Technically Speaking, June 2025

Dear Members,

June is always a month of momentum at the CMT Association—between our Annual General Meeting, mid-year strategic planning, and building excitement for the upcoming Global Investment Summit, there’s no shortage of energy across our member community.

This issue of Technically Speaking captures that spirit of progress and connection.

In “Finding Our Tribe: The Importance of Membership,” Damanick Dantes, CMT, offers a deeply personal reflection on the power of belonging in a profession that often feels solitary. His journey will resonate with anyone who’s ever felt alone in front of a chart—and grateful to have found their people in the CMT community.

That theme of connection continues in Joel Pannikot’s article, “A New ‘Chapter’ for Our ‘Memberverse’.” As we look beyond our 50th anniversary, Joel shares how we’re reimagining member engagement across global regions, creating more meaningful opportunities for leadership and collaboration.

We also spotlight our path forward with two updates from Kaizad Marolia, CMT, detailing the exciting momentum building toward the 2025 Global Investment Summit in Dubai—including our new strategic partnership with CNBC Arabia. It’s a powerful step forward in amplifying the relevance of technical analysis in global markets.

As always, thank you for being part of this community—and for bringing technical analysis to life through your work, your curiosity, and your commitment to the craft.

Warm regards,
Alayna Scott
Editor, Technically Speaking

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What's Inside...

Finding Our Tribe: The Importance of Membership

By Damanick Dantes, CMT

Amid all the ups and downs, investing can often feel like a lonely pursuit. I learned this at a very young age, and I’m grateful that my journey eventually...

Read More

A New “Chapter” for Our “Memberverse”

By Joel Pannikot

2 years ago, our Association turned 50. At our board’s Long Range Planning meeting that year, a lot of thought was invested in what our next 50 years can...

Read More

CMT’s Strategic Path to the 2025 Global Investment Summit: Building Momentum Towards the 2025 Global Investment Summit

By Kaizad Marolia, CMT

As the UAE continues to make significant strides in financial markets, Dubai has become a vibrant hub,...

Read More

Members Turned Out for Annual General Meeting

By Heather Higgins

Recently, CMT Association held our Annual General Meeting on June 25th as a virtual webinar. We had record attendance! Thank you to all who attended and especially to those...

Read More

Strategic Voices on Strategic Platforms: CMT Association Partners with CNBC Arabia for the 2025 Global Investment Summit

By Kaizad Marolia, CMT

In a landmark move to amplify the relevance of technical analysis across the Middle East and beyond, CMT Association is thrilled to welcome CNBC Arabia as a Strategic...

Read More

Rethinking Risk Management and the Myth of "Missing the Best Days"

By Vincent M. Randazzo, CMT
By Ryan Gorman
By Shawn R. Keel

Executive Summary

One of the most persistent myths in investing is that staying fully invested at all times is essential to avoid missing the market’s best days. This conventional wisdom...

Read More

Stay Ahead of the Markets: Subscribe to Chart Advisor and CMT SmartBrief

By Alayna Scott

In today’s fast-moving financial landscape, staying informed isn’t just a luxury—it’s a competitive edge. Whether you’re a professional trader, portfolio manager, financial advisor, or an individual investor eager...

Read More

In Memory of Charles D. Kirkpatrick II, CMT

By Barbara I. Gomperts

Charlie passed away on June 17, 2025; he was 83. Throughout his 55+ years in the investment field, the...

Read More

Hold the Phone!

By Heather Higgins

Your trusty team of CMT Association staffers will be away from their desks and largely offline July 15th – 18th so that they can attend...

Read More

Congratulations to our 4 New Chartered Market Technicians!

By Barbara Terry

We are thrilled to announce the achievement of 4 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field...

Read More

Finding Our Tribe: The Importance of Membership

Amid all the ups and downs, investing can often feel like a lonely pursuit. I learned this at a very young age, and I’m grateful that my journey eventually led me to the CMT Association—a true community of like-minded professionals. 

My passion for markets began around the age of 12. I remember racing home from school to fire up the modem to managed mock trades for a small group of classmates. I was a little portfolio manager just in time to witness the end of the dot-com boom. Together, we experienced the volatility of that era—accounting scandals, a terrorist attack, the rise of China, and eventually, the global financial crisis. 

Those early experiences taught me an enduring lesson: while we can’t control the markets, we can control what we put in our notebooks—and who we surround ourselves with. Friends who reacted emotionally to every headline often dragged our team’s portfolio down, while the more disciplined ones fared better. Even in chaos, I saw how resilient markets could be, and how innovation found a way forward.  

One of my teachers, who had quietly observed our investing club for years, left me with a simple message before I left for college: “Find your voice, and find your tribe.” That advice has stayed with me ever since. 

My passion has taken me far. I joined the global asset allocation team at Fidelity Investments and developed an investment process that blends global macro, quantitative, and technical methods. Over the years, I refined that approach at other institutions and now at my own firm that manages global multi-asset portfolios. My firm is built around close relationships that I’ll carry forever. 

I earned my CMT designation during my time at Fidelity, and in doing so, I found my tribe. CMT members are unique—we embrace uncertainty. This is the community I longed for, one that speaks to the passion I’ve carried since childhood. 

I joined the CMT Board of Directors last year to complete the three-year term of a former board member. I am now up for election for the start of my own three-year term. So far, I have served on the Governance and Chapter Development Committees, where we work to enhance board effectiveness and expand regional engagement. I also co-founded the CMT Global Black Caucus alongside Cedric Thompson, where we’ve built a growing network of diverse investment professionals and students from around the world. Stay tuned for our upcoming summer webinar. 

Over the past year, I’ve advocated for members eager to contribute, from South America to Saudi Arabia. I’ve championed resources for local chapter development, helped recruit new board members, engaged with academic institutions, mentored the next generation of charter holders, and collaborated with our global media partners. 

CMT charter holders—and board members in particular—are not just stewards of technical analysis. We are champions of high ethical standards across the broader investment industry. Where others may lack discipline, we offer objective, well-reasoned insight to help market participants make informed decisions. 

This is not a top-down organization—our best ideas come from members and volunteers who represent the future of investing. If this mission resonates with you, I invite you to connect. Share your ideas, volunteer, and represent your region.  

Damanick Dantes, CMT

Author(s)

Damanick Dantes, CMT

Damanick is an investment professional specializing in global markets, asset allocation, and ETF portfolio construction. He owns Dantes Outlook LLC, a boutique investment advisory firm that manages global portfolios. He…

A New “Chapter” for Our “Memberverse”

2 years ago, our Association turned 50. At our board’s Long Range Planning meeting that year, a lot of thought was invested in what our next 50 years can be. The Chapter Development Committee (CDC) was instituted because of this effort. What you will read here is a result of 2 years of dedicated thought and selfless effort by our CDC and other volunteer leaders.  

