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Technically Speaking, June 2019

I know we Americans tend to have a self-centered view of things, but the U.S. market has outperformed most of the world for the past two years. Of course, there are some exceptions, notably in Australia, India and Saudi Arabia. Curiously, Greece and Russia appear to have woken up recently. Anyway, the point of this build-up is to say that May was one of the worst months in quite some time, only eclipsed by December 2018 in terms of net loss, based on the S&P 500 (October 2018 was about the same as May). The lingering trade battle with China and a threat towards Mexico got plenty of headlines. Too bad stiff resistance at 2935-2950 was not part of all the news that was fit to print. The yield curve got a lot scarier looking, and as I write this, bill yield is higher than benchmark 10-year yield (and the mythical 20-year yield). But is that an official inversion?  Take out bills and the rest is still upward-sloping. And the economy and markets are backing the Fed into a rate-cutting corner. And for

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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.

What's Inside...

Letter from the Executive Director

by Alvin Kressler

I hope this month finds you looking forward optimistically to the remainder of the year.  Here in the CMT Association offices, we are looking back on the preceding year’s developments and...

What Makes an Investment Decision Good or Bad?

by Richard Lehman

This article originally ran in Proactive Advisor Magazine February 13, 2019 Hint: It’s not the outcome. An active focus on implementing an investment strategy tends to keep managers from focusing...

Member Interview with Greg Schnell

by Greg Schnell, CMT, MFTA

Please tell us what you do professionally. I am a Senior Technical Analyst at StockCharts.com, where I write commentary about the U.S. and Canadian markets, as well as produce 3-4 videos per week...

Copyright Basics, Part 3

by Joyce L. Miller & Dr. C. Daniel Miller

This is part 3 of a four-part series.  Public Domain In the previous two articles in this series, we identified two categories of uses that don’t require copyright clearance. The first...

Chicago Chapter Meeting Review for February 2019

by Matt Nygaard, CMT

David Aferiat, TradeIdeas The Chicago Chapter has been busy with a diverse selection of speakers covering AI/machine learning, programming, and new approaches in applying technical analysis to...

Minnesota Chapter Meeting Review for May 2019

by Jamie Keelin, MBA, CMT

The Minnesota Chapter of the CMT Association welcomed Natasha Crane and Phillip Claussen, both risk management consultants for commodities brokerage and clearing firm FC Stone, on May 21, 2019. The...

Hellenic Chapter Meeting Review for June 2019

by Theodore N. Krintas, Ph.D

The Hellenic Chapter in Athens welcomed JC Parets, CMT of All Star Charts on June 3, 2019. JC, an enthusiastic presenter, shared with us his knowledge and methods, presented his top down approach in...

CMT Program - Thank Yous

by Stanley Dash, CMT

As this goes to print, the Spring 2019 administration of the CMT exams will be coming to a close.  We all know from our own experience how much time and effort are required of the candidates as...

Positions Available - Singapore

by Marie Penza

CGS-CIMB Securities International Pte. Ltd. (“CGS-CIMB”) is one of the leading integrated financial service providers in Asia. It is a 50-50 joint venture between China Galaxy International...

Membership News

by Marie Penza

Membership The CMT Association would like to congratulate the following member on his new position: Daniel Panzer, Managing Director at Lowfields LLC Updating Your Profile Have you moved recently or...

Letter from the Executive Director

Letter from the Executive Director

I hope this month finds you looking forward optimistically to the remainder of the year.  Here in the CMT Association offices, we are looking back on the preceding year’s developments and making plans for the next member year to begin on July 1. 

I thought I would share with you a few highlights from the last 11 months, as we still have a month remaining in our fiscal year.  Registrations are at an all-time high for the CMT program: we’ve administered over 2,100 exams since this time last year.  Our previous high-water mark was 1,742 in fiscal year 2017.  Since FY 2015, we have experienced a 16.5% compound annual growth rate. 

