Technically Speaking, September 2018

From the Editor

As Randy Quaid’s character said as he was about to slay the alien ship in Independence Day, “Hello boys – I’m baaack!”

Hello boys and girls! After a 20-year hiatus, I am back at the helm of Technically Speaking. The good news is that unlike last time when it was just me, with the indomitable Barbara Gomperts handling production, we’ve got a full team handling the particulars, including gathering some of the content. Shout outs to Tyler Wood, Shane Skwarek, CMT Association CEO Alvin Kressler and the staff for all the help.

The biggest change you will notice is that we’ve taken Technically Speaking back to a more traditional association newsletter where we focus on you, the member, and how the CMT Association can help you in your careers. Kudos to Mike Carr, CMT for his stewardship over the past few years. That was a flashback for me, because the last time I was editor, I relied on Mike for all sorts of content. Maybe we can twist his arm again!

Aside from bringing you your association news, this inaugural newsletter is also a call to arms for members and associates. We need volunteers to help us deliver a well-rounded offering with:

  • seminar reviews
  • book reviews
  • software reviews
  • articles on how you analyze, trade or “do” the technical analysis business
  • suggestions for interviews with industry titans
  • your own career move announcements.

With that said, we’ll kick of the member interview series with the Godfather, Ralph Acampora, CMT, one of the founders of the CMT Association. We also have part 1 in a series that ran back in the 1990s called “Lessons from Dead Pilots,” written by Mark Eidem CMT, CFA, which gives a fascinating comparison with traders. And a big thank-you to Vincent M. Randazzo, CMT and the team at Lowry’s Research for their take on the advance-decline line.

Rounding it all out will be news from around the association – committees, strategy, CMT news and events.

Let us know what you think!

Michael Kahn, CMT

What's Inside...

As I started penning this short CMT Association update with the phrase “summer has ended…” it struck me that the...

Read More

Judgment for Traders: Lessons from Dead Pilots (Part I)

Originally published June 2000

Alaska is the “flyingest” state in America, having more pilots and airplanes per capita...

Read More

Ethics: A Critical Part of the CMT Program and the CMT Association

An integral part of the CMT Association’s mission is to establish, maintain, and encourage the highest standards of professional competence...

Read More

A Market of Stocks - A new look at the Advance-Decline Line

As we have learned over the course of many bull and bear markets, prices alone can sometimes be misleading, especially...

Read More

Member Interview featuring Ralph Acampora, CMT

Each month, we will bring you interviews or stories from members who have been there and done that. It is...

Read More

CMT Association News & Member Updates

Exemption for CFA Charter Holder

At the February 13, 2018 board meeting, the CMT Association Board of Directors approved an...

Read More

CMT Program News - You’ve Completed CMT Level III – Now What?

You’ve worked hard studying for your exams and are eager to get your CMT designation. Even before you get the...

Read More

Chapter News - Houston

On July 12, 2018, at Morton’s The Steakhouse in downtown Houston, the CMT Association partnered with GARP (Global Association of...

Read More

Upcoming Events


To learn more about our upcoming events, visit the Learning Resources portion of our website.

Read More

President's Corner

As I started penning this short CMT Association update with the phrase “summer has ended…” it struck me that the accuracy of that statement depends on which hemisphere the reader is in!  It was also a great reminder of how globally diverse the CMT Association has become and that we are currently an organization with members and associates in 137 countries.

“Great,” you may say, “but where is the CMT Association going?” and, “How do we stay relevant in the financial markets?”  Or, more to the point, “What have you done for me, lately?”

These are all important questions and we will answer them, in part, by explaining our organizational strategy to you over the next few months.  I’ll start here with a broad overview of our direction, and in the coming months we’ll do more of a deep dive into the elements of our strategy.  If we leave any questions open, please don’t hesitate to email me at

Our strategy is one of thoughtful growth and increasing member value.  Simply, this means growth of our membership footprint, growth in our skill sets and education, and growth in the power of our relationships with each other. Our network can be a powerful force to help members reach their professional goals.

