Technically Speaking, April 2025

If you’ve been watching the equity market lately, you’re probably feeling a little seasick. And rightfully so. It’s been volatile, erratic, and at times downright irrational. But if there’s one thing that technical analysis teaches you, it’s that chaos is just another word for opportunity—provided you have a framework. 

My own journey into this field wasn’t exactly scripted. I was a math and stats major with a taste for analytical thinking, but no clear roadmap to Wall Street. A close friend offered me an unpaid internship in equity research. “Unpaid,” he warned. “Done,” I replied. That’s how it started: no pedigree, no guarantees, just a willingness to show up, do the work, and absorb everything. 

While there, I was fortunate to work under Andrew Burkly, the firm’s chief technical strategist. Andy didn’t just teach me technical analysis; he became my career’s north star. He took me under his wing, mentored me, and pushed me forward—not only at BBH, but later at Oppenheimer & Co. too. In the CMT Family Tree, Andy is my direct branch, my sensei. I’d go to war for the guy. 

There were others along the way: Charlie Blood, one of Wall Street’s top economists and a student of market history, taught me the artistry of crafting reports that were as precise as they were persuasive. Then came Sam Burns who showed me how to take what I was seeing on a chart and back it up with hard data. Anyone can flag a flashing signal on social media these days, but backing it up with the historical batting average? That’s when clients start paying attention. 

Working at a small shop early on, we prided ourselves on being contrarian. If it wasn’t coming off a 52-week low, it already felt too late. Spotting bullish divergences at relative lows felt like finding buried treasure. There was a thrill when it came to picking bottoms and calling tops—until the market taught me a humbling lesson. 

In January 2010, we recommended selling the market based on an overbought MACD. The very next day, the market tanked, and my inbox lit up with accolades. I thought I had it all figured out. Time for a victory lap, right? Not quite. The selloff was short-lived, and the market snapped back with a vengeance, leaving me clinging to a broken thesis. Humble pie; served daily. Lesson learned: it’s one thing to be early, it’s another to be wrong—respect the trend. 

Over time, my process evolved. Today at Oppenheimer, momentum is the backbone of our work. Momentum isn’t just a buzzword—it’s a well-documented, alpha-generating style that fits my systematic mindset. We understand when it thrives and when it stumbles. In a world obsessed with fundamentals, we’re unapologetically focused on price. While fundamentals provide the story of why something is happening, price is what gets us paid, plain and simple. 

Momentum has this funny way of revealing human nature in real time. Investors chase it, fear it, fight it—and, eventually, follow it. The beauty of a momentum-driven approach is that it doesn’t argue with the market’s narrative; it just follows the facts. Whether it’s growth, value, or the latest acronym on financial television, momentum keeps us grounded in reality, not headlines. 

In a market like this, conviction matters—and humility matters even more. If I’ve learned anything in this business, it’s that certainty is the market’s most expensive illusion. The loudest voices are often the ones most dramatically wrong. The real edge comes from knowing that nobody, and I mean nobody, really knows what’s going to happen next—and building a process that respects that uncomfortable truth. Humility isn’t a weakness; it’s an asset class of its own. If you can accept that, you’re already ahead of the game. 

So as we navigate these volatile waters, remember: it’s not about predicting the next wave, it’s about staying upright when it hits. Thanks to the mentors who taught me how to paddle, and the CMT community for keeping the wind at my back. A solid process won’t make you bulletproof, but it’ll keep you afloat. 

And when in doubt, let the trend be your lifeboat. 

Ari Wald, CFA, CMT

To better understand Ari’s process/tools/career, listen to Episode #32 of Fill the Gap.

We are pleased to announce that the Charles H. Dow Award Committee is actively reviewing submissions for the 2025 award. As one of the most prestigious recognitions in the field of technical analysis, this annual award highlights outstanding research that has advanced the discipline and contributed to the body of knowledge shared by the global CMT community. 