With this upside and good news on growth in the CMT program, however, comes the downside of potentially straining our organizational support structure and procedures. Rest assured the staff and board of directors have been diligently working to meet the challenges

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)

Alvin Kressler

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What Makes an Investment Decision Good or Bad?

What Makes an Investment Decision Good or Bad?

This article originally ran in Proactive Advisor Magazine February 13, 2019

Hint: It’s not the outcome.

An active focus on implementing an investment strategy tends to keep managers from focusing on the potential drag on performance inherent to their investment decision process. Overcoming that drag could amount to gaining behavioral alpha without making any change to their strategy at all.

During the last 30 years or so, psychologists have developed an entirely new take on how we make decisions. As a new wave of decision scientists carry this gospel out to industries across the globe, few may be impacted as much as those in financial services and investment management. The reasons for this lie in the nature of an industry that relies on a constant stream of decisions where the stakes can be high, and where even a few of the wrong decisions can turn success into failure.

Recognizing this, the financial industry uses

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)

Richard Lehman

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Member Interview with Greg Schnell

Member Interview with Greg Schnell

Please tell us what you do professionally.

I am a Senior Technical Analyst at StockCharts.com, where I write commentary about the U.S. and Canadian markets, as well as produce 3-4 videos per week reviewing the markets.

How did you get there?

I invited Chip Anderson, the President of StockCharts, to come to Calgary, Canada where I live to present to our local CSTA Chapter. Chip asked me to start writing articles on his site about the Canadian and U.S. markets. We enjoyed working together and we did more events together, such as travelling around North America educating users about how to use StockCharts. Over time, Chip continued to get me more involved in StockCharts. It has been a great career choice for me.

Who was an early mentor in your career? 

I started off with the William O’Neil Investor’s Business Daily approach to the markets as a first foray into investing. Unfortunately, I started in

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)

Greg Schnell

Greg Schnell, CMT, MFTA

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Copyright Basics, Part 3

Copyright Basics, Part 3

This is part 3 of a four-part series.

 Public Domain

In the previous two articles in this series, we identified two categories of uses that don’t require copyright clearance. The first category, Fair Use, was discussed in Part 2. The second of those categories is public domain. Factors that determine public domain are more clearly defined in copyright law than those that guide a determination of fair use. 

Content is in the public domain in the U.S. if it can be described in one of the following ways.

  1. Its copyright has expired.
  2. It does not qualify as a copyrightable work.
  3. It has been placed in the public domain by its copyright owner.

Let’s look at each of these three ways a work may fall into the public domain.

The copyright has expired

The expiration date of a work’s copyright is determined by the copyright law in effect at the time the work was first published. Up until 2019, only works

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)

Joyce L. Miller

Dr. C. Daniel Miller

Dr. C. Daniel Miller

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Chicago Chapter Meeting Review for February 2019

Chicago Chapter Meeting Review for February 2019

David Aferiat, TradeIdeas

The Chicago Chapter has been busy with a diverse selection of speakers covering AI/machine learning, programming, and new approaches in applying technical analysis to today’s markets.

On February 28, Josh Freivogel, Product Manager at CQG, spoke about a non-programmer’s approach to using open-source technical analysis programming to create custom market studies.  Josh’s presentation was especially well-received by students in attendance from DePaul University and the University of Chicago, but our regular members enjoyed the insights as well.

On March 21, David Aferiat, Managing Partner of TradeIdeas, opened our eyes to the market impact of securing alpha with artificial intelligence.  The use of big data analysis to pick strategies which have relative out-performance in very specific market environments is really impressive to see

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)

Matt Nygaard, CMT

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Minnesota Chapter Meeting Review for May 2019

Minnesota Chapter Meeting Review for May 2019

The Minnesota Chapter of the CMT Association welcomed Natasha Crane and Phillip Claussen, both risk management consultants for commodities brokerage and clearing firm FC Stone, on May 21, 2019. The topic was, “Top Indicators for Commodity Trading, Commodity Indexes and Money Flow Analysis.” There were 18 attendees.