Re-envisioning our chapters and communities

For decades, our chapters were city-based groups where members could connect and learn from one another. This fostered a strong sense of fellowship, was vital to our growth and was foundational to our core values: trustworthiness, humility, initiative, and selflessness. As our Association has grown, we recognized the need to evolve how we organize ourselves to better serve our mission of being the world’s foremost advocacy body for technical analysis.  

To amplify our impact, our CDC, led by Gina Martin Adams, CMT, alongside Jay Woods, CMT, Ananda Bhaumik, CMT, and Damanick Dantes, CMT, and previously Dan Shklolnik, and Eric Caisse, CMT and others re-envisioned this structure. 

We’ve shifted to a model where “Chapters” are now responsible for a “market jurisdiction,” which typically means an entire country. This national focus empowers us to engage more effectively with regulators and media, who operate at that level worldwide. 

At the same time, we’ve preserved the close-knit core of our organization through what we now call “Communities.” These are city-based groups within a 35-mile radius with at least 10 active members. Communities are the heart of our grassroots advocacy, enabling members to connect with local universities and financial services employers to promote the rigor and value of technical analysis, the CMT way. 

Our global footprint now consists of three regions—Americas (AMER), Asia-Pacific (APAC), and Europe, Middle East, and Africa (EMEA)—encompassing 22 formal national chapters and 3 “chapters-in-waiting.” Within these chapters we have a total of 62 communities. Cumulatively they include over 85% of our active universe of members and CMT program candidates. 

Here are the names in order of numbers: 

  • Region: AMER 
    • Chapters: United States, Canada, Mexico, Brazil, Argentina – in-waiting
    • Communities: New York, Toronto, Boston, Chicago, Los Angeles, Dallas, Miami, Washington, D.C., San Francisco, Minneapolis, Houston, Denver, Austin, Salt Lake City, Montreal, Atlanta, Orlando, Tampa, Phoenix, Charlotte, Calgary, Columbus, Vancouver, Seattle, Indianapolis, Cleveland, Richmond, St. Louis, Detroit, Jacksonville, Nashville, Pittsburgh, Cincinnati, Kansas City, Mexico City, Milwaukee, Colorado Springs, Raleigh  
  • Region: APAC 
    • Chapters: India, Singapore, Hong Kong, Australia, Thailand, Vietnam, Malaysia, Philippines, China – in-waiting 
    • Communities: Mumbai, Singapore, New Delhi, Hong Kong, Bangkok, Kolkata, Bangalore, Sydney, Kuala Lumpur, Ahmedabad, Pune, Manila, Ho Chi Minh City, Hyderabad, Jaipur, Hanoi, Chennai, Chandigarh  
  • Region: EMEA  
    • Chapters: Switzerland, United Arab Emirates, United Kingdom, Saudi Arabia, Spain, Netherlands, Germany, South Africa, France, Portugal – in waiting, Egypt – in waiting 
    • Communities: Dubai, London, Zurich, Geneva, Riyadh, Abu Dhabi, Amsterdam, Madrid 

If you are in any of these places and want to participate in building a vibrant community to advance our mission, connect with your region, chapter or community volunteer leader.  

So, what if I’m not in any of these places? 

Enhancing our digital experience: https://cmta.fyi/discord  

Our digital community is flourishing, especially on Discord. The server has grown to over 8,000 members, creating a vibrant space for candidates and charterholders to discuss markets, share study advice, and connect with peers. Initiatives like the CMT Investment Challenge and our exclusive jobs board have thrived on this platform, forging new friendships, careers, and collaborations. 

Behind the scenes, our team of talented interns has been instrumental in modernizing our data infrastructure.

Keefe Pereira and Yohan Rodrigues, have completed their undergraduate engineering courses in Computer Science this month. As an extension of their course requirements, they have been interning with me since January and I am hoping they will continue to do so till next January, after which they will join a graduate program in Artificial Intelligence at RMIT Melbourne in February 2026.

Yohan and Keefe have been instrumental in helping me clean our legacy data with elegant logic structures to help us determine global community clustering, and CMT journey progress, both of which will be critical for our volunteer leaders.

They are being supported by 2nd year undergrad engineering student Nathan Cherian, who is currently investing his vacation month in interning with us. He has already helped us build a neat volunteer leader resource repository which they will find on our Discord server.

Meanwhile 19-year-old Amanda Pereira, in her second stint interning with us, has been helping me record conversations with our volunteer leaders which will be edited into thematic videos that will populate our website, outbound content, though leadership posts and more.

We are grateful for the hard work given by Amanda and Nathan who will return to college next week.

Our interns have made the following strides: 

  • Cleaned and structured our geographic and member journey data, which will soon power an interactive dashboard on Discord. 
  • Automated Discord role assignments for a seamless onboarding experience.  
  • Begun developing a member-meeting workflow automation, a CMT FAQ chatbot, and a comprehensive volunteer dashboard to streamline operations. 

Soon, you will see new features roll out on Discord, including chapter-specific pages with event calendars and a dedicated volunteer leader hub complete with onboarding guides, data dashboards, and advocacy toolkits. These features will be tested thoroughly on Discord before migrating to our main website, cmtassociation.org. 

Improving the admissions journey 

Led by Greg Harmon, CMT and supported by board liaison Mohit Handa, CMT, and staff liaison Louis Spector, CMT our Admissions Committee is working to make the path from passing Level III to earning the charter more transparent and efficient. Louis has this unique place as both a member of our Association and a member of our staff, and he is able to marry expectations with scalable procedures like no one else can. I am looking forward to what this team will develop. 

Key improvements include: 

  • Launching a clear checklist that defines approved work experience and clarifies sponsor responsibilities. 
  • Developing tutorials for both applicants and sponsors to reduce confusion and answer common questions. 
  • Centralizing admissions data to enable transparent tracking and faster, more accountable decisions. 

These changes are designed to address historical challenges, such as a lack of clarity around sponsorship and work experience, and to enhance the overall value and credibility of the CMT designation. 

Join us in building the future 

This progress is only possible through the dedication of our volunteers. We invite you to contribute your skills and passion to our mission. There are opportunities at every level, from helping organize local community meetups to engaging in national-level advocacy. 

Visit https://cmtassociation.org/association/volunteer-committees/join-a-volunteer-committee/ to explore available roles. Please mention this article when you reach out so we can connect you with the right opportunity. Together, we can continue to advance the profession and strengthen our global community. 