The committee, now chaired by Sandra Stoutenburg, CMT, brings a fresh perspective under her leadership in 2025. With over 20 years of experience in the financial services industry, Sandra is a seasoned Chartered Market Technician known for her deep expertise in market analysis. This is Sandra’s first year leading the Charles H. Dow Award Committee, and we are sincerely grateful to her for stepping into this important role. Under her guidance, the committee is currently reviewing an exceptional slate of submissions, and we look forward to announcing the 2025 winner later this year. 

We would also like to extend our heartfelt thanks to Timothy Hayes, CMT for his many years of dedicated service as chair of the Charles H. Dow Award Committee. Tim’s leadership, insight, and unwavering commitment to excellence have played a pivotal role in upholding the prestige and rigor of the award. His guidance has helped shape the standard of research recognized by the CMT Association, and we are deeply appreciative of the time and expertise he has generously contributed over the years.

Each year, the Dow Award showcases innovative work that blends rigorous methodology with practical insights. The committee is currently evaluating an impressive slate of papers, and we look forward to announcing the 2025 winner later this year. 

While the 2025 process is underway, we encourage all members to consider submitting their original research for the 2026 Charles H. Dow Award. This is an excellent opportunity to share your expertise, gain recognition among peers, and contribute to the evolution of technical analysis. 

If you’ve been developing a unique model, conducting in-depth analysis, or exploring new applications of technical tools—now is the time to prepare your work for consideration. 

More details, including submission guidelines and the submission page for the 2026 award, can be found on the CMT Association website. 

Thank you for your continued dedication to excellence in technical analysis. We look forward to your contributions! 

The Chartered Market Technicians Association hosted its 2025 West Coast Regional Summit (WCRS) from April 4th through the 6th. Members traveled to San Francisco, California, known for its iconic landmarks, diverse cuisine, eclectic neighborhoods, significant cultural history, and sublime scenery. Watch the event recordings here. 

The San Francisco’s striking geography, surrounded by water on three sides with the Pacific Ocean to the west and the San Francisco Bay to the east, providing an incredible backdrop for three days of illuminating presentations, informative panel discussions, and enlivening social events. 

The WCRS started Friday afternoon on the 23rd floor of Bloomberg’s Tech Hub. After being welcomed by the diamond-shaped stingray tank, attendees were introduced to Bloomberg Intelligence’s Automated Technical Pattern Recognition feature, developed by Anthony Feld. Next, Julius de Kempenaer of RRG Research shared exciting updates on his Relative Rotation Graphs (RRGs), including plans to launch a sector rotation ETF, elevating the tool from innovative data visualization tool to a profitable, backtested trading strategy. The final presentation was from Christopher Cain, CMT, who showcased the suite of factor-based tools he developed for the Bloomberg terminal. For some, the day closed with drink, debate, and discussion at Louie’s bar.  

Saturday was the Summit’s main event. Held at the 104-year-old Golden Gate University, the day was packed full of expertise, experience, and excellence. After opening remarks by the Executive Director and CEO Tyler Wood, CMT, Jeff deGraaf, CMT of RenMac presented How Markets Lead the Economy. He reminded attendees that price leads the economy, emphasized that we are in the business of probability, not prediction, and concluded by evangelizing price, saying, “Price is a gift.”  

Next up was a perennial favorite, the esteemed David Keller, CMT of Sierra Alpha Research. In his presentation, The Mindless Investor and the Mindful Investor, Dave emphasized that working smarter means focusing on what can be controlled: time, habits, and informational diet. His message was clear. Focus on the process, be consistent, evidence-based, and flexible.  

A panel discussion followed, featuring Pamela Yoon, CMT, FEA, Zoë Bollinger, and Adam Koós, CFP®, CMT, CEPA, and moderated by Sandra Stoutenburg, CMT. This panel offered real-world insights from technical analysis practitioners. They repeatedly emphasized ethical behavior and building careers focused on helping others succeed. The panelists even shared book recommendations, but you’ll have to watch the recording to discover them. 

Just before lunch, David Lundgren, CMT hosted a live taping of the official CMT Podcast, Fill the Gap, with famed momentum investor and researcher Gary Antonacci, whose career spans more than fifty years. This must-listen episode covered momentum, research, trading systems, the importance of diversifying strategies, and Gary’s forthcoming book.  

