and the Graham and Dodd Scroll Award from the CFA Institute. Dr. Ben Hunt relies on game theory to understand the markets and the economy. Dr. Tucker Balch, a featured speaker, presents the results of research into buying and selling by company insiders that he completed with Scott Strong. Insider trading information is a form of sentiment analysis that technical analysts have used for many years.
We also have several other articles this month including Tom McClellan’s look at VIX ETNs and John Bougearel’s review of the current state of the market. Tom presents facts to demonstrate why long-term investors should avoid an ETN that is designed specifically for short-term traders. John presents some interesting chart patterns and provides a forecast based on technicals and fundamentals. He includes an overview of the macroeconomic environment that exists now and at several key turning points in the market. Please send any feedback or work you’d like to share through the newsletter to email@example.com.
- Michael Carr, CMT