Specifically, we have several strategic initiatives:

  • Membership Communications – It is our intention to communicate more frequently with short, high value messages. I like to call them a “touch” or a “burst.”  We want to be focused and have a positive impact, where a “touch/burst” from the CMT Association makes a member better informed about our direction, provides a meaningful context around the use of technical analysis, drives a member to some action (the website/a podcast/a webinar), or better yet, inspires a member to a new goal in their development as an investment professional.
  • Global Board Representation – We intend to have qualified board members from around the world as a structural part of our governance process. It is our goal to become less North American-centric and more globally diverse, starting with our fastest growing membership areas; Asia and India.
  • Global Expansion – We intend to continue to grow internationally. We recently opened a liaison office of the CMT Association in Mumbai in order to better connect our members and associates in that region.  Looking forward, we would like to leverage our assets in Asia to be more attentive to the specific needs of members there, including member services and membership pricing.
  • CMT Exam Quality/Inclusion – As the Board of Director’s top priority, it is our intent to keep the CMT Exam as rigorous, relevant, and of the highest possible quality. Our efforts span all elements of the exam process – from enrollment, to content, to exam delivery.  As we move forward, we intend to enhance content with respect to systems development and trading, algorithmic trading, quantitative methods and behavioral finance.  We will also publicize all of our content so that the CMT becomes even more valuable to market participants.
  • Member Services/Content Platform – We look to build additional value to our members, affiliates and CMT program candidates through our content platform. It is our intention to fully leverage our catalog of audio and video content and make it easily accessible.  It is our goal is to work towards a member friendly website and ultimately a ubiquitous mobile platform.  We look to review content and create a user survey to zero in on helpful content.  We will continue to conduct our Annual Symposium, but are determining the feasibility of an international location outside of North America.   Additionally, we are exploring the best way to conduct our chapter operations.  Again, it is our goal to leverage the value of our network and empower one another by meeting and sharing ideas and strategies.
  • Joint Educational/Association Ventures – We have and will continue to develop joint educational and exposure opportunities with relevant credentialing organizations. And to the extent that industry opportunities exist, we will continue to develop those relationships as well.  Specifically, we are working with the CFA Institute and the CAIA, to name a few.  We continue to develop regional programs with other global Technical Analysis societies as well.

I am excited to begin this expanded communications effort with you, as I believe it will result in an enhanced membership experience for you and a more efficient use of our resources. In other words, it will provide more value for your membership dues.  Again, I welcome your feedback over the coming months as we roll out these member-focused initiatives.  On behalf of the Board of Directors and the staff, thank you for your continued support.  Until next time.


Scott Richter, CFA, CMT
President, CMT Association


Scott G. Richter, CMT, CFA, CHP

Scott Richter, CMT, CFA, CHP is a senior portfolio manager for Westfield, which manages over $4B in AUM.  He is the lead portfolio manager for alternative assets and is also responsible for investments in the energy and utility sectors.  He was formerly...

Judgment for Traders: Lessons from Dead Pilots (Part I)

Originally published June 2000

Alaska is the “flyingest” state in America, having more pilots and airplanes per capita than any other state.  Alaska pilots fly through some of the most remote and demanding terrain anywhere in the world.  Imagine flying from Boston to Washington, D.C. in a small single engine airplane and crossing a mountain range larger than the Rockies through a remote mountain pass.  In addition, the weather can change suddenly and is only reported at Boston, New York and Washington, D.C.  Further, there are no roads to follow and the largest population center a pilot flies near is less than 1,000 people. That is a typical day in the life of an Alaska bush pilot.

Flying (like trading) is not in and of itself dangerous.  However, flying (like trading) is terribly unforgiving of ineptitude, carelessness or neglect.  National Transportation Safety Board accident statistics consistently rank “pilot error” as the primary cause of approximately 95% of all airplane crashes.  Further, nearly all forms of “pilot error” can be traced back to some form of an error in judgment.  In most cases this is initially a small problem that leads to other problems and ultimately a crash, just as most large trading losses are initially small losses that are ultimately allowed to become large losses.

Unfortunately, airplane crashes have a high probability of being fatal, especially in a remote and hostile environment like much of Alaska.  Therefore, it should come as no surprise that being a bush pilot in Alaska can be one of the deadliest endeavors in America if pilots exercise faulty judgment. 