Meet your volunteer leaders: Their initiative and selflessness embody the spirit of our association. Login to MyCMT to contact these members through our Membership Directory.

Name Position
Jay Woods Board Liaison to the American Regional Committee
Ananda Bhaumik Board Liaison to the APAC Regional Committee
Damanick Dantes Board Liaison to EMEA Regional Committee
Gina Martin Adams Chair and Women in TA Thematic Advocate
Dan Shkolnik American Region Canada Board Liaison
David Keller American Region Chair
Sandra Stoutenburg American Region Women in TA Thematic Advocate
Mohit Handa APAC Region Member
Akira Homma APAC Region Member
Foram Chheda APAC Region Women in TA Thematic Advocate and Community Chair
APAC India Mumbai Women in TA Thematic Advocate
Cedric Thompson EMEA Region Chair
Taotao Xing EMEA Region European Liaison – Women in TA Thematic Advocate
Razan Hilal EMEA Region Women in TA Thematic Advocate
Brennan Basnicki American Canada Chapter Chair
Lee Zhao APAC Hong Kong Chapter Chair
Andy Chen APAC Hong Kong Chapter Member
Kush Ghodasara APAC India Chapter Chair
Alfred Khong APAC Malaysia Chapter Chair
Nikki Yu APAC Philippines Chapter Chair and Women in TA Thematic Advocate
Jake Chow APAC Singapore Chapter Chair
Isaac Lim APAC Singapore Chapter Co-Chair
Pongpat Khamchoo APAC Thailand Chapter Chair
Laplusrada Pensuk APAC Thailand Chapter Women in TA Thematic Advocate
Khang Diep APAC Vietnam Chapter Chair
Abdulelah Alfouzan EMEA Saudi Arabia Chapter Chair
Ryan Els EMEA South Africa Chapter Chair
Yara Fanek EMEA United Arab Emirates Chapter Women in TA Thematic Advocate
Kshrey Jain APAC India Banglore Community Chair
Aditya Iyer APAC India Mumbai Community Chair
Sanket Thakar APAC India Mumbai Community Member
Tejinder Singh Kodha APAC India Mumbai Community Member
Mitesh Kumar APAC India New Delhi Community Chair

Author(s)

Joel Pannikot

Joel Pannikot (pronounced Punny-Quote) is a business and AI strategist, leveraging technology to drive innovation in professional education and finance. As the Managing Director of CMT Association and Chartered Market…

CMT’s Strategic Path to the 2025 Global Investment Summit: Building Momentum Towards the 2025 Global Investment Summit

As the UAE continues to make significant strides in financial markets, Dubai has become a vibrant hub, driven by robust trading volumes, expanding institutional participation, and innovative regulatory developments. In Q1 2025, the Dubai Financial Market (DFM) recorded its highest average daily trading value in over a decade at AED 663 million, a 67% year-on-year increase, while total traded value surged 61% to AED 41 billion. The market welcomed 19,366 new investors, 86% of whom were foreign nationals, underscoring growing global confidence. (Government of Dubai Media Office – News – Thursday, May 1, 2025) 

This momentum extends to UAE banking, where top institutions saw an 8.4% rise in net income and robust asset performance. On the regulatory front, the Securities and Commodities Authority introduced the region’s first “finfluencer” license and enhanced virtual asset rules—steps aimed at reinforcing transparency and investor trust. (Securities and Commodities Authority (SCA) – May 28, 2025). 

CMT Association’s Regional Impact 

Amid Dubai’s evolving financial landscape, CMT Association has rapidly expanded its regional presence. Building on the success of the 2024 Dubai Summit, we strengthened our partnership with DIFC Academy through focused workshops for its member network and forged new collaborations with leading financial institutions to advance technical analysis education. 

Our strategic partnership with CNBC Arabia has further amplified this effort, bringing technical analysis into mainstream financial conversations. CMT Charterholders have been regularly featured on-air, sharing expert insights on market volatility, sector rotation, and digital asset risk management. 

Summit Progress: Setting the Stage 

With preparations intensifying, the 2025 Global Investment Summit has quickly evolved from concept to reality. Scheduled for September 30 to October 2, our event promises unmatched depth, with venues like DIFC Academy Conference Centre and the Museum of the Future confirmed. The preliminary agenda already includes more than 30 confirmed global thought leaders ready to share insights across digital assets, commodities, macroeconomics, and intermarket analysis. 

Early interest has surged, with over 250 professionals from around the world indicating interest in early-bird registrations through our dedicated event microsite – https://cmtassociation.org/conference/global-investment-summit/  

Inside the 2025 CMT Global Investment Summit 

Building on the momentum of our 2024 event, the 2025 Global Investment Summit offers three days of immersive learning, designed to meet the evolving needs of today’s market practitioners. 

  • September 30 – Foundations Day @ DIFC Academy
    A full day of concise, high-impact workshops covering core CMT Program concepts, trend analysis, momentum, volume, breadth, volatility, and risk management, designed to level-set attendees for the advanced content ahead. 
  • October 1–2 – Strategy Sessions @ Museum of the Future
    Two days of panels and technical presentations focused on four global themes: 
    1. Commodities & the Energy Transition 
    2. Digital Assets & DeFi 
    3. Treasury Rates & Global Macro 
    4. Equity Allocation: Valuation & Momentum 

Each theme blends macro context with tactical tools, helping attendees answer one key question: “How do we react responsibly to this information?” 

More Than a Conference: A Catalyst for Learning and Growth 

This Summit is designed to go beyond theory, offering actionable insights across today’s most pressing market themes: 

  • Market Liquidity in Focus: Learn how record DFM trading volumes can refine your risk and execution strategies. 
  • Digital Assets & Regulation: Understand how the UAE’s regulatory clarity is reshaping digital asset adoption and technical models. 
  • Global & Regional Perspectives: Engage with experts from both international institutions and GCC financial hubs. 
  • Cross-Border Capital Trends: Explore IPO momentum and sovereign wealth activity shaping regional flows. 
  • Interest Rate & Currency Cycles: Analyze global rate divergence and its impact on intermarket strategies. 
  • Equity Allocation Rethink: Align valuation with momentum to navigate sector shifts and macro overlays. 
  • Commodity & Energy Signals: Use technical tools to track evolving energy markets and commodity cycles. 

Explore the Summit Microsite & Secure Early-Bird Access 

The official microsite for the 2025 CMT Global Investment Summit is live at cmta.fyi/2025GIS, designed to help you plan every aspect of your participation with ease and clarity. Whether you’re attending from across the globe or within the GCC, the site provides a central hub for all key information regularly updated as the event takes shape. 