After lunch, the action-packed afternoon session began with the incisive Gina Martin Adams, CMT and her colleague Chris Cain. Gina’s presentation focused on using data for market signals. When asked for her feelings on the current market, Gina gracefully reiterated her reliance on data and models, not feelings.  

Following them was a quantitative thinker Mathew Verdouw, CMT, CEO of Optuma and long-time supporter of the CMT Association. Mathew explained the numerous issues with the Sharpe Ratio as a portfolio metric and introduced a powerful solution called the variability-weighted return.  

Next up was the momentum master himself, John Lewis, CMT. John is one of the world’s foremost experts on the momentum factor. Researching momentum for more than two decades, John oversees Nasdaq Dorsey Wright’s momentum models with over $4 billion in assets under management (AUM), and more than 30 ETFs and mutual funds representing more than $11 billion in AUM. It was truly a mini masterclass.  

To close out the formal program, Tyler Wood, CMT, moderated a discussion with Frank Longman, CMT and Bill Kelleher, CMT of Teixeira Partners. They discussed their systematic approach to mean-reversion strategies as a complement to their momentum and trend-following strategies.  

The day ended with a catered cocktail hour at the famous Pied Piper Bar & Lounge in the historic Palace Hotel.  

After two days of learning, Sunday offered a change of pace, a time to unwind, connect, and celebrate the spirit of California. Attendees boarded buses for a scenic drive through San Francisco and across the Golden Gate Bridge, the city’s most celebrated symbol. Along the way, attendees passed Alcatraz Island, San Quentin, a Frank Lloyd Wright design nestled in the hills, and colorful spring blooms. They even rode through the same landscape said to have inspired Otis Redding to write Sittin’ on the Dock of the Bay.  

The Chartered Market Technicians Association hosted its 2025 West Coast Regional Summit (WCRS) April 4th – 6th. 

What an event! Held on April 14, 2025, high above the streets of Manhattan on the 74th floor of ServiceNow’s Hudson Yards office, CMT Association’s 2025 Spring Summit NYC delivered a premier experience for financial professionals dedicated to advancing the discipline of technical analysis. This must-attend event combined high-impact presentations, insightful market commentary, and exceptional networking opportunities, all set against the stunning New York City Skyline. Watch the event recordings here.  

Photo by ServiceNow 

After getting acclimated to being in the clouds, attendees took in the views, connected with peers, and enjoyed refreshments. Tyler Wood, CMT the Association’s CEO and Executive Director, officially opened the event with forward-looking remarks that set the tone for the day. Tyler encouraged attendees to seize the opportunity to connect with such an experienced and incisive audience and group of speakers. He noted that the most bullish in the room should surround themselves with the most bearish to challenge each other’s assumptions and consider alternative scenarios for where markets could be headed, concluding, “the mind is like a parachute, it functions best when fully open!” 

Photo by Tom Bruni @BruniCharting 

Mathew Verdouw, CMT, CEO of Optuma, started the presentations with a session for both allocators and portfolio managers, proposing a new methodology for evaluating performance. He cajoled the audience to stick with him through “just a bit of math.” His presentation, Beyond Sharpe: Unveiling Variability Weighted Return for Next-Gen Portfolio Evaluation, exposed the limitations of the once-revolutionary Sharpe Ratio and shared the Variability Weighted Return (VWR) as a more nuanced alternative.  

The VWR removes arithmetic averages, unsuitable for compounding and handling outliers, and does away with the often-ambiguous risk-free rate. The metric does not penalize upside volatility and remains constant across different time frames, offering a more reliable, risk-adjusted lens through which to assess portfolio performance.  

Next was an outstanding discussion led by John Kolovos, CMT, CFA, Head of Technical Strategy at Macro Risk Advisors. He reminded the audience that “each day is a new backtest,” and guided a compelling conversation between two of the most widely cited names in finance today: Thomas J.Lee, CFA, Co-Founder and Head of Research of Fundstrat Global Advisors, and Mark Newton, CMT, Managing Director and Head of Technical Strategy.  

