I would like to welcome the new slate of officers and directors as they begin their terms this month. New President, and former Vice President, Brett Villaume offers his vision with his remarks in the President’s Letter as we begin. There is one observation I would like to make about the Board of Directors: it does not look like a relic from the 1980’s Wall Street of the fictional Gordon Gekko with colored shirts, white collars and suspenders. In an industry where the ranks are still very much dominated by a small segment of the population, our Board is diverse in every way possible. And as Brett writes in his opening remarks, the number of CMT Members outside of North America is growing so fast that it may soon be greater than the number within. I am proud to be associated with this group.
As the economies around the world are in varying stages of recovery, there is no one recipe for global investment. It is still very much country-dependent but it is on the right path. With that in mind, and now that much of the pandemic is in the rearview mirror, “normal” market forces are now back in charge. In other words, the free market is free once again, even with atypical conditions left over from the new work-at-home era. Think lots of job openings and lots of unemployed people at the same time. But price has a way of dealing with it, as long as it is left to its own devices.
While committees and chapters are still in their summer “quiet periods,” no doubt as everyone is more eager to get out than Zoom, Association news is limited. However, the podcast is in full swing with this month’s subject, Andreas Clenow, CMT. Did you catch Ralph Acampora last month?
This month’s member interview is with Jake Damian Chow from Singapore, a recent award-winning technician. Our featured article is by the late Stephen Cox, reprinted from May 1998. The topic is a dive into the media’s relationship with technical analysis from someone who lived in both worlds. Next, there is a summary of the recent European Summit. And finally, the photo archive digs deep into the past with newsletter excerpts from 1976 and a collage of “seasoned” technicians for you to identify. It’s a caption contest! How many can you name? By the way, that edition of the newsletter had an article about Lindsay analysis written by George Lindsay, himself.
Michael Kahn, CMT
Editor
What's Inside...
President's Letter from Brett Villaume, CMT, CAIA
by Brett Villaume, CMT, CAIAHello there. As the newly elected President of the CMT Association, this is my inaugural letter in Technically Speaking. Right up front I’ll tell you that I’m a big fan of effective...
An Insider’s View of Technical Analysis and the Media
by Stephen W. CoxThis is a reprint of an article that first appeared in Technically Speaking in May 1998. It is still very relevant today. First of all, I want to formally applaud the editorial selection of this...
Member Interview with Jake Damien Chow, CMT
by Jake Damien Chow, CMTPlease tell us what you do professionally. I’m currently a portfolio manager with the Discretionary Portfolio Management (DPM) team in CGS-CIMB Securities Singapore. I was appointed to this newly...
2021 European Summit Recap
by Kaizad MaroliaThe recently concluded 2021 CMT European Summit offered excellent insights on topics that are relevant to the present time. The topics covered in the sessions by various speakers left the audience...
Fill the Gap: Episode 7 Streaming Now
by Tyler Wood, CMTChief Investment Officer of Zurich-based Acies Asset Management, critically acclaimed author, and systematic trend-following expert Andreas Clenow, CMT brings decades of asset management experience...
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 Harish Srivastava, CMT, Senior Executive Director at Kotak Securities Jake Damien Chow, CMT, Portfolio Manager at CGS-CIMB Securities Matthew Caire, CFA, CFP, CMT, Senior...
New Educational Content This Month
This past month, we’ve added a presentation by JP Gravitt and Eric Davidson, CMT to our video archives, as well as a webcast by Aksel Kibar, CMT. Watch them here.
Hello there. As the newly elected President of the CMT Association, this is my inaugural letter in Technically Speaking. Right up front I’ll tell you that I’m a big fan of effective communication. Therefore, you should expect to see a meaningful message from me every month in this publication – something that directly affects you as a dues-paying member. As for my credentials, I have been a member of the CMT Association since 2002 and I have served on the Board of Directors since 2014. I spent the first 15 years of my career writing technical analysis research on the sell-side for boutique investment banks with institutional clientele, then spent seven years as an investor relations officer inside a publicly traded company. For about 6 years I taught introductory and intermediate-level courses in technical analysis at Golden Gate University under the guidance of Dr. Henry Pruden. And I also served as
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 is a reprint of an article that first appeared in Technically Speaking in May 1998. It is still very relevant today. First of all, I want to formally applaud the editorial selection of this topic. I will take the liberty of including in it the “barrage of media attacks on technical analysis” that was noted here last month and has preoccupied the chat mails recently. The question whether technical analysis is under siege perhaps isn’t trivial given the recent legal ruling against purveyors of technical systems. It’s a complicated question nonetheless. My own qualifications to examine of this subject are easily dispatched. I have worked variously in the commodity futures business over 20 years, as a writer, analyst, and CTA. I presently write three separate weekly technical analysis columns for Dow Jones Newswires. I also teach technical analysis to market reporters who are skeptical, but who also, I judge, really want
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)