What you’ll find on the microsite: 

  • Summit Agenda Overview: Get a day-by-day breakdown of sessions, venues, and focus areas. Stay tuned, agenda details are updated regularly as session formats and themes are finalized. 
  • Speaker Lineup: Explore profiles of confirmed experts and industry leaders. We’re adding new speakers regularly, so check back often to see who’s joining the stage. 
  • Travel & Accommodation Info: We’ll soon be announcing exclusive room blocks at preferred hotels near both DIFC and the Museum of the Future. Stay tuned for special delegate rates and booking details, more information to follow shortly. 
  • Early-Bird Registration: Register your interest now to unlock the lowest available rates for the summit. Early registrants receive timely updates, access to delegate resources, and priority event information as it becomes available. 

Powering the Summit Together – Celebrating Our Collaborators 

We extend our sincere thanks to Optuma, our valued sponsor, for their continued support of the CMT Global Investment Summit. As a global leader in advanced charting and market analytics, Optuma’s commitment to innovation and education is deeply aligned with our mission to advance the practice of technical analysis around the world.

We are also proud to recognize CNBC Arabia as our Strategic Partner for the 2025 Summit. Through exclusive interviews with CMT Charterholders and dedicated coverage leading up to the event, this partnership is helping to bring technical analysis into the regional spotlight and amplifying the impact of our work across the MENA financial ecosystem. 

Also coming soon: Look out for a dedicated television commercial airing on CNBC Arabia, promoting the summit and reinforcing the global spotlight on technical analysis in Dubai. 

Visit cmta.fyi/2025GIS and be part of the momentum. 

More sponsorship announcements will follow in the coming weeks as we continue to build strong partnerships with organizations that believe in the power of disciplined, data-driven investing. 

Together, these collaborations are shaping a world-class event and expanding the global dialogue around the future of finance. 

Media Library: Your Gateway to Summit Highlights 

Dive into the official Media Library on our Summit microsite a curated hub capturing the energy, insight, and impact of CMT Association’s most anticipated event. Whether you’re a returning delegate or exploring the summit for the first time, the media section offers: 

  • Photo Highlights from the 2024 Global Investment Summit, capturing key moments from the Museum of the Future and DIFC Academy. 
  • Video Clips & Interviews featuring CMT Charterholders, global speakers, and behind-the-scenes perspectives. 
  • Event Reels from CNBC Arabia and other media partners showcasing CMT Association’s growing visibility across the region. 

We’ll be updating this section regularly in the lead-up to September, so check back often for new content and inspiration as we gear up for the 2025 Summit. 

Join Us in Dubai 

The 2025 Global Investment Summit isn’t just another event, it’s a defining moment for the future of technical analysis and global investing. Set in one of the world’s fastest-growing financial centres, this summit brings together the brightest minds, boldest ideas, and most forward-thinking strategies shaping today’s markets. 

Whether you’re a portfolio manager, trader, analyst, or student of the markets, this is your chance to be part of something transformative. Gain real-world insights, forge global connections, and help elevate the craft of disciplined market analysis on a world stage. 

Don’t just watch the market move—learn to move with it. Dubai awaits.

 

Author(s)

Kaizad Marolia, CMT

Kaizad Marolia, CMT has over 13 years of work experience across the financial and educational industries. He is the Head of Partnerships and Growth in Asia at CMT Association, the…

Members Turned Out for Annual General Meeting

Recently, CMT Association held our Annual General Meeting on June 25th as a virtual webinar. We had record attendance! Thank you to all who attended and especially to those who contributed questions and comments.  

Our annual gathering is an important opportunity for members to connect with CMT Association leadership, engage in important governance matters, and hear firsthand about the strategic direction of CMT Association for the year ahead. We used the time together to discuss where we’ve been, where we are, where we’re going, and how we’ll get there together. Check out the July issue of Technically Speaking for a full recap. 

During the meeting, we announced the results of the membership vote, which covered the addition of four Directors-at-Large, the appointment of four Executive Officers, and the renewal for another 3-year term of four Directors. Our Board of Directors as of July 1, 2025 are the following dedicated volunteers. We thank them for their service to CMT Association. 

Officers: 

  • President: John Kolovos, CMT, CFA 
  • Vice-President: Dr. Kelly Corbiere, CMT, CFA, CFP 
  • Secretary: Gina Martin Adams, CMT, CFA  
  • Treasurer: Eric Caisse, CMT, CFA, CFP  

Directors: 

  • Ananda Bhaumik, CMT, CTP  
  • Damanick Dantes, CMT 
  • Janine Guenther, CMT, CFA 
  • Mohit Handa, CMT 
  • Akira Homma, CMT, CFA, MSTA, FRM, CIIA, CMA  
  • Dan Shkolnik, CMT, CIM 
  • Cedric Thompson, CMT, CFA 
  • Ari Wald, CMT, CFA 
  • Jay Woods, CMT

Author(s)

Heather Higgins

Heather Higgins serves as the Chief of Staff & Business Manager for the CMT Association, the global credentialing body for the Chartered Market Technician® designation. In this role, Heather oversees…

Strategic Voices on Strategic Platforms: CMT Association Partners with CNBC Arabia for the 2025 Global Investment Summit

In a landmark move to amplify the relevance of technical analysis across the Middle East and beyond, CMT Association is thrilled to welcome CNBC Arabia as a Strategic Partner for our 2025 Global Investment Summit, taking place from September 30 to October 2, 2025, at the iconic Museum of the Future in Dubai. 

This partnership is a commitment to elevate market dialogue, deepen financial literacy, and position CMT Charterholders as authoritative voices on the evolving nature of global markets. 

About CNBC Arabia: The Region’s Voice of Business 

Launched in 2003, CNBC Arabia is the region’s first and foremost 24-hour Arabic-language business news channel. Headquartered in Dubai Media City, it reaches millions of viewers across the Middle East and North Africa with authoritative coverage of finance, markets, and economic policy. 

With bureaus in key economic hubs including Riyadh, Cairo, Kuwait, and Doha, CNBC Arabia is uniquely positioned to shape regional financial narratives. Its in-depth coverage of macroeconomics, capital markets, policy developments, and corporate news makes it a trusted source for decision-makers, institutional investors, and retail audiences alike. 

For CMT Association, this collaboration opens a powerful regional channel to spotlight technical analysis as a vital component of modern investment strategy and to put our global community of Charterholders in front of new, engaged, and diverse audiences. 