Photo by Nick Chong  

The contrasting approaches of these two gentlemen were revealed to be a powerful combination, Mark being tactical and Tom being thematic. Mark is recognized for his deeply analytical technical process, incorporating trend, momentum, breadth, sentiment, seasonality, cycles, intermarket relationships, volatility spreads, volume, and more. Tom, by contrast, is known for his acumen in analyzing the fundamental drivers of individual companies, particularly in the technology, media, and telecommunications space, where traditional valuation methods have fallen short of capturing disruptive technologies.  

What makes Mark stand out as a technician is his focus on forward-looking probabilities. He truly looks to the right of the final printed price. He emphasized the importance of self-awareness and cutting losses quickly. If current conditions persist, with U.S. equities down 20 percent, historically bearish extremes in sentiment, and many investors fleeing domestic equities for international ones, he expects technology and financials to lead a market recovery in the coming months.  

After a brief intermission for refreshments and conversation, attendees returned for the event’s closing panel, moderated by Jessica Menton, Senior Reporter at Bloomberg News. This engaging session was a dynamic, fast-paced, and insightful panel discussion featuring Jay Woods, CMT, Chief Market Strategist at Freedom Capital Markets; Katie Stockton, CMT, Founder of Fairlead Strategies and manager of the $TACK ETF; and Frank Cappelleri, CMT, CFA, Founder and Chief Technician at CappThesis. They discussed the current state of markets, highlighted charts that they are watching, and shared lessons from their distinguished careers. 

Photo by @Stocktwits 

“Volatility is here to stay,” Jay noted, with Katie concurring. All three panelists agreed that there is still a “lot of work to be done” to repair the current technical damage. Jay emphasized that managing risk is jobs one, two, and three. Frank highlighted the significance of understanding price’s path, not just the destination. It’s one thing to forecast higher prices twelve months out; it’s another to consider the journey and investor experience getting there. 

Katie and her team are monitoring a double-bottom breakout to the upside in monthly credit spreads. Frank is watching for bearish technical patterns to start failing and bullish patterns to begin working, while also looking for a decline in large daily price moves of 1 percent or more. Jay, while reluctant to assign too much meaning to any one stock, remains focused on the chart of NVIDIA Corp (NVDA), as it preceded the broad market recovery in 2023 and the market’s current move lower.  

Photo by Tom Bruni @BruniCharting 

The Summit concluded with a standing ovation for Stanley Dash, CMT the Association’s longtime Program Director, and his well-earned retirement. An integral part of the Association for many years, Stan has served on numerous committees and has held the role of CMT Program Director since 2017. His tireless efforts have elevated the Association’s body of knowledge, coordinated the examination process twice every year, and upheld the CMT Association’s reputation as the global leader in technical analysis education. 

More than his many responsibilities, Stan has been a mentor, colleague, and trusted friend to countless members of the community. His guidance, dedication, and character have left an indelible mark on both the organization and the individuals who make it great. With over 49.5 years on Wall Street, 18 years as a member of CMT Association, and 11 years as a charterholder, has overseen the proctoring of 11,013 CMT exams. He has many plans for the next chapter, and we all look forward to continuing to work with Stan as a passionate volunteer and vivid ambassador for the discipline of Technical Analysis. 

In his parting remarks, Stan reminded attendees that the CMT Association belongs to all of us, and that its future depends on members keeping it vibrant, relevant, and meaningful.  

Photo by Nick Chong 

The 2025 Spring Summit was another standout event on the CMT Association’s global calendar, an inspiring day of learning, connection, and celebration held in a truly spectacular setting.  

This event would not have been possible or as successful as it was without the invaluable contributions of several special people. The Association would like to thank Jay Woods, CMT for championing the event and for introducing us to Angelo Biscardi of ServiceNow, the industry-leading, enterprise-grade platform that automates and streamlines business processes, empowering organizations to grow the top line while protecting the bottom line. On behalf of ServiceNow, Angelo, Ryan Kase, Lorraine Flores, Kristen Hansen, and the rest of the Workplace Services team, graciously hosted the Association in their five-star event space. Exemplary in every way, the team demonstrated the level of professionalism ServiceNow provides to their clients. 