Perhaps the worst example of this phenomenon can be found in a place called Merrill Pass.  Approximately 200 miles west of Anchorage, Merrill Pass is one of a half-dozen primary routes through the Alaska Range, consisting of mountains between 6,000 and 12,000 feet.  What is unique about Merrill Pass is that there is an area not much larger than a football field where lies the remains of nearly a dozen wrecked airplanes. 

Why, out of the 532,000 square miles that comprises Alaska, is there such a concentration of airplane crashes in one tiny area?  The short answer is that otherwise knowledgeable and competent pilots demonstrate similar errors in judgment by attempting to force a flight through terrain and weather conditions they know are highly adverse and literally die trying in exactly the same place. 

How many otherwise knowledgeable and competent traders demonstrate recurring errors in judgment by attempting to force a trade into market conditions and dynamics they know are highly adverse and destroy their equity as a result?  At least we can take comfort in knowing that most trading “accidents” are not literally fatal!

As traders, we can learn much from these errors in judgment that have led to the deaths of hundreds of bush pilots over the years.  The process of judgment is the same, whether we are making our decisions in an airplane cockpit in the middle of nowhere or at a trading desk in the middle of Manhattan.

Let’s examine one aspect of the judgment process, “The Five Hazardous Attitudes.” 

The Five Hazardous Attitudes

Attitude                   What Someone Possessing This Attitude Might Say

Anti-Authority         Don’t tell ME what to do!

Impulsiveness        Oh no, this looks wrong.  I’ve got to do something RIGHT NOW!

Invulnerability          That won’t happen to ME!

Macho                      It hasn’t been done because I haven’t tried it yet!

Resignation              Oh well, I guess it doesn’t matter now.

Each of us possesses one or more of these hazardous attitudes to some degree.  It is critical for a trader to identify which of these hazardous attitudes is most prevalent in his or her personality and behaviors.

Look back at some of your worst trades and ask yourself which of the above statements describing the hazardous attitudes best describes what you were thinking at the time. Admittedly, this is not easy to do, as no one likes to examine his or her own errors.  However, this exercise is quite enlightening in that we will learn something new about ourselves. 

More importantly, completing this exercise and identifying which hazardous attitude(s) we are most likely to exhibit is a prerequisite to learning how to apply the appropriate “antidote,” or correcting behavior.  Each of the hazardous attitudes has a specific thought process, or “antidote” designed to replace the defective reasoning which causes the hazardous attitude in the first place.

The Five Antidotes

Attitude                    Corrective Thought Process

Anti-Authority         Follow the rules.  They are there for a reason

Impulsiveness           STOP.  Consider your alternatives – Then act.

Invulnerability          It CAN happen to you

Macho                      Is the potential reward REALLY worth the consequences of failure?

Resignation              You are NOT powerless!  You CAN make a difference!

While it is good for a trader to know which hazardous attitude he or she is most likely to exhibit and what the “antidote” is, that is only the first step.  In order to make a meaningful change in our behavior, each of us needs to take some time to find a simple and practical way to implement the corrective thought process when it is most needed, under stress, in the proverbial heat of battle.

As an example, by reviewing my trades (As well as my actions as a pilot), I learned that the hazardous attitude most likely to affect my actions is impulsiveness, the desire to react quickly, sometimes too quickly.  For impulsiveness, the correcting thought process is:  STOP.  Consider your alternatives – Then act.  However, I needed to find a practical way to remind myself of this when I would be under stress and I needed it most. 

The idea I found most useful was a one-inch piece of red construction paper cut in the shape of a stop sign with the number “5” written on it.  I taped it to the monitor of my computer, just below the screen.  It is located so that I cannot help but notice it as I look at my order entry screen.  Its purpose is to remind me, as I am about to enter or close out a trade to:


* Take 5.  No specific amount of time, just a reminder to pause and think.

* Consider my alternatives.  Try to discover 5 alternatives.

* Then act on the best of those alternatives.

This is one example of taking a conceptual idea and converting it into a practical way to help modify behavior when under stress.

In summary, there are many parallels between flying and trading, especially the process of judgment.  In this article, we introduced “The Five Hazardous Attitudes,” as well as a way to determine which of these hazardous attitudes apply to each of us individually.  We also examined the “antidotes,” or corrective thought processes, which can help each of us to overcome the hazardous attitude(s) that affect our decision-making.  Finally, we looked at practical and useful tools to make meaningful changes in our behaviors.