Technical Analysis Takes Center Stage: Exclusive Interview Series 

As a key part of the partnership, CNBC Arabia has launched a special editorial series in the lead-up to the summit, featuring in-depth interviews with top CMT Charterholders and global strategists. These conversations, broadcast across the channel and digitally syndicated, explore timely market themes through the lens of technical analysis: 

  • Mike Hurley, CMT dissected whether interest rates are still the prime driver of markets, or if deeper structural forces are now in play. 
  • Clint Sorenson, CMT, CFA unpacked sector rotation, AI-fueled optimism, and what’s really behind the S&P 500 rally. 
  • Craig Johnson, CMT evaluated if we are witnessing the start of a sustained bull market or falling into a classic bear trap. 
  • Andreas Clenow analyzed global recession risks, the Fed’s tightening path, and the impact of U.S. political dynamics. 
  • Ralph Vince shared insights on market instability signals within credit markets and what rising fear gauges imply for risk managers. 
  • Vincent Randazzo, CMT reflected on the philosophy of markets, the psychology of investors, and how today’s conditions shape modern portfolio strategy. 

Each interview is now available for on-demand viewing on the CMT Association YouTube Channel, and offers an opportunity for our members and the wider public to engage with high-level market thinking shaped by the principles of technical analysis. 

This is just the beginning. In the weeks ahead, CNBC Arabia will continue to spotlight leading CMT Charterholders and market experts through a series of exclusive interviews, bringing timely insights on global macro trends, regional market developments, and advanced technical strategies. Stay tuned for more compelling conversations that deepen public understanding of technical analysis and showcase the depth of expertise within the CMT community.

The Strategic Value of Our Partnership with CNBC Arabia 

This partnership marks a significant milestone in CMT Association’s efforts to establish a strong regional presence and be recognized as a voice of authority in the Middle East and North Africa. With CNBC Arabia’s unmatched reach and credibility in Arabic-language financial journalism, this collaboration amplifies the visibility of the CMT Charter and the power of technical analysis. It allows us to engage new audiences—especially institutional investors, analysts, and policy influencers—while reinforcing the Association’s commitment to advancing market literacy and professional excellence across diverse financial ecosystems. 

 

Shaping the Future of Finance, Together 

The partnership with CNBC Arabia marks a defining step in CMT Association’s efforts to expand our presence across the Middle East and North Africa. As Strategic Partner for the 2025 Global Investment Summit, CNBC Arabia brings unmatched regional reach and credibility, ensuring that the conversations sparked at the summit resonate far beyond the event itself. 

With CNBC Arabia by our side, we are set to bring this event and the value of technical analysis to a whole new audience of institutional leaders, analysts, regulators, and students from across the Middle East and North Africa. 

We are deeply grateful to CNBC Arabia for their belief in the mission of CMT Association and look forward to shaping the future of finance—together. 

Author(s)

Kaizad Marolia, CMT

Kaizad Marolia, CMT has over 13 years of work experience across the financial and educational industries. He is the Head of Partnerships and Growth in Asia at CMT Association, the…

Rethinking Risk Management and the Myth of "Missing the Best Days"

Executive Summary

One of the most persistent myths in investing is that staying fully invested at all times is essential to avoid missing the market’s best days. This conventional wisdom not only oversimplifies market behavior but also exposes investors to significant, avoidable risk. This white paper identifies and addresses three critical flaws in that argument:

1. Extreme returns cluster during periods of market stress.

Historical analysis shows that 18 of the 20 largest daily gains and 19 of the 20 worst losses occurred when the S&P 500 was trading below its 200-day moving average, times marked by heightened volatility and economic uncertainty, not healthy market conditions. **See table 1 and figure 1

2. The “best days” argument ignores sequence-of-return risk.

The order and timing of returns matter as much as their magnitude. Early losses can permanently impair wealth accumulation, while early gains allow capital to grow from a larger base. Buy-and-hold strategies ignore this crucial dynamic.

3. Volatility erodes wealth through mathematical asymmetry.

A 50% loss requires a 100% gain to recover, making drawdown mitigation essential for compounding over time. High volatility isn’t just uncomfortable—it’s mathematically destructive.

This white paper will show that a disciplined, systematic approach to managing risk does not rely on the best days to improve risk-adjusted returns. By systematically adjusting equity exposure based on market health or trend indicators, investors can improve returns, minimize drawdowns, and reduce recovery times compared to passive index investing. We demonstrate that effective risk management doesn’t hinder long-term growth- it enhances it.

Introduction and Roadmap

Many studies suggest that missing just a handful of the market’s best days can drastically reduce long-term returns. These findings are often cited to promote buy-and-hold investing, especially during times of volatility. But this narrative ignores key realities that shape investment outcomes.

This paper takes a systematic approach to dismantling the myth and offers a more resilient path forward:
• Deconstructing the Myth
We examine how “best days” studies are constructed and reveal the flawed assumptions behind their conclusions.
• Understanding Market Reality
We analyze how extreme returns tend to cluster in periods of market stress, undermining the idea that staying fully invested is always safe.
• The Mathematics of Risk
We explain why volatility drag, loss asymmetry, and sequence-of-return risk matter more than most investors realize.
Practical Application
We show how dynamically adapting exposure in a rules-based and systematic way improves buy and hold without reliance on the best or worst day returns.
• A New Framework
We propose a modern approach to equity investing that prioritizes capital preservation while capturing long-term growth.

Understanding the “Best and Worst Days” Studies

These studies typically analyze historical stock market data and quantify the impact of missing the most extreme daily price movements. The standard methodology follows these steps:

  1. Establish a Baseline: A reference index, such as the S&P 500, calculates a long-term return assuming continuous investment.
  2. Identify the Best and Worst Days: The days are rank-sorted by return, then the highest and lowest returns are deleted from the analysis.
  3. Recalculate Performance: The impact of missing these days is analyzed by removing them from the return series and comparing the results to the baseline.
  4. Draw a Conclusion: The study asserts that missing the best days significantly reduces returns, while missing the worst days greatly enhances them. A combined approach (missing both) often shows moderate effects.

This methodology leads to a powerful conclusion: since the best days are often clustered near the worst days, attempting to avoid volatility may lead to missing substantial gains. This argument strengthens the buy-and-hold philosophy and discourages market timing strategies.

The Flaws in the “Best and Worst Days” Argument
While these studies provide interesting data points, they suffer from critical shortcomings:

1. Price Movements Are Path-Dependent

  • The studies assume that price fluctuations occur in isolation, ignoring the sequence in which they unfold. In reality, only three things truly matter: the price at which a security is purchased, the price at which it is sold, and any income received. Daily returns between those two points are essentially noise.