Photo by Louis Spector @LouisSpectorCMT 

Looking ahead, we invite you to join us for the investment event of the year: the 2025 CMT Global Investment Summit in Dubai. From September 30 through October 2, this three-day gathering will feature more than 30 expert speakers and 300 investment professionals from around the world, offering unmatched opportunities to connect, learn, and shape the future of investing.

Sign up now to receive exclusive access, conference details, and discounted early-bird registration pricing. We look forward to seeing you there! 

A one-word summary of my Journey to the CMT Charter 

I’m proud to announce that on April 11th, 2025, I officially became a Chartered Market Technician. This professional achievement and those three letters “CMT” represent a tremendous amount of hard work and a designation I am incredibly proud of. 

 “Persevere” is a simple command—but behind it lies over a decade of curiosity, professional growth, and relentless determination. 

The Spark: 2013 

I remember and quote even today how I was first introduced to the CMT designation in 2013, early in my career at Bloomberg. Back then, I had no idea how significantly this path would shape the way I thought about markets. I was fortunate to work alongside and learn from two professionals who deeply influenced my journey—Vishal Mehta, CMT, and Akshay Chinchalkar, CMT, EPAT. Even back then I heard many financial industry professionals speak of the CMT Designation with such respect and admiration. They commented on how CMT Association elevated and differentiated professional technical analysis from the masses of “Trading Gurus” and online enthusiasts.  

Vishal and Akshay didn’t just talk about moving averages or candlestick patterns. They spoke of Technical Analysis as a decision-making framework, as a discipline of understanding price action in context, risk management, and the psychology of market participants. What caught my attention was how the CMT designation gave structure and credibility to that understanding and shaped their careers for years to come. 

That seed took root in me and has been tended into a fruitful garden with much watering and weeding along the way. 

Over the years, as I moved to several new roles and built partnerships across the financial ecosystem, I kept circling back to Technical Analysis. And in 2020, when I joined CMT Association as a member of staff, I knew it was time to stop circling and dive in. 

Balancing the Grind 

Between managing global partnerships, launching new initiatives, coordinating events, and growing our footprint in academic and professional spaces, there was never a “perfect” time to start the program. But here’s the truth: There is never a perfect time. 

I was fortunate to have mentors like Joel Pannikot, Tyler Wood, CMT and Mathew Verdouw, CMT who not only encouraged me to start the journey but guided and supported me on the way to cement my learnings.  

I studied on flights. I reviewed notes between meetings. I learned to optimize short pockets of time and used early mornings and weekends to work through curriculum readings and prep courses from Optuma.  

Facing Failure for the First Time 

I must admit—failing Level II was a humbling experience. It was the first exam I had ever failed in my life. Until then, I had always prided myself on being able to juggle multiple commitments and still come out on top. But the CMT Program doesn’t let you coast on past success. Mastering the candidate body of knowledge is not possible through a last-ditch effort to cram before the exam—it demands focus and consistent practice to achieve the depth of learning required to pass. That process showed me a different kind of mental endurance. The initial failure stung. But it also forced me to pause, reflect, and reassess my approach. In hindsight, it was the most valuable part of my journey. Because once I picked myself up, recalibrated my study plan, and came back stronger, I didn’t just pass—I understood. And that made all the difference. 

Level 3 and Life’s Biggest Milestones 

When I registered for my Level III exam, I was once again optimistic, thinking I could handle it all: preparing the exam, full-time work, and a major milestone of my life–my wedding. When I sat for CMT Level III in December 2024, I was juggling more than just charts and case studies. I was managing high-stakes projects at work, traveling for events, and in the final days leading up to multiple wedding functions with guests from around the globe. It was one of the most demanding and emotionally charged periods of my life.  

I remember wanting to quit and deciding to postpone for the June cycle, but my mentor Tyler Wood, CMT said something that he tells thousands of candidates–“Bawa, don’t give up now. You can persevere through life’s challenges! Let go of the stress and think of it as a practice exam. You might pleasantly surprise yourself!” 

I remember my chats with Joel Pannikot, and how his constant encouragement and practical advice helped me stay focused through the toughest phases of preparation. His belief in my potential—especially when I started doubting it—made a world of difference. 

