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Technically Speaking, December 2019

Letter from the Editor

November proved to be an interesting month for the markets. Just before the market burped up a post-Thanksgiving 2% pullback, the Russell 2000 finally broke out from its 2019 range. False hope? Recession time? Once again, the sloth (look it up) of bearish economists was out with the utterly useless prediction that a recession was coming by the end of 2021.  Thanks for the heads up, fellas. Have you seen a price chart? I keep a collection of equally dim-witted headlines. Last month’s favorite was “Don’t Time the Market, but If You Do, Here’s When the Bear Might Come Knocking.” Do as I say, not as I do. Gold is still correcting, Oil showed a little stealthy increase, the dollar looks a little shaky and apparently Europe is still so bad that the ECB is dipping back in the QE well…Because it worked so well the last time.  Again, have they ever seen a price chart? This month in Technically Speaking, we’ve got part three of Bruno DiGiorgi’s History of Wall Street, and George Schade, CMT, continues the history theme with

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What's Inside...

The 47th Annual CMT Association Symposium 2020

by Tyler Wood

With the 47th Annual Symposium approaching, and the early registration pricing deadline looming on Wednesday the 18th, we’ve compiled a few highlights from previous interviews with longtime members...

President's Letter

by Scott G. Richter, CMT, CFA, CHP

CMT Indian Summit – Success!  I would like to congratulate our Indian Office for a successful 2019 Summit!     There were so many positives:  Over 200 attendees Top...

Inspiration for Posterity - Preserving the Rich History of Technical Analysis

by George A. Schade, Jr., CMT

Recently, longtime CMTA member Ken Tower introduced a group of us to the website http://tabellmarketletter.com. The pages contain a treasure trove of historical materials and exemplify what market...

New York Chapter Speaker Summary

by Tom Bruni, CMT

On Wednesday, November 20th the New York Chapter hosted Gina Martin Adams, CMT, Chief Equity Strategist and Director of Global Equity Strategy, ETF and ESG Research at Bloomberg Intelligence. Her...

Member Interview – Stanley Dash

by Stanley Dash, CMT

Please tell us what you do professionally. I currently serve as Program Director of the CMT program here at the CMT Association.  The curriculum and the exams fall under my purview.  Of...

Richmond Chapter Speaker Review

by J. Cody Tafel, CMT, CAIA

Katie Stockton, CMT, founder and managing partner of Fairlead Strategies, presented to the Richmond CMT Association Chapter and the University of Richmond Technical Analysis class on November 20,...

The History of Wall Street

by Bruno DiGiorgi

This is the third installment of a rerun of a periodic series chronicling the history of the street. The series originally ran in Technically Speaking beginning in September 2000. Here is the first...

Minnesota Chapter Speaker Review

by Jamie Keelin, CMT

The Minnesota CMT Chapter’s November meeting featured Harry J. Campbell III of LayLine Asset Management, Inc.  Harry started his career at Kerber Financial, continued at Dougherty &...

Members in the Media

by Perry J. Kaufman

The sixth edition of Perry Kaufman’s Trading Systems and Methods was published by Wiley in November. This book, which has been used as a definitive reference on trading systems for more than 30...

Job Posting

by Marianna Tessello

Financial Market Newsletters Writers/Analysts True Market Insiders We are a publisher of subscription-based online financial market research articles, hiring market analysis writers for our growing...

Membership News

by Marie Penza

Members on the Move The CMT Association would like to congratulate the following members on their new positions: Robert Varghese, CMT, EVP, Portfolio Strategy & Management at Banyan Investment...

The 47th Annual CMT Association Symposium 2020

The 47th Annual CMT Association Symposium 2020

With the 47th Annual Symposium approaching, and the early registration pricing deadline looming on Wednesday the 18th, we’ve compiled a few highlights from previous interviews with longtime members featuring personal stories and testimonies about past Symposiums.

“I found the conferences especially valuable in meeting other technicians and as learning experiences,” said Richard Dickson, recounting Association benefits he most enjoyed.

Les Williams, CMT, told a story of one experience he remembered from a gathering in 1987:

“Prior to introducing each speaker, the MC would announce the current Dow reading. The first reading was down 125. I thought he meant down 1.25. I had gone 100% to cash on the Thu. before and thought I had blown it.

“Speakers came to the podium all bent out of shape. During the day, fewer and fewer attendees remained. One speaker, I’m pretty sure was Alan Shaw, came to the podium, threw his papers in the air and

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Contributor(s)

Tyler Wood

Tyler Wood

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President's Letter

President's Letter

CMT Indian Summit – Success!