Note:  This article is adapted from a publication “Pilot Judgment,” by the Federal Aviation Administration, now out of print.


Mark Eidem, CMT, CFA

Mark Eidem, who holds the Chartered Market Technician (CMT) designation, is a Regional Manager with Charles Schwab Trading Solutions. He is a 1978 graduate of West Point and was previously a retail broker in Anchorage for over a decade. He has served as...

Ethics: A Critical Part of the CMT Program and the CMT Association

An integral part of the CMT Association’s mission is to establish, maintain, and encourage the highest standards of professional competence and ethics among our membership.  As such, CMT Association members must abide by the CFA Institute’s Code of Ethics and Standards of Professional Conduct, licensed by the CMT Association on behalf of its members.  Violations may result in disciplinary sanctions by the CMT Association which can include revocation of membership and the right to use the CMT designation.

There are two essential documents for members to review and CMT Program candidates to study.  The two-page Code and Standards document is the succinct expression of our ethical principles.  The extensive Standards of Practice Handbook examines and expands on the Code and Standards with explanations and case studies.

When preparing for all three levels of the CMT exams, candidates should be aware that the Code and Standards is the primary source material for questions on the CMT exams.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

Additionally, candidates are strongly encouraged to review the Standards of Practice Handbook. According to the CFA Institute “The Standards of Practice Handbook grounds the concepts covered in the Code and Standards for practical use.  You can use this handbook for guidance on how to navigate ethical dilemmas you might face in your daily professional life.”  Reviewing the Handbook provides a more comprehensive study process and preparation for professional practice.

Both the texts cited above are available on the CMT Association website.


Stanley Dash, CMT

Stanley Dash is the CMT Program Director at the CMT Association, a global credentialing body. In this role, Mr. Dash works with subject matter experts, candidates, and the Association’s members to maintain and improve the curriculum, the test experience, and the value...

A Market of Stocks - A new look at the Advance-Decline Line

As we have learned over the course of many bull and bear markets, prices alone can sometimes be misleading, especially those of large-capitalization-weighted indexes. When the vast majority of publicly traded companies are not mega- or even large-cap companies, it’s important to remember that the stock market is actually a market of stocks. This is why measuring stock market breadth is so valuable.

Breadth in these terms is a gauge of “market internals” (i.e., how many stocks are actively participating in an uptrend). In the same way that a doctor with the right tools and experience is able to diagnose an ailment in an otherwise healthy-looking patient, we strive to do the same as it relates to the health of market trends.

There are many ways to examine stock market breadth, but one of the oldest and most incorruptible measures is the Advance-Decline (A/D) Line, which measures net advances defined as the number of advancing issues less the number of declining issues. Each trading day, net advances are added to the previous day’s index level. A stock market is considered to be healthy when the uptrend and new highs in the major price indexes are matched by a similar uptrend and new highs in the A/D Line.

When this is true it can be said that the soldiers (the multitude of smaller-cap issues) are following the generals (the largest-cap stocks) and are marching together. In the battle of Supply and Demand, logically a large force of rising stocks makes for a more durable, broad-based advance compared to a much smaller group of rising stocks.

The most widely known and used A/D Line is the New York Stock Exchange All-Issues A/D Line, which compiles the daily net advancing issues for the NYSE Composite. Using this indicator to evaluate the internal health of the stock market is straightforward. The A/D Line of a healthy market reflects broad demand from buyers. This apparent strength of demand is associated with a bull market and should result in matching highs and uptrends in both the A/D Line and index prices.

Conversely, in an unhealthy market and near an important market top, the A/D Line typically diverges from gains in the major large-cap weighted price indexes gains for months before the final bull market highs. This means that while the major price indexes continue higher, the NYSE A/D is already in a downtrend (i.e., a majority of stocks have dropped out of the bull market). In fact, nearly every major market top in the last 100 years shares this distinction (15 of 17), with divergences stretching as long as 2 years. Among the most recent Advance-Decline Line divergences occurred ahead of the financial crisis bear market, which began in June of 2007 – well before the final stock market peak in late October of 2007.  