Those words and advice echoed in my head and gave me confidence to sit for the exam. So I showed up and sat for the exam. When the results came in and I saw that I had passed, it felt like a quiet but powerful victory—proof that perseverance isn’t about perfect conditions, it’s about pushing through the imperfect ones. 

What the CMT Program Taught Me 

Beyond the technical material—trend analysis, intermarket relationships, risk management, behavioral finance, and much more…—the CMT Program taught me the value of structured thinking. 

Each level builds on the previous one: 

• Level I is about breadth. It introduces the vast body of knowledge with core concepts and tools. 

• Level II demands depth. It forces you to understand the “why” behind the methods and how they can be combined. 

• Level III requires reach. Challenging you to apply that knowledge, justify decisions, and synthesize multiple viewpoints. 

And through each level, the biggest lesson was this: the markets don’t reward prediction—they reward preparation. 

Tips for Exam Day 

If you’re preparing for an upcoming exam, here are a few things that helped me: 

1. Practice under timed conditions. The actual exam is as much a test of endurance as it is of knowledge. 
2. Focus on the application. Especially for Level III—knowing the tools is not enough; understanding how and when to use them is key. 
3. Don’t ignore your weak spots. It’s tempting to double down on what you’re good at, but the exam will find your blind spots. Read the LOS at the start of each unit and note your confidence level. 
4. Manage your energy. Get good sleep before the exam. Hydrate. Don’t try to “cram” last minute. 
5. Stay calm. You’ve done the work. Trust your preparation and focus on one question at a time. 

The Real Learning Begins Now 

Earning the CMT Charter isn’t the end of the road—it’s the beginning of a deeper journey. The markets evolve. Tools evolve. Our understanding must evolve too. 

The CMT Program gave me a strong foundation, but the most valuable takeaway was the mindset it instils—one of curiosity, discipline, and a relentless drive to improve. Whether you’re a practitioner, educator, or student of the markets, I hope my story reminds you that progress requires perseverance. 

To anyone juggling full-time work, family, or other life commitments while working toward your charter: keep going. You’ll thank yourself on the other side. And when you get there, I’ll be there with a smile cheering you on throughout your journey. 

Dear Members,

In preparation for the 2025–2026 fiscal year, the Governance Committee has completed its annual Board refreshment process and is pleased to announce the proposed slate of Directors and Officers for the CMT Association Board, to begin service on July 1, 2025.

This year, a formal call for nominations was shared with the full Membership. We received many applications from volunteers across the globe. The Governance Committee carefully evaluated each nominee through a comprehensive process that included:

• Consideration of the current Board’s composition in terms of skills, professional background, geographic representation, and diversity
• Individual interviews conducted via Zoom
• Independent assessments by each committee member

Following this process, the Governance Committee recommends the following individuals be presented to the Membership for approval to serve three-year terms as Directors-at-Large:

• Janine Guenther, CMT, CFA
• Cedric Thompson, CMT, CFA
• Mohit Handa, CMT
• Damanick Dantes, CMT

In addition, the Governance Committee recommends the Board approve the following Executive Officers to serve one-year terms beginning July 1, 2025:

• President: John Kolovos, CMT, CFA
• Vice President: Kelly Corbiere, PhD, CMT, CFA, CFP®
• Treasurer: Eric Caisse, CMT, CFA, CFP®
• Secretary: Gina Martin Adams, CMT, CFA

Professional, Emeritus, and Honorary Members of the CMT Association in good standing will have the opportunity to vote on the proposed slate via online proxy beginning in May. The official election results will be announced at the Annual General Meeting in June.

These individuals bring valuable experience, dedication, and a deep commitment to advancing the mission of the CMT Association.

Thank you for your continued engagement and support.

Sincerely,

Kelly Corbiere, PhD, CFA, CMT, CFP®
Secretary of the Board
CMT Association

We’re thrilled to recap a dynamic and engaging seminar hosted at Aston Business School, highlighting the power and relevance of technical analysis in today’s financial landscape. This session, led by James Brodie, CMT of Onyx Capital Group, offered students a comprehensive look into the tools and techniques used by traders, investors, hedge fund managers, and quants alike. By exploring the intersections of technical analysis with fundamental analysis and behavioral finance, James brought to life the practical applications of systematic trading and market interpretation.