Stephen W. Cox
The late Stephen W Cox, of Dow Jones Newswires, was instrumental in getting the Charles H. Dow Award off the
Please tell us what you do professionally. I’m currently a portfolio manager with the Discretionary Portfolio Management (DPM) team in CGS-CIMB Securities Singapore. I was appointed to this newly created role in April after spending nearly 12 years with the firm. My main responsibilities include managing discretionary investment mandates for the team, conducting quantitative research to uncover new sources of alpha; building proprietary strategic/tactical asset allocation models, multi-factor equity strategies and mutual fund selection models. Prior to this, I was a market strategist for five years with CGS-CIMB Research. Being a member of the regional technical research team, I contributed to our daily TA publication “Trendspotter” covering Singapore, Hong Kong and Chinese equities. During this tenure, I pioneered the development of our proprietary CQM Dual Momentum models which we officially unveiled last year. These models can efficiently help our traders and clients screen through thousands of stocks across major equity markets to provide
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)

Jake Damien Chow, CMT
Jake Damien Chow, CMT, is a market strategist with CGS-CIMB Research. He is responsible for overseeing the development of technical and quantitative research capabilities within the firm. A strong advocate of systematic trading and investing, he was awarded as the 3rd best...
The recently concluded 2021 CMT European Summit offered excellent insights on topics that are relevant to the present time. The topics covered in the sessions by various speakers left the audience discussing and conversing several days after the Summit’s conclusion. A couple of sessions that stood out were on the topics of Behavioral Feedback and Biases. Specifically, Behavioral Biases: Our Battle with Ourselves as Traders with Steven Goldstein and Behavioral Feedback & Control from Essentia Analytics with Clare Flynn Levy offered a lot to think about. The presentations by both Steven and Clare provided deep insights into the human mind and the Investor/Traders mindset. The speakers highlighted how our brains are able to use context to make predictions about what’s to come, and how we jump to conclusions based on patterns we perceive frequently. Steven in particular covered insights from various books and publications and discussed how they are relevant 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)

Kaizad Marolia
Kaizad Marolia has over 10 years of work experience across the financial and educational industries and is currently the Head of Partnerships and Growth in Asia at CMT Association, the top global credentialing and advocacy body for technical analysis, as well as the founder of 2...
Chief Investment Officer of Zurich-based Acies Asset Management, critically acclaimed author, and systematic trend-following expert Andreas Clenow, CMT brings decades of asset management experience to the podcast this month. Episode #7 of Fill the Gap focuses on the process and precision of strategy development and so much more. Challenging the very definitions of commonly held terms in the investment industry, Andreas brought wit and candor to this interview while engaging honestly with the debate around systematic vs discretionary money management. We encourage all of our listeners to check their assumptions as Andreas helped define these approaches through terms such as mechanical and unsupervised. Digging into the common pitfalls of the business, Andreas spoke authentically about lessons he has learned personally as a trader, fund manager, strategy developer, and allocator of hedge funds across all asset classes. Perhaps most important for listeners this month is the concept that managers will inevitably find periods
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 that relevant to the current markets, let us know. There’s nothing like revisiting market history as it relates to the current environment. Caption Contest! This was originally published in the April 1976 newsletter. See below for the cover. Name as many of these technicians as you can. There are 6 rows with between 5 and 7 people. For example, Row 4, Number 3 is John Brooks (This one was already labeled in the picture.) Winner gets a free market forecast from the TV
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 Harish Srivastava, CMT, Senior Executive Director at Kotak Securities Jake Damien Chow, CMT, Portfolio Manager at CGS-CIMB Securities Matthew Caire, CFA, CFP, CMT, Senior Portfolio Manager at Vaughan Nelson Investment Management Kevin Hefferman, CMT, Head Trader at Coinsquare Bob Sheehan, CMT, Associate Portfolio Manager at Coastal Bridge Advisors Craig Fullen, CMT, Mindset / Mental Performance Coach at Joyful Mindset LLC Prakash Prabhu, Manager – Product Management Team (Base Metals) at Multi Commodity Exchange of India Ltd. CMT Early registration for the December 2021 test administration is open until August 9. CMT Level I & II exams will take place December 2-12, 2021, with the Level III exam on December 9. Don’t forget to schedule an appointment for your exam at Prometric as early as possible. Candidates have the choice of taking the exam at a Prometric test center or scheduling an appointment for remote proctoring. Be sure to test your computer, read the User’s Guide,
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