 I would like to congratulate our Indian Office for a successful 2019 Summit!   

 There were so many positives: 

  • Over 200 attendees
  • Top Technical Analysis speakers and practitioners with great content
  • Formed many new partnerships with academic institutions and individual students
  • We enjoyed a wonderful and supportive set of sponsors
  • Experienced significant media exposure
  • Summit attendees were treated to a beautiful venue in the Taj Lands End
  • Keynote speakers participated in Fireside Chat video recordings for later release
  • Awesome volunteers and staff made the whole thing happen

We were blessed to have all of the hard work pay off and make a wonderful statement about our presence and commitment to the Indian market.  We further advanced our strategic initiative of being a strong advocate for technical analysis globally.  And we accomplished our objectives of connecting, inspiring, motivating and educating our members, associates and guests.

Please be on the lookout for the content and videos from the Indian Summit

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)

Scott Richter, CFA, CMT, CHP

Scott G. Richter, CMT, CFA, CHP

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Inspiration for Posterity - Preserving the Rich History of Technical Analysis

Inspiration for Posterity - Preserving the Rich History of Technical Analysis

Recently, longtime CMTA member Ken Tower introduced a group of us to the website http://tabellmarketletter.com. The pages contain a treasure trove of historical materials and exemplify what market technicians can and should do to preserve the history of our discipline.

Tabell Market Letter is an internet archive of 48 years of weekly stock market technical letters written by Edmund W. Tabell (1904-1965) and his son Anthony W. Tabell. Father and son wrote over 2,700 letters from December 2, 1944, to August 7, 1992.

The first letter was entitled Technical Market Action and stated that the opinions of price trends and occasional buy and sell recommendations would be based “simply on the writer’s interpretation of their technical market action, as shown on charts” of the market averages and securities. The Tabells adhered to this philosophy. The December 1, 1948 issue showed the name that would thereafter be used, Tabell Market Letter.

Edmund Tabell

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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

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New York Chapter Speaker Summary

New York Chapter Speaker Summary

On Wednesday, November 20th the New York Chapter hosted Gina Martin Adams, CMT, Chief Equity Strategist and Director of Global Equity Strategy, ETF and ESG Research at Bloomberg Intelligence. Her presentation was entitled “Equity Market Outlook: When will the bell ring on the bull market?” and discussed what today’s evidence suggests is in store for the year ahead.

Gina holds both the CFA and CMT designations, so her process combines fundamental, technical, and quantitative analysis to form an opinion. Her weight of the evidence approach is summarized into a “market health checklist” that she’s crafted over the course of her more than two-decade-long career. 

This scorecard includes fifteen factors ranging from technical metrics, such as price momentum and breadth, to fundamental factors, such as earnings momentum and relative value. Gina explained that by using this scorecard, she’s able to stay on the right side of the long-term trend.

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)

Tom Bruni, CMT

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Member Interview – Stanley Dash

Member Interview – Stanley Dash

Please tell us what you do professionally.

I currently serve as Program Director of the CMT program here at the CMT Association.  The curriculum and the exams fall under my purview.  Of course, I don’t do all that in a vacuum.  In addition to my colleagues on staff, three groups of members are essential to this process.  The Curriculum and Test Committee has oversight responsibility for the curriculum and the exams.  The subject matter experts write and review exam materials.  And the exam graders pore over each Level III exam paper as part of the scoring process.  Their contributions are at the heart of the credentialing program, but it also means that a significant part of what I do is coordinate their efforts.

How did you get there?

My career in markets and on Wall Street (literally, the street that runs from Broadway to the East River) seems like a blur

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)

Stanley Dash, CMT

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Richmond Chapter Speaker Review

Richmond Chapter Speaker Review

Katie Stockton, CMT, founder and managing partner of Fairlead Strategies, presented to the Richmond CMT Association Chapter and the University of Richmond Technical Analysis class on November 20, 2019.

We had a great meeting and Katie is very supportive of her alma mater, the University of Richmond, coming back each year to guest lecture to Professor Greg Sabo’s Technical Analysis class in the Robins School of Business. We are glad for this great opportunity to host chapter meetings in conjunction with the class. This gives the students insight into the current financial sector environment, and provides them with valuable networking opportunities with local finance professionals.