But, the NYSE All-Issues Advance-Decline Line is not without flaws. As a result of the inclusion of non-operating company issues such as preferred stocks, closed-end bond funds, and ADRs, the NYSE All-Issues Advance-Decline Line can be a very dull warning bell. The reason is that these non-operating company issues (except ADRs) tend to behave more like bonds than stocks. This means that divergences can carry on for many months, often making them easy to ignore, especially if portfolios are still rising.

As an innovation to the old NYSE All-Issues A/D Line, Lowry’s Operating Companies Only (OCO) Segmented Advance-Decline Lines only include the operating companies/common stocks listed on the NYSE. The concept is to isolate the stocks in the given index for a more accurate view of the traditional All-Issues Advance-Decline Line.

Taken a step further, the “segmented” nomenclature refers to our breaking out the OCO index by market capitalization. This again helps us to understand more about market internals and what is driving this market of stocks. For example, we have learned through our +90 year history of analysis that small-cap issues are typically the first to roll over as the new bear market approaches, then the mid-caps, and finally the large-caps (which dominate the major price indexes). With this knowledge, investors are able to gradually adjust their portfolios accordingly by first scaling out of small-cap issues when the OCO Small-Cap A/D Line begins to diverge, then the mid-caps, etc.

The additional benefit is that investors are not surprised by bear markets. Instead, they understand that market tops are formed by an erosion of demand that manifests itself in fewer and fewer rising stocks. Lowry’s OCO Segmented A/D Lines are currently (September 2018) near new all-time highs for all three market cap segments. For now, this action lends credence to the health of the bull market.

Vincent Randazzo, CMT is a Senior Market Analyst at Lowry Research Corporation


Vincent M. Randazzo, CMT

Vincent Randazzo, is the Head of Technical Research at CFRA and Chief Market Strategist at Lowry Research, a CFRA business. Vincent produces written and recorded stock market research based on Lowry’s proprietary, statistically driven measures of equity market demand/supply and breadth. Prior...

Member Interview featuring Ralph Acampora, CMT

Each month, we will bring you interviews or stories from members who have been there and done that. It is fitting that we start with the “Godfather of Technical Analysis” and CMT Association co-founder Ralph Acampora, written by Ralph himself.

In 1967 I was involved in a life-threatening automobile accident: a trailer-truck (40 tons, traveling at 60 mph) totaled my car and I wound up in a hospital for the following three months – I underwent a spinal fusion operation and an extensive period of recovery. My father’s friend, Mr. Bill Downey, visited me often in the hospital and regularly dropped his reading material into my bed – the Wall Street Journal, the Economist and Forbes magazine. It was the first time I was exposed to the field of finance.

I told him that I liked reading that stuff. “Oh, that’s research”, he said, “I’ll get you a job.” He introduced me to the director of research at Smith Barney who told me to get an MBA and come back, and he would give me a job.

Well, I was very disheartened because I was still on crutches and unemployed. Then I saw an advertisement in the WSJ: Junior analyst wanted, no experience necessary. “That’s me,” I thought, so I hobbled over to my interview. I must have come across and passionate because the interviewer handed me a book and said, “Read it over the weekend, and come in Monday.”

The book was “Technical Analysis of the Stock Market” by Edwards and Magee. I couldn’t put it down and I fell in love with technical analysis. The book literally changed my life. I am very serious when I say that I am the luckiest guy you ever met because my career on Wall Street and my introduction to technical analysis was literally by accident!

Two years later I took the basic class on technical analysis at the New York Institute of Finance (NYIF) taught by Alan Shaw. He and I became friends and then I hounded him for a job with his firm. Fortunately, he was looking for a new assistant and I luckily slipped into this position.

Alan was not only a world renown professional technician but a great mentor to me. He shared all of his knowledge and supported both me and another “youngster” John Brooks when we came to him about a crazy idea. We wanted to start a group of technicians who would meet on a regular basis to share ideas about the subject and to listen to each other’s market opinions.

This was the beginning of the Market Technicians Association (MTA) in 1970. Not only did John and I have Alan as a guide but then Bob Farrell, legendary technician at Merrill Lynch, joined us to create this organization. Bob became the first president.