Both speakers have significant client facing interactions in the grain markets: corn, soybeans, and wheat.  The CRB index has been in a decline since the financial crisis, but Natasha feels bullish as she feels the downside is limited from current levels.  The CRB has been consolidating in a narrow range for the last 3 years. 

Natasha’s Black Sea clients are sensitive to the value of the U.S. dollar, as strong dollar is generally bearish for commodities.  Grain prices have been weak for several years as the U.S. has had record crop yields year after year.  Natasha and Phillip highlighted funds have positioned very bearish and

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, MBA, CMT

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Hellenic Chapter Meeting Review for June 2019

Hellenic Chapter Meeting Review for June 2019

The Hellenic Chapter in Athens welcomed JC Parets, CMT of All Star Charts on June 3, 2019.

JC, an enthusiastic presenter, shared with us his knowledge and methods, presented his top down approach in intermarket analysis and used more than 150 slides. He covered equities, bonds and commodities markets, presenting examples from all over the world. He also tried to evaluate the current market status globally and shared with us his approach of focusing on the information about the world one can get from the charts.

More than 20 people in a hot Athenian summer evening attended and participated in this great presentation.  JC himself stayed on longer in Greece to address the group after wrapping up his honeymoon, so congrats to him!

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)

Theodore N. Krintas, Ph.D

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CMT Program - Thank Yous

CMT Program - Thank Yous

As this goes to print, the Spring 2019 administration of the CMT exams will be coming to a close.  We all know from our own experience how much time and effort are required of the candidates as they prepare to sit for an exam.

There is also quite a bit of time and effort put in by a select group of CMT charterholders before and after the exams are administered.  Exam questions must be written, edited, referenced and vetted.  The exams must be reviewed carefully for balance, for accuracy of the questions and answers, and for relevance.  After the tests are administered, the Level I and II questions are reviewed yet again to be sure that nothing unfair or misleading made it past the pre-exam reviews.  And, of course, the Level III exams must be graded and verified before the results are finalized and reported.

All that work is done by 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)

Stanley Dash, CMT

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Positions Available - Singapore

Positions Available - Singapore

CGS-CIMB Securities International Pte. Ltd. (“CGS-CIMB”) is one of the leading integrated financial service providers in Asia. It is a 50-50 joint venture between China Galaxy International Financial Holdings Limited, a wholly-owned subsidiary of China Galaxy Securities Co. Ltd., and CIMB Group Sdn Bhd. 

Through a network of local offices, branches and strategic partners, we have a global presence in over 20 countries, providing a truly Asian perspective. We are well-positioned as Asia’s leading financial gateway with a core focus on well researched and in-depth analysis on financial products. 

CGS-CIMB is recruiting for the following three roles in their Singapore Office.

(1) Sales Team Head

Roles and Responsibilities

  • Lead sales team and drive sales strategy to accomplish sales targets with service excellence.
  • Monitor sales performance and identify developmental needs of team members.
  • Ensure RMs comply with internal operational guidelines and regulations.
  • Acquire and prospect affluent/high net worth clients, developing their relationship with CGS-CIMB.
  • Maintain and strengthen existing client relationships

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

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Membership News

Membership News

Membership

The CMT Association would like to congratulate the following member on his new position: Daniel Panzer, Managing Director at Lowfields LLC

Updating Your Profile

Have you moved recently or changed jobs? Now is the time to update your profile!  Updated profiles guarantee continued and accurate communication with the CMT Association and its members.

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

Your cooperation is greatly appreciated!

New Members/CMT Candidates

The CMT Association extends a warm welcome to the new members and CMT candidates who joined and/or registered for the CMT exam this past month.  If you have any questions or need assistance, please don’t hesitate to contact us at admin@cmtassociation.org

CMT

Registration for the December 2019 test administration, which will take place December 6 to the 15, will officially open on July 1, 2019.  Early Registration is from

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

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New Educational Content This Month

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