As always, Katie did a wonderful job of discussing her current outlook on the global financial markets, and the discussion was wide-ranging from individual stocks to currencies, commodities, fixed income, global equity indexes and even cryptocurrencies. The students gained a lot of extra

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)

J. Cody Tafel, CMT, CAIA

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The History of Wall Street

The History of Wall Street

This is the third installment of a rerun of a periodic series chronicling the history of the street. The series originally ran in Technically Speaking beginning in September 2000.

Here is the first of two Manhattan melodramas for your consideration. It’s a story of an out-of-towner who, after showing up in Manhattan, has his only form of transportation burned to the ground, is forced to live in the streets and is then sued for negligence. The second is a story of a fast-talking city slicker who sells real estate he doesn’t own to gullible foreigners. Common stories? Both take place in the 1600s!

Our first saga begins with one Adrian Block, Captain of the Dutch ship, Tigre. Captain Block set sail in 1613 to establish a fur trade for his sponsors. Not reaching New York harbor until the fall of that year, Block decided to spend the winter on the island 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)

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Minnesota Chapter Speaker Review

Minnesota Chapter Speaker Review

The Minnesota CMT Chapter’s November meeting featured Harry J. Campbell III of LayLine Asset Management, Inc.  Harry started his career at Kerber Financial, continued at Dougherty & Company, and then formed LayLine in 2014.

The topic was intermarket analysis: how relationships between four major markets can give insights into each individual market.  Harry identifies the major four markets as interest rates, foreign exchange, commodities, and equities.  For interest rates, the 5-year T-Note is used as a proxy for growth and the 30-year T-Note as a proxy for inflation.  The U.S. dollar, or UUP ETF ,is used as the proxy for the forex markets.  A commodity proxy is provided by the DBC Invesco DB Commodity Index Tracking Fund.  The equity market proxy is the S&P 500 Index.

Harry applies five major technical analysis techniques to the intermarket charts:

  1. Trendlines and triangles – especially those triangles converging to potential breakouts,
  2. Support and Resistance,
  3. Fibonacci Levels,
  4. 50- and 200-day

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)

Jamie Keelin, CMT

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Members in the Media

Members in the Media

The sixth edition of Perry Kaufman’s Trading Systems and Methods was published by Wiley in November. This book, which has been used as a definitive reference on trading systems for more than 30 years, garnered significant praise upon its latest release. Portions of Kaufman’s work are included in the CMT Program curriculum and may appear on the exams.

Trading Systems and Methods, Sixth Edition is “[p]robably the most comprehensive guide to trading systems ever written from one of the foremost experts in the field,” according to Jack Schwager. “This is an invaluable reference work for anyone with an interest in trading systems.” Other editorial reviews offered similar praise.

“This is a remarkably insightful book about the ins and outs of the futures market. In his usual inimitable style, Perry does a wonderful job of showing the beginner and the experienced person what it takes to build and use a successful trading system,”

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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)

Perry J. Kaufman

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Job Posting

Job Posting

Financial Market Newsletters Writers/Analysts

True Market Insiders

We are a publisher of subscription-based online financial market research articles, hiring market analysis writers for our growing list of 60,000 subscribers, which includes DIY investors and investment pros.    

If you have writing skills that go above and beyond technical analysis or if you have a marketing background or interest in marketing then it’s a major plus. The cornerstone of our investment approach is relative strength analysis, market and sector internals analysis and sector rotation.

You can be a ghostwriter, someone who writes chunks of what eventually becomes a full essay, or if you have great writing skills, could eventually become a writer for our team under your own name. 

We are based in Boca Raton, Florida and have been in business since 2015 but the team running the firm has been very successful in the industry since 2005. If you live in the area

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)

Marianna Tessello

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Membership News

Membership News

Members on the Move

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

Robert Varghese, CMT, EVP, Portfolio Strategy & Management at Banyan Investment Group

Dan Shkolnik, CMT, Director, CPMS Sales (Equity Strategies) at Morningstar

Joshua I Wilson, CMT, Chief Executive Officer at Lake Point Advisory Group

Charles Kubiak, CMT, Software Crafter at 8th Light

 

Updating Your Profile

Have you recently joined the CMT Association and did not provide your address?  Please login to the website and enter your address as we use this information to determine which and how many test centers are needed for a test administration or an upcoming one.  This information is also used to produce reports on the exams.

To update your profile, login to the CMT website and under My CMT select My Account.  On the following page, under My Account select Edit My Information.

Your cooperation is greatly appreciated!

 

CMT

The CMT Association would like to congratulate the following

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Contributor(s)

Marie Penza

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New Educational Content This Month

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