Historical data for SPY (S&P 500 ETF) from 1994 to 2024 reveals that 18 of the 20 biggest single-day gains and 19 of the 20 worst single-day losses occurred when the market was below its 200-day moving average (see Table 1). This indicates that extreme returns cluster during bearish, high-volatility periods rather than healthy uptrends. For example, during the 2008 Financial Crisis, 6 of the 20 largest daily gains and 10 of the 20 worst losses occurred between September and November, all while trading below the 200-day average. Similarly, in March 2020, 4 of the 20 worst days and 6 of the 20 best days coincided with the COVID-19 crash, again below the 200-day moving average.

  • Missing the worst days alone is a flawed scenario because worst days frequently cluster in downtrends, which risk management strategies aim to avoid.

2. Ex-Post Data Bias

  • Another problem is that the analysis is conducted with perfect hindsight. No investor can selectively remove the best or worst days from their trading experience. Many risk management forms do not rely on missing those specific days to succeed.
  • The notion that investors would only miss the best days assumes poor market timing. In reality, systematic trend-following or risk management approaches aim to avoid prolonged drawdowns and high-probability periods of elevated volatility, not just individual down days.

3. Ignoring the Context of Market Structure

  • The best days often occur in the middle of a bear market when investors are unlikely to be fully invested due to risk control. Approximately 85% of the top daily gains since 1988 occurred during market stress, often immediately following or adjacent to major down days (see Figure 1: S&P 500 daily price vs. 200-day moving average, highlighting the top 10 best and worst days).

  • Many best days are reflexive rallies within broader declines (e.g., the 2008 financial crisis and COVID-19 crash). Exposure to these best days does not necessarily equate to long-term gains if they occur in a secular downtrend.

4. Neglecting Risk-Adjusted Returns

  • The studies focus on absolute return impact without considering volatility and drawdowns.
  • A risk-managed approach that sidesteps major downtrends may sacrifice some upside but can provide better risk-adjusted returns.
  • Volatility clusters, meaning missing high-volatility days (up and down) may reduce risk and improve overall portfolio efficiency.

The Reality of Market Returns: Why Risk Management Matters

Investors often assume that markets deliver a steady return over time, but history tells a different story. Market returns are highly volatile, and the sequence in which they occur can profoundly impact wealth accumulation and sustainability. For investors—especially those approaching or in retirement—managing risk effectively is crucial for preserving capital and achieving long-term financial goals.

Market Returns Are Volatile and Unpredictable
While the long-term average return of the S&P 500 hovers around 9%* see appendix, annual returns fluctuate dramatically, swinging between substantial gains and severe losses. These fluctuations not only shape long-term outcomes but also impact investor behavior. Historical market data highlights this variability:

  • 1995: +37.6%
  • 2000: -9.1%
  • 2008: -37.0%
  • 2013: +32.4%
  • 2020: -33.9% (COVID Crash, March 2020)
  • 2022: -18.1%

Source: Bloomberg and Norgate data.

Large drawdowns can take years to recover from, eroding the power of compounding and testing investor resolve. Behavioral biases, such as loss aversion, often lead investors to sell in downturns and hesitate to reinvest, ultimately reducing long-term returns. Periods of severe market stress demonstrate that avoiding the worst days can be as critical as capturing the best. Tactical risk management helps limit deep drawdowns and positions investors to re-enter the market when conditions turn favorable.

The Impact of Sequence-of-Return Risk

Sequence-of-return risk refers to the impact of the timing of returns on an investor’s long-term portfolio performance, particularly for retirees making withdrawals. Two investors may achieve the same average return but experience dramatically different financial outcomes depending on when those returns occur. For example:

  • Investor A: Retires in 1995, benefiting from strong early returns (+30% in the early years). Their portfolio grows significantly, providing a larger base for compounding and withdrawals.
  • Investor B: Retires in 2008 and suffers an initial 37% loss. Their portfolio shrinks immediately, forcing withdrawals from a depleted capital base. Even as the market recovers, their remaining capital is insufficient to benefit from the rebound fully.

This risk is particularly acute when the market trades below its 200-day moving average, characterized by heightened volatility and economic distress. A Monte Carlo simulation (see Figure 2) illustrates how higher volatility widens the range of potential 30-year portfolio outcomes, even with identical average returns. At 25% annualized volatility, ending portfolio values scatter widely, reflecting the destructive impact of large fluctuations on compounding. A retiree experiencing early losses in such a regime risks irreversible portfolio impairment, as withdrawals exacerbate capital depletion.

Mathematic Foundation: The Asymmetry of Losses

Further, even long-term investors can be punished by significant drawdowns. The mathematical asymmetry of losses and subsequent required gains represents one of investing’s most consequential realities. When a portfolio experiences a decline, the percentage gain needed to recover to the original value increases non-linearly with the size of the loss. This relationship is expressed by the formula: Required gain (%) = [1/(1-Loss)] – 1, where Loss is expressed as a decimal. For example, a modest 10% decline necessitates an 11.1% subsequent gain to break even, while a 50% drawdown demands a 100% return to recover. This mathematical imbalance becomes increasingly punitive as losses deepen—a 75% decline requires a 300% gain to return to the original position. Such asymmetry fundamentally challenges the compound growth process, as larger drawdowns dramatically extend recovery periods and reduce the capital base available for future compounding. By limiting the magnitude of drawdowns, investors preserve more capital to participate in future growth opportunities, maintain the power of compounding, and significantly improve the probability of achieving long-term financial objectives.

Bridging Theory and Practice: The Defender Program in Action

While theoretical models and historical simulations illustrate the impact of volatility, drawdowns, and sequence of return risk, actual value emerges in the practical application of these principles. The Defender Program was built to navigate the conditions challenging long-term investors systematically: volatility clusters, deep market selloffs, and prolonged recoveries.

The chart in Figure 3 below compares the drawdowns in the Defender Program to a traditional buy-and-hold approach. The difference is not just academic: by mitigating the depth and duration of losses, the Defender preserves capital when it matters most, enabling investors to stay invested, recover faster, and compound more effectively over time.

The Impact of Black Swan Events on Portfolio Planning

Black Swan events—rare but severe market declines—can upend financial plans based on steady return assumptions. Historical examples include:

  • 1987 Black Monday: -22.6% in one day.
  • 2000-2002 Dot-Com Crash: -49.1% over 2.5 years.
  • 2008 Financial Crisis: -56.8% decline, requiring over four years to recover.
  • 2020 COVID Crash: -33.9% in one month.

Source: S&P 500 Index data via Bloomberg and Norgate.
Footnote: Past performance is not indicative of future results. Historical drawdowns are shown for illustrative purposes and do not reflect the performance of any specific investment.