Both Bob and Alan insisted that John and I meet with the “senior citizens” in the technical community for their support in our quest to create the MTA. We had the unbelievable opportunity to befriend Ralph Rotnem, the Director of Research at Harris, Upham & Co., Ken Ward, partner and head of the Technical Department at Haydon, Stone and John Schultz, the author of weekly technical articles for the Forbes magazine. These wonderful gentlemen took us under their wings and planned the outlook for the MTA: they insisted upon professionalism – serious monthly meetings with no ‘tips and clips’ conversations and no arguing about whose indicator is better. They placed an indelible stamp on the fledgling MTA and the rest is history.

The most important date in modern technical analysis history was Friday, December 17, 2004. That was the day MTA members David Krell, Barry Sine, Ken Tower and me went before the Security Exchange Commission (SEC) to defend technical analysis against the overbearing Sarbannes Oxley Law that was passed several months earlier. David spoke about the history of technical analysis. Ken spoke about the history of the MTA. Barry spoke about the CMT examinations and I made the closing remarks.

This historic event led to the SEC accepting technical analysis as a legitimate body of knowledge in March 2005. Now the technical CMT designation is on a par with the fundamental CFA certification.

I tried to retire in 2007, but it only lasted two weeks as the NYIF, where I was teaching Monday night classes on technical analysis since 1970, wanted me to work for them full-time. I traveled around the world teaching technical classes in China, Hong Kong, etc. About a year later, my cousin Tony Acampora convinced me to become a partner in his new financial advisory firm, Altaira, located in Geneva, Switzerland and I have been advising funds in Saudi Arabia and London ever since.

I learned a long time ago that if you love what you are doing, you will never work another day in your life. As I said in the beginning, I am the luckiest guy you ever met because I haven’t worked since 1970.

When I moved to Minnesota with my lovely wife, Rosemary, in 2010, we bought a family farm where I do a lot of physical work caring for our two horses and my buddy, Henry the Eighth, an English mastiff dog who weighs 230 pounds. However, I still do my financial work in the morning.

Last year I created the world’s largest hand-painted chart of the Dow Jones Industrial Average on the north exterior wall of my barn (70 feet long and 16 feet high). It appeared in an article in the Wall Street Journal when the Dow crossed 23,000, saying that “market went through the roof.”

During our moving from New York to Minnesota, I found a box in my attic that I haven’t seen in 30 years. It contained the wall charts that I had in my “War Room” when I worked as the Director of Technical Analysis for Kidder, Peabody & Co. (1980 thru 1990). These 8-foot high by 22-foot long charts were laminated and still in great shape. My MTA friends told me to take my Dow Jones wall chart to the Museum of American Finance on Wall Street, a part of the Smithsonian Institution, as they were doing an exhibit on Charles Dow. My chart would serve as the perfect backdrop.

When the exhibit ended six months later, the museum’s administrator of this asked if I would donate the chart, saying, “It was one of the most unique possessions in our collection.” It was an offer that I could not refuse.

Editor’s note – The museum is a must-see when you visit downtown Manhattan. Displays include such history as Quotron machines and a tick chart of the Crash of 1987.


Ralph Acampora, CMT

Ralph Acampora, CMT is a pioneer in the development of market analytics. He has a global reputation as a market historian and a technical analyst, providing unique insights on market timing and related investment strategy issues to a wide audience within the...

CMT Association News & Member Updates

Exemption for CFA Charter Holder

At the February 13, 2018 board meeting, the CMT Association Board of Directors approved an exemption to CFA charter holders enrolling in the CMT Program for the CMT level I exam, beginning in the fall of 2018.  Please note that the CMT level I & II exams provide an exemption to FINRA’S Series 86.

CMT November- December 2018 Testing

Curently, we have over 860 members from 57 countries signed up for the next test administration period.  We encourage all who are thinking of taking the exam in late November and December 2018 to take advantage of the standard registration price and register by October 1st.  Late registration is from October 2nd to November 9th.

The level I & II exams will take place November 27-December 5, 2018. The level III exam will take place on November 29th.

For those who have already registered, please be sure to go to and schedule your exam. 

To locate your Member/Customer ID Number, login to the CMT Association website, at the top under My CMT select My Account; your ID is located is located directly below My Profile.

It is best to schedule your exam at Prometric as early as possible as certain test dates and exam centers fill up quickly. If you encounter any difficulties at Prometric please contact as soon as possible at

If you need special accommodations, contact to provide a letter from your doctor stating why you need special accommodations at least one month before registration closes.  