A special thank you to the Onyx Institute and Shafaq Malik for their collaboration and dedication in making this seminar a success. Events like this are exactly why we’re proud to have Aston Business School as one of our CMT Academic Partner Program Institutes. Their commitment to advancing financial education at the grassroots level is inspiring, and we’re excited to see how these initiatives continue to empower the next generation of market professionals.

We look forward to more collaborations that elevate technical analysis education and expand the reach of the CMT Program around the world.

After an extraordinary career spanning nearly five decades in the financial industry, Stanley Dash, CMT is set to retire from his role as CMT Program Director at the end of April 2025. His journey has been one of unwavering dedication, from his early days on Wall Street to his invaluable contributions to technical analysis education. 

A Career Built on Market Expertise 

Stan’s career began in 1975 at EF Hutton, where he immersed himself in the fast-paced world of finance. Over the years, he built a reputation as a skilled analyst and trader, adapting to the evolving landscape of the industry. After the market crash of 1987, he transitioned to Dean Witter, navigating the post-crash environment and deepening his expertise in trading strategies. 

His passion for futures markets led him to a significant role in the industry, becoming a member of the Comex from 1991 to 1993. His deep engagement in futures trading allowed him to develop a keen understanding of market dynamics, positioning him as a sought-after educator and mentor. 

A Passion for Education and Technical Analysis 

Stan’s commitment to education and professional development has been a defining feature of his career. Before joining CMT Association, he played a pivotal role in advancing technical analysis education through his work with the New York Institute of Finance, the Futures Industry Association (FIA), and other esteemed organizations. His ability to translate complex market concepts into practical insights made him a trusted instructor for countless financial professionals. 

In 1996, he joined TradeStation, where he spent two decades shaping the platform’s educational initiatives and empowering traders with technical analysis tools and knowledge. His expertise in bridging technology with market strategy made him a highly respected voice in the industry. 

The CMT Designation and a New Chapter with CMT Association 

Throughout his career, Stan was an advocate for professional development and industry standards. As a longtime member of CMT Association, he made the decision to formalize his expertise by pursuing the CMT designation. After earning his charter, he took on a new role in 2017 as CMT Program Director, leading the education and certification efforts that have shaped the next generation of technical analysts. 

Under his leadership, the CMT Program continued to grow in prominence, ensuring that financial professionals worldwide had access to a rigorous, high-quality curriculum that strengthened their ability to analyze markets effectively. 

A Lifelong Commitment to Ethics and Professionalism 

Beyond his technical expertise, Stan has been a steadfast advocate for ethics and professionalism in finance. He has consistently emphasized the importance of integrity in market analysis and trading, helping to instill these values in the many professionals he has mentored. His dedication to upholding the highest ethical standards has reinforced the credibility of technical analysis as a discipline and strengthened the reputation of the CMT Association. 

Stan has also served on several CMT Association committees, including Ethics and Professional Practice and as a Subject Matter Expert on the Curriculum and Test Committee (CTC), ensuring that future generations of analysts uphold the same rigorous standards of excellence that he has championed throughout his career. 

A Well-Earned Retirement 

As he steps into retirement, Stan leaves behind a remarkable legacy—one defined by innovation, mentorship, and a deep passion for technical analysis. His contributions have shaped the way professionals engage with financial markets, and his impact will be felt for years to come. 

The CMT Association thanks Stanley Dash, CMT, for his years of service, leadership, and dedication. We celebrate his career and wish him all the best in this next chapter. 

Thank you, Stan, for your unwavering commitment to the industry and for inspiring so many along the way! 

This fall, the CMT Association invites you to Dubai for a landmark gathering of investment professionals committed to mastering the markets through technical analysis. Set against the backdrop of the iconic Museum of the Future, the 2025 CMT Global Investment Summit will convene over 250 leaders from hedge funds, investment banks, trading firms, and family offices for three days of deep insight and meaningful connection.

