It’s August already, and life seems to have taken a step backward. Covid made a comeback and all of those “pandemic recovery” stocks took it on the chin. Fortunately, unlike last year, we have potent weapons at our disposal, so this could be just a temporary setback. That means the economic recovery should continue later this year. Could rising interest rates derail it? Did oil just correct and is preparing to break out to the upside again? Take a look at a long-term chart (20 years) of gold, too.
So many cross currents to consider. Will the meme stocks keep meme-ing? Will poorer global economies bounce back after getting more of the vaccine? And just how long can the large-cap indices make new highs when the others are offering no profit whatsoever since the start of the year (look at the Russell 2000)? Of course, these may be famous last words in the limbo period between when I write them and when they are officially published.
On the Association front, the summer, especially another Covid summer, is a quiet time. Chapter meetings are just starting to ramp up again, but CMT testing is going strong. In this month’s edition of Technically Speaking, we’ve taken yet another dive into the past with content poached from newsletters of yore, including a biography of John Magee, of Edwards & Magee, written by George Schade, CMT. If you did not already know, a lot of that famous tome was based on the work of Richard Schabacker, who was not coincidently Richard Edwards’ brother-in-law. We’ve also reprised Donald Mack’s review of Schabacker’s book, Technical Analysis and Stock Market Profits.
This month’s member interview is with Marc Lichtenfeld, a long-time member. Of course, there is member news, the official CMT Podcast announcement with Pamela Yoon, CMT and a page of photos taken at the 14th Annual Seminar in Naples, Fl.
If you have some old photos, please scan them and send them in to editor@cmtassociation.com. We would love to have them. Also, if you would like us to run an interview with a favorite technician, let us know that, too. Any content we run to make your professional and analytical life easier is fair game. And if you have something to say yourself, let’s go. Write that article!
Until next month. Look for a story then about how the organization survived September 11, on the upcoming 20-year anniversary.
Michael Kahn, CMT
Editor
What's Inside...
President's Letter
by Brett Villaume, CMT, CAIAAccording to the World Health Organization, during the week of July 26th there were 4.0 million confirmed COVID-19 cases worldwide. Weekly reported cases are up 58% since mid-June. While the Americas...
Book Review: Technical Analysis and Stock Market Profits by Richard Schabacker
by Donald MackThis review originally appeared in in the November 1998 edition Technically Speaking. Richard Schabacker was at his prime in the 1920s and 1930s, not only as a guru of technical analysis but also as...
Member Interview with Marc Lichtenfeld, CMT
by Michael Kahn, CMTPlease tell us what you do professionally. I am the Chief Income Strategist at The Oxford Club. I have also been a sell side analyst at Avalon Research Group, a columnist at TheStreet.com and a...
Biography of John Magee
by George A. Schade, Jr., CMTThis story originally ran in the May 2004 edition of Technically Speaking. John Magee is one of the most well-known names in the field of technical analysis and is viewed as the leading authority on...
Fill the Gap Episode 8 with Pamela Yoon, CMT
by Tyler Wood, CMTThe August episode of Fill the Gap shines a light on the vitality of technical analysis not often on display in broader financial media. Learn how client advisors use technical analysis to improve...
CMT Photo Archive
by Michael Kahn, CMTThis is an occasional series revisiting the Association in pictures, just to offer a glimpse into our past, and in-person events as a reminder of what we aspire to in the future. If you have any...
Membership News
by Marie PenzaMembers on the Move The CMT Association would like to congratulate the following members on their new positions: Akshay Chinchalkar, CMT, Cross Asset Editor – India at Bloomberg LP Youssef El...
New Educational Content This Month
We’re adding new chapter meeting recordings, as well as presentations from July’s European Summit, to our archives. You can watch our most recent additions here.
According to the World Health Organization, during the week of July 26th there were 4.0 million confirmed COVID-19 cases worldwide. Weekly reported cases are up 58% since mid-June. While the Americas and Europe are still well below their peaks made in late-2020/early-2021, case counts are rising, putting people back on guard and motivating lawmakers to consider reinstating public health protocol mandates. In India, it’s quite the opposite situation, as case counts have decreased substantially since Spring; total new cases in India during the week of July 26th were 284,000, down 90% from the peak in early May. However, other APAC (Asia Pacific) countries are experiencing spikes: Thailand, Malaysia, and Indonesia have seen case counts rise meaningfully from very low numbers previously. And cases in Russia, Turkey, Iran, and many countries in Africa are on the rise, too. The CMT Board and Staff monitor conditions where our members and CMT Program candidates live,
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Brett Villaume, CMT, CAIA
Brett Villaume, CMT, CAIA, is Past President of the CMT Association, having served on the Board of Directors since from 2014 to 2023. Additionally, Brett is a Wealth Advisor at Dogpatch Capital, a registered investment advisor in San Francisco, CA. From 2015 to 2021, Brett...