Investors who need to withdraw assets during these downturns risk permanently impairing their wealth. A risk-aware investment approach reduces exposure to extreme declines, preserving capital and allowing portfolios to recover more quickly.

A Smarter Approach to Market Cycles

Traditional diversification strategies often fail to prevent substantial losses during deep bear markets, and market timing is prone to emotional decision-making. A more effective solution lies in systematic, data-driven risk management, which dynamically adjusts equity exposure based on objective indicators of market health, such as moving averages or market breadth
metrics. This is the foundation of the Defender Program.

Defender Program vs. Buy & Hold: Risk-Adjusted Performance

The Defender Program is an adaptive, subscription-based risk management service built for financial professionals seeking to minimize severe drawdowns while capturing market uptrends.

Unlike passive buy-and-hold strategies, Defender dynamically adjusts exposure based on market health indicators, reducing volatility while enhancing long-term, absolute and risk-adjusted returns. Its breadth-driven approach anticipates shifts in market conditions by analyzing internal strength, enabling proactive adjustments ahead of major tops and bottoms.

Performance Comparison

From 1988 to 2023, empirical analysis demonstrates Defender’s advantages over S&P 500 buy-and-hold (see Figure 4: Cumulative growth of $100 for Defender vs. Buy & Hold). Key metrics include:

Footnote: Volatility annualized from daily returns, σ_annual = σ_daily × √252.

The Defender Program’s performance metrics are based on proprietary analysis conducted by Vincent Randazzo covering the period from 1988 to 2023.

The results reflect a backtested model strategy and are not based on actual client accounts.

The performance results shown are hypothetical and were achieved through backtesting. Backtested performance does not reflect actual trading and has inherent limitations, including the benefit of hindsight and the absence of real-world market conditions such as liquidity constraints or investor behavior.

The S&P 500 performance is based on historical index data and provided only for comparison purposes. The Defender Program is not an index and may not be directly comparable. No guarantee is provided that the Defender Program will achieve similar results. All investments involve risk, including the potential loss of principal. Investors should not rely solely on hypothetical or backtested performance data when making investment decisions.

Defender’s rules-based approach achieved a higher compounded annual return (15.4% vs. 10.0%) with 25% lower volatility, resulting in a smoother equity curve (see Figure 4: Portfolio value growth under different volatility regimes). During the 2008–09 crisis, Defender moved to cash and avoided the market’s 56.8% drawdown. The 2020 COVID crash limited losses to – 19.7% compared to -33.9% for buy-and-hold. By avoiding prolonged downtrends, Defender preserves capital, enabling faster recovery and stronger compounding. For example, $100 invested in 1988 grew to over $17,000 under Defender, versus about $3,100 under buy-and-hold by 2023.

Better Risk-Adjusted Returns

In the institutional world, returns are not assessed in isolation. A successful strategy must seek to enhance returns intelligently while carefully moderating any additional risk. The Sharpe ratio translates each strategy’s excess return into “return per unit of volatility,” providing a rigorous, scale-free measure of reward for the risk taken. A 24-month look-back approximates a full business cycle, long enough to smooth out seasonal noise while capturing cyclical regime shifts.

In Figure 5, the Defender line remains predominantly above the S&P 500 line and spends less time in negative territory. This confirms that Defender’s higher absolute return profile (shown in 10 earlier exhibits) is not achieved by simply taking more risk; instead, it consistently generates superior risk-adjusted returns. Periods such as 2000-02, 2008-09, and 2022—when the S&P 500’s Sharpe ratio plunges—highlight Defender’s ability to preserve capital and keep the ratio positive, underscoring the strategy’s resilience during market stress.

Rethinking Risk: A More Efficient Path to Long-Term Growth

Instead of assuming markets follow a steady upward trajectory, investors need a resilient strategy that accounts for market cycles, sequence-of-return risk, and Black Swan events. The Defender Program provides a systematic, adaptive risk management strategy that limits downside exposure while ensuring participation in market uptrends. By proactively mitigating extreme drawdowns, investors can:

  • Preserve capital
  • Sustain long-term growth
  • Reduce emotional stress
  • Maintain flexibility to seize future opportunities.

This approach fosters exceptional compounding, lower volatility, and greater resilience, allowing advisors and investors to focus on long-term success.

Conclusion: A Smarter Way Forward

The oft-cited warning about “missing the best days” is misleading- it’s dangerous when used to justify perpetual exposure to market risk. Most of these best days occur amid bear markets when risk and volatility are at their highest. Relying on averages and absolutes obscures the real-world complexity of investor behavior, portfolio fragility, and the very nature of compounding.

The path investors take matters. Sequence-of-return risk, volatility drag, and the asymmetry of losses all argue for a more thoughtful approach that actively manages the downside without relying on prediction. Systematic strategies like the Defender Program demonstrate that staying invested without staying exposed is possible, preserving capital during stress and participating when conditions improve.

Investing shouldn’t be about fear of missing out- it should be about maximizing the probability of achieving long-term goals confidently. Risk management isn’t market timing. It’s portfolio stewardship. It may be the most critical decision for investors and advisors alike.

The Defender Program demonstrates that systematic, data-driven risk management can enhance long-term returns while significantly reducing portfolio volatility and drawdowns. Investors can achieve a more efficient path to long-term wealth accumulation and financial security by preserving capital during market downturns and participating in sustained uptrends.

In an investment landscape characterized by unpredictable volatility and Black Swan events, strategic navigation of market cycles through disciplined risk management is essential for success.

Key Takeaways:

  • Risk management outperforms buy-and-hold.
  • Defender preserves capital and enhances compounding.
  • Systematic strategies navigate volatility.

Compliance Disclaimer: This document is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The information provided herein reflects the views of the author(s)
only and is subject to change without notice.

Performance results attributed to the Defender Program are based on hypothetical backtested data from 1988 to 2023. Backtesting involves the use of historical data and assumptions to simulate past performance. Such results do not reflect actual trading and are subject to numerous limitations, including but not limited to survivorship bias, hindsight bias, and model risk. All references to annualized returns, standard deviation (volatility), maximum drawdown, and Sharpe ratios are derived from proprietary models. These figures are presented for illustrative purposes only. Actual results may vary significantly.

Comparisons to the S&P 500 are made for general informational purposes. The S&P 500 is an index and cannot be invested in directly. Index performance does not reflect investment management fees, trading expenses, or taxes. Past performance — actual or simulated — does not indicate future results. No investment strategy can guarantee returns or eliminate the risk of loss. Investors should carefully consider their circumstances and consult a qualified
investment professional before making investment decisions.

Author(s)

Vincent M. Randazzo, CMT

Vincent has guided portfolio managers and investors through multiple market cycles, developing proprietary market breadth indicators that help minimize losses in downturns while maximizing upside. As founder of ViewRight Advisors,…

Ryan Gorman

Ryan Gorman is the Chief Investment Officer of West Michigan Advisors, Tamarisk Multi-family Office and Tamarisk Research. He has over 12 years of experience managing portfolios and performing investment research.…

Shawn R. Keel

Shawn R. Keel is a Portfolio Manager and principal quantitative strategist at Quoin Capital Analytics (QCA) / Worldsource Securities Inc. (WSI). At QCA/WSI, he oversees all research, design, and portfolio…

In Memory of Charles D. Kirkpatrick II, CMT

Charlie passed away on June 17, 2025; he was 83. Throughout his 55+ years in the investment field, the national media and his peers recognized Charles D. Kirkpatrick II. He was featured on Wall $treet Week, CNBC, and in the magazine Technical Analysis of Stocks and Commodities, was quoted in such publications as The Wall Street Journal, BusinessWeek, Forbes, Futures magazine, Money magazine, and The New York Times, and wrote articles for Barron’s and the Market Technicians Association, the MTA Educational Foundation, and The Swiss Technical Analysis journals. He won the annual Charles H. Dow Award twice in 1993 and 2001. In 2008, he won the Market Technicians Association Annual Award for “outstanding contributions to the field of technical analysis.” In 2012, he was honored with the MTAEF’s Mike Epstein Award for “his work in academia supporting educational programs in the field of technical analysis.”

He was a featured speaker before such professional organizations as the New York Society of Security Analysts, Financial Analysts Federation, Market Technicians Association, the Foundation for the Study of Cycles, and numerous colleges and universities. He was a Chartered Market Technician, a former Board Member of the Market Technicians Association, Market Technicians Association Educational Foundation (MTAEF), former editor of the Journal of Technical Analysis, and Chairman of the MTAEF’s Academic Liaison Committee, responsible for the development of courses in technical analysis at major business schools.

Together with university finance instructor, Dr. Julie Dahlquist, CMT, Charlie wrote the textbook Technical Analysis: The Complete Resource for Financial Market Technicians which systematically explained the theory of technical analysis, presenting academic evidence both for and against it. Technical Analysis was the first book on the subject suitable for the full-length courses taken to achieve the Chartered Market Technician (CMT) designation and Series 86 exam exemption and is now in its third edition. The book was The Technical Analyst’s (UK) Book of the Year runner-up in both 2013 and 2014.

After serving as a combat-decorated officer with the 1st Cavalry Division in Vietnam, Charlie began his career with the investment advisory division of Brown Brothers Harriman & Co. in New York, managing the Harriman family accounts. He later moved to the Tabell Group at Walston & Co. in New York, where he assisted in the origination of an extensive historical database on the stock market and in the creation of one of Wall Street’s first block trading desks. He then joined the Arthur Lipper Corporation in New York, where he originated several notable studies on individual stock price patterns, relative price strength, and earnings growth.

Charlie won the Charles H. Dow Award twice (1994 and 2001), the Service Award (2007) and the Annual Award (2008). That is a record that no one else has matched.

He won the first Charles H. Dow Award in 1994. I served on the committee with the late Hank Pruden. Charlie’s paper met the standards of excellence that were envisioned for the Award and inspired the creativity desired for the Award. “Another pioneer gone. An irreplaceable loss.”

– Walter Deemer

“Charlie was definitely not your typical technician. During the time he lived in Bayfield, Colorado, he would disappear into the mountain wilderness for a week every fall. He came back with an elk and had it butchered to eat during the long Colorado winter. Memory #2: Charlie’s Colorado home was just a few miles from Dick Arms’ summer place. In 2001 my wife and I rented a cabin in the area for a month. They hosted an MTA Lobsterfest; there’s a picture of it in one of the MTA newsletters.

“Charlie was always gracious, and had encouraging words for me as I wrestled with the CMT Program. Of course, the book he co-authored with Julie Dahlquist was a lodestar text for us. May his memory be a blessing.”

– Stan Dash

“Charlie was, IMO, one of the most interesting of technicians. I didn’t know him very well, but he was part scholar and part fisherman. He was entertaining to speak with and had many fishing stories.”

– Ken Tower

“Back when I was in San Antonio, Charlie was working with Ian Woodward (another interesting and entertaining analyst), Matt Sorrels and George Roberts of HGSI where they were incorporating many of the the concepts into their software that Charlie had written about in his paper in 2001 “Stock Selection: A Test Of Relative Stock Values Reported Over 17 ½ Years” We were trying to start a local chapter of the MTA/CMT Assn and Charlie and Fred Meissner were our first speakers. He was always very willing to support us in anyway he could…”

– Duke Jones

In 1970 Charlie co-founded the Market Forecasting division of Lynch, Jones & Ryan and in 1978 his own market forecasting and brokerage firm, Kirkpatrick & Company, Inc., which published an investment-strategy letter, provided computerized stock-selection methods to institutional portfolio managers, managed a hedge fund, and traded options on the PHLX and CBOE. When he retired from the investment management, brokerage and trading businesses, he continued to publish his Market Strategist letter, calculated his award-winning stock-selection lists, wrote books and articles on trading and investing, and was an Adjunct Professor of Finance, teaching technical analysis at Brandeis University International Business School, Waltham, MA.

He was a graduate of Phillips Exeter Academy, Harvard College (AB), and the Wharton School at the University of Pennsylvania (MBA).

Author(s)

CMTA Presenter | No photo placeholder
Barbara I. Gomperts

Barbara Gomperts was the long-time production coordinator for Technically Speaking, among other marketing and publication-related functions, working out of Marblehead, MA.

Hold the Phone!

Your trusty team of CMT Association staffers will be away from their desks and largely offline July 15th – 18th so that they can attend a strategic planning & alignment work session. We’re calling it CMT Momentum.  

In our various roles, we are all immersed in problem solving and daily execution of our responsibilities. During this offsite meeting, we will take a step back and look at our greater potential as a well-coordinated team organized around setting and achieving ambitious goals. 

In fiscal year 2025, we made huge strides with the CMT Program, member services, and profitability. That work will continue, but we also aim to scale up the internal systems needed to achieve even greater efficiency and growth in the years ahead.  

Please pardon a delay in our response times July 15th – 18th. We’ll be back to our regularly scheduled programming on July 21st 

Author(s)

Heather Higgins

Heather Higgins serves as the Chief of Staff & Business Manager for the CMT Association, the global credentialing body for the Chartered Market Technician® designation. In this role, Heather oversees…

Congratulations to our 4 