Designed for those who are building repeatable, data-driven investment processes, the Summit offers an unmatched platform to explore cross-asset trends, trading innovations, and the shifting market regimes shaping the future of finance. With 30+ expert speakers and 20+ sessions, attendees will dive into critical topics like portfolio construction, risk management, macro forces, money flow, and the evolving role of technical tools in navigating volatility.

This event also marks a milestone in the CMT Association’s strategic expansion into the GCC region, reinforcing our mission to elevate the practice and application of technical analysis in global finance.

Whether you’re seeking actionable insights, new perspectives, or powerful professional connections, the 2025 CMT Global Investment Summit is where forward-thinking investors come to chart what’s next.

Join us in Dubai. Shape the future of investing.

Click Here to add your email to the Early Bird Mailing list.

Episode Summary

Fitness Alpha for Investors & Traders

In this insightful session, Dr. Phil Pearlman, founder of the Pearl Institute, unpacks the surprising connection between physical health and financial performance. He introduces the concept of “Fitness Alpha”—a powerful, underutilized edge in the world of investing and trading. Learn how optimizing cognitive, emotional, behavioral, and self-performance can translate into sharper decision-making, better stress tolerance, and long-term market success. Whether you’re a portfolio manager, day trader, or long-term investor, this talk offers practical tools to elevate both your well-being and your returns.

Topics include:

• The 4 Elements of Investor Performance
• Metabolic Health & Executive Function
• How to Start Building Fitness Alpha Today
• Fringe Benefits Beyond the Market

This isn’t your typical market strategy talk—it’s a blueprint for peak human performance in high-stakes environments.

Click HERE to watch the recording!

We’re pleased to announce the launch of the *Billing History* feature—designed to give you easier access to your payment records and invoices.   

With this new addition, candidates can now view their payment history and download invoices directly from their account profile. Whether you’re preparing for reimbursement, tracking expenses, or keeping records for tax purposes, this feature provides a convenient solution. 

To access your billing history: 

1. Log into your CMT Association account.
2. Navigate to My CMT.
3. Select Billing History to view and download your invoices.

For details, please refer to the My Invoice section of the Frequently Asked Questions.  

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We are thrilled to announce the achievement of 34 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field of technical analysis and investment strategy.

The Chartered Market Technician (CMT) designation is a globally recognized certification awarded by CMT Association. It reflects a deep understanding of market dynamics, proficiency in technical analysis, and a commitment to upholding the highest standards of professional conduct.

These newly certified individuals have demonstrated their expertise in interpreting market trends, identifying patterns, and making informed investment decisions based on rigorous analysis. Their attainment of the CMT designation underscores their commitment to excellence and distinguishes them as leaders in the financial industry.

In an ever-evolving market landscape, the expertise provided by Chartered Market Technicians is invaluable. Their proficiency in analyzing market data and identifying emerging trends equips them to navigate complex financial markets with confidence and precision.

We extend our heartfelt congratulations to these 34 individuals on their remarkable achievement. Their dedication, perseverance, and expertise serve as a testament to the significance of the Chartered Market Technician (CMT) designation in today’s financial world.

Please join us in celebrating their success and wishing them continued excellence in their careers as Chartered Market Technicians.

1. Ritesh Bakliwal
2. Jeddave Bang
3. Ansh Bhilwar
4. Joel Burke
5. Christopher Burns
6. Iurie Chiticari (Yurii Kitikari)
7. Finnian Devine
8. Alexander Douglas
9. Andrew Faulman
10. William Goh Eng Kiat
11. James Good
12. Edward Joshua Hartley
13. Aung Htay
14. Guillermo Infante
15. Amit Kumar Jaiswal
16. Michael Kostrub
17. Akanit Kuntolbutra
18. Stephanie Larson
19. Matthew Leach
20. Jeff Mantock
21. Ken Isagani Mariano III
22. Kaizad Marolia
23. Julio Naveda
24. Suny Patwal
25. Mathieu Perot
26. Kevin Phelan
27. Sebastian Rasinsky
28. Nathan Roethel
29. Andrew Setaro
30. Kyle Tan
31. Wen Jian Tang
32. Lucas Teramossi
33. Mark Roland Valones
34. Nicole Wong