This review originally appeared in in the November 1998 edition Technically Speaking. Richard Schabacker was at his prime in the 1920s and 1930s, not only as a guru of technical analysis but also as the first Financial Editor of Forbes magazine and then as editor of the Annalist, a weekly section of The New York Times. Schabacker’s interest was almost entirely in the stock market. His first book, published in 1930, was entitled Stock Market Theory and Practice and his examples are drawn mainly from the equity field. In passing, it should be noted that all the original illustrations have been redrawn for this reissue, making them very bright and clear (not necessarily the case with most editions of Edwards & Magee’s Technical Analysis of Stock Trends, with which this book must constantly be compared). The content of the book is almost entirely related to line and bar charts and to the
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Donald Mack
Donald Mack, an American living in England and a member of the Society of Technical Analysts (STA), became interested in TA in the mid-1960s. In the late 1970s, he established the only bookstore in the U.S. that dealt exclusively in stock and commodity books and built a personal...
Please tell us what you do professionally. I am the Chief Income Strategist at The Oxford Club. I have also been a sell side analyst at Avalon Research Group, a columnist at TheStreet.com and a reporter/anchor at ON24. How did you get there? I could have made it easy on myself, as my grandfather had a seat on the NYSE and still knew lots of people on Wall Street when I graduated college. At that time, I had no interest in the markets. Shortly after he passed away, I realized I needed to figure out how to make my money go further and started reading everything I could on investing and the markets. Several years later in San Francisco, I landed a job as a trading assistant at a proprietary trading firm. I walked in and handed them my resume, even though I knew that with zero experience I had little chance of
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...
This story originally ran in the May 2004 edition of Technically Speaking. John Magee is one of the most well-known names in the field of technical analysis and is viewed as the leading authority on classical charting. All chart readers know the phrase “Edwards and Magee,” and John Magee is rightfully famous as the co-author of Technical Analysis of Stock Trends, originally published in 1948 and now available in its 8th edition. Magee graduated from MIT in 1923 and worked in a variety of sales and marketing jobs, including a position as a Fuller Brush salesman, until he met Robert D. Edwards in 1942. Edwards was the brother-in-law of Richard W. Schabacker, a Forbes financial editor in the 1920s and later a New York Times financial columnist. When Schabacker died in 1935, Edwards took over Schabacker’s papers and the operation of the Schabacker Institute. In 1941, Edwards moved to Springfield, Massachusetts,
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

George A. Schade, Jr., CMT
George A. Schade, Jr., who holds a Chartered Market Technician (CMT) designation, has written extensively about the people and innovations that have advanced the field of technical analysis within financial markets. A member of the CMT Association since 1987, he has written...
The August episode of Fill the Gap shines a light on the vitality of technical analysis not often on display in broader financial media. Learn how client advisors use technical analysis to improve portfolio risk management, strengthen the investment process and supplement client education in this engaging conversation with Pamela Yoon, CMT, CIM, Vice-President & Portfolio Manager at RBC Dominion Securities in Vancouver, British Columbia, Canada. An investment management veteran with 28 years of experience, Pam has guided a wide range of investors through many bull and bear markets. We discuss her process in detail to better understand how she manages concentrated, high-conviction global portfolios, while always controlling risk. As a tactical portfolio manager, Pam blends a unique mix of technical tools and analytical methods into her process. The conversation also touches on how cognitive neuroscience literature relates directly to the contrarian positioning often required by disciplined active managers who respond
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Tyler Wood, CMT
Tyler Wood serves as Managing Director of CMT Association with the aim of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. He...
This is an occasional series revisiting the Association in pictures, just to offer a glimpse into our past, and in-person events as a reminder of what we aspire to in the future. If you have any pictures from seminars, meetings or after work get-togethers please submit them (in digital form, if possible) and include the date, location, and people in the photo. Better yet, if you remember presentations or topics of conversation, let us know. There’s nothing like revisiting market history as it relates to the current environment. Montage This photo montage, courtesy of Hal Marlow, was originally published in the June 1989 newsletter. The photos were taken at the 14th Annual MTA Seminar, which was held at the Registry Resort, now known as the Naples Grade Beach Resort, in Naples, Florida. Older members will remember not only excellent presentations but also informal chats by the pool and at the beach.
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...
Members on the Move The CMT Association would like to congratulate the following members on their new positions: Akshay Chinchalkar, CMT, Cross Asset Editor – India at Bloomberg LP Youssef El Mimouni, Senior OTC Pricing Analyst at BNP Paribas Asset Management Ron Acoba, CMT, CFTe, MFTA, Co-Founder / Partner at APG Capital Harsh Parekh, Technical Research Analyst at Bonanza Portfolio Ltd CMT If you haven’t already scheduled an appointment for your CMT exam, we recommend that you do so as soon as possible. When scheduling your exam, please make sure that your first and last names match the legal ID you will be using on the day of the exam. If the names don’t match, please email admin@cmtassociation.org before scheduling an appointment for your exam. If you have scheduled an appointment and need to adjust your name, please contact us at admin@cmtassociation.org. If both names don’t match your ID, Prometric will not allow you take the exam and the
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Marie Penza
Marie Penza serves as the Director of Member Services for the CMT
New Educational Content This Month
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September 13, 2023
Charting and Analysis in Today’s Equity Markets
Presenter(s): Anthony F. Esposito, CMT
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September 6, 2023
Market Trend Analysis
Presenter(s): Stephen W. Bigalow
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August 30, 2023
Two New Oscillators – Volume Zone and Price Zone
Presenter(s): David Steckler