We have an awesome organization! There is a lot of value in being a member of the CMT Association, but all of the benefits of membership are not always obvious. Therefore, I’m going to highlight where I’ve found value in being a member. So, reflecting on the value of the CMT Association to me – a number of observations come to mind: The first is our camaraderie.   I have had (and will continue to have) great fun with enthusiastic technical analysts from around the world.  Our organization allows those types of relationships to grow.  Whether it was a local meeting, a Symposium, or even something as simple as a phone call – it’s great to have a group to belong and have great times together.  If you haven’t yet been able to capitalize on this value, put a plan in place to build relationships and friendships with other members. The second is elevated

Tom McClellan, who is known for the McClellan oscillator, joined the Chicago CMT chapter on November 5th for our monthly meeting. The most relevant topic that he covered was, as you may have guessed, the election. Tom pointed out some interesting facts about the U.S. stock market and its relationship to the presidential cycle. Showing us what he calls his “Rapunzel” chart (because it’s “all over the place”), Tom showed us how from the Presidential election to the midterm, the market is generally flat. Usually in the third year, the market starts to move higher, and then once again slows its ascent as election jitters begin to take hold. Tom also presented a chart showing how the U.S. stock market performs when there is a new president versus a second-term president. At first, markets outperform for a second-term President. However, during the third year of the Presidential cycle, the market under a

Our featured speaker at the November 2020 meeting was Tony Dwyer, Chief Market Strategist at Canaccord Genuity LLC/ He presented his Macro and Market Outlook. Tony applies technical analysis to fundamental data. His perspective is a combination of economic, historical, sentiment, and valuation data. Tony’s Core Theses: Markets are driven by direction of earnings Direction of earnings driven by economic activity Economic activity driven by money availability Money availability is driven by the Fed The fed is driven by core inflation Inflation: The Fed is concerned with inflation being too low. Watch the 5- or 10-year inflation breakeven for clues. The Fed targeting an average rate of 2%, which has not happened since 2007. Debt: Markets go higher with higher debt – people can afford more at a lower cost (lower interest rates). The higher the debt levels, the less the Fed needs to raise rates to slow the economy down, keeping rates historically low. Credit Outlook: Tony expects lower

Members on the Move The CMT Association would like to congratulate the following members on their new positions: Brennan Basnicki, CFA, CAIA, CMT, Director and Product Specialist at Auspice Capital Advisors Mahmoud Abou-Hussein, CMT, Business Development Manager at Aldahra Aakash Patel, Senior Associate at The Depository Trust & Clearing Corporation (DTCC) CMT Now that the exams have taken place, I am sure that new candidates are wondering when the results will be released. Reviewing, finalizing, and communicating exam results may take up to eight weeks from the end of the testing period. CMT Level I and II results will be emailed to candidates by Prometric. CMT Level III results will arrive in an email from the CMT Association. If you are a Level I or II candidate and did not receive your results from Prometric due to the fact that you opted out of emails, you can access them from the Prometric Reporting/Validations website:  https://scorereports.prometric.com/.  You will