Marie Penza
CMT Association Member Services Director

Congratulations to New CMT and New Members!

The CMT Association would like to congratulate the following members who received their CMT Designation in August of 2018:

  • Maria Abello
  • Bruno Bensadon
  • Michael Cooper
  • Seenivasan D.
  • Richard Excell
  • Michael Fields
  • Jeffrey King
  • Steven Kok
  • Mark Lasseigne
  • Rohit Mandhotra
  • Patrick McKenna
  • Primant Kumar Mishra
  • Anthony Nichols
  • Isaiah Perez
  • Lionel Pigeon
  • Barry Powley
  • Roger Regelbrugge
  • Kyle Sanders
  • Cory Schad
  • Paul Schroeder
  • Philip Sifakis
  • Matthew Timpane
  • Peter Michael Torabkhan
  • Sachin Trivedi

We would also like to extend a warm welcome to our 860+ new members from 35 countries. If you have any questions regarding the CMT Association and/or the CMT exams, please feel free to contact us at

Personal Conduct Statement

If you didn’t complete the PCS form when you renewed your membership, please login to the website, select My Account then under My Membership and Chapter Affiliations, select Update your PCS here.

Members on the Move

The CMT Association would like to congratulate the following members on their new positions:

  • Donald Lynaugh, CFA, CMT, Managing Director at Capital Markets at Jefferies
  • Gianluca Privitera, CIM®, Corporate & Institutional FX Sales at Questrade, Inc.
  • Mike Demeter, CFA CMT CAIA CFP,  Managing Director, Head of Institutional Sales at Haywood Securities Inc.
  • Karan Pai, Technical Associate at Affluencia Advisors
  • Prasath V A B, Research Analyst at SER Research Pvt. Ltd
  • Alvin Lim, CFA, CMT  Chief Product & Strategy Officer at Snapcart


Marie Penza

Marie Penza serves as the Director of Member Services for the CMT Association.

CMT Program News - You’ve Completed CMT Level III – Now What?

You’ve worked hard studying for your exams and are eager to get your CMT designation. Even before you get the word you’ve passed the Level III Exam you can start your application for membership by asking your sponsors to complete the sponsorship questionnaire

As you know, in order to officially receive your CMT designation, you must apply to become a professional member of the CMT Association. Here’s what you need to have:

  1. Affiliate CMT Association membership in good standing
  2. Three years of professional experience where you apply technical analysis to your job.
  3. Three sponsorship forms filled out and submitted by professional members with the CMT designation.
    • All sponsors must be in good standing with the association
    • There cannot be more than two sponsors working at the same firm.
    • Sponsors also cannot be current volunteers on the Admissions Committee.

The Admissions Committee reviews the full application and supporting materials, and pending approval, goes to the Board of Directors for a final decision. The process generally takes about six to eight weeks from when the application and all sponsorship forms have been submitted. So don’t delay, get your sponsors lined up in advance!


Chelsey Clevenger

Chelsey Clevenger is the former Member Services Coordinator for the CMT Association. 

Chapter News - Houston

On July 12, 2018, at Morton’s The Steakhouse in downtown Houston, the CMT Association partnered with GARP (Global Association of Risk Professionals) to host a presentation on machine learning and blockchain. Tucker Balch, professor at Georgia Tech and co-founder of Lucena Research, lead the talk on machine learning. Partha Chatterjee, Program Director at Shell, lead the talk on blockchain.

Members of the CMT and GARP learned how innovative technologies affect the financial and commodity markets. While some of these technologies were already in use in the financial markets, they are now permeating the commodity markets. Many global commodity trading firms are now adopting both blockchain and machine learning.

Attendees loved the interactive format. They were able to ask questions pertaining to how these technologies affect their work, and how they may benefit from them. Overall, this event brought members of different organizations together for a fun and educational experience.

Adin Gosine
Co-Chair, Houston Chapter

Note to all chapters – please send your news to Barbara Terry, CMT (Association Volunteer Coordinator)


Adin Gosine

Adin Gosine, who holds a Chartered Market Technician (CMT) designation, is a Commodity Market Analyst at Kinder Morgan, which he joined in 2015. As a Commercial Analyst, he performs market analysis on various commodity markets to support the company’s CAPEX decisions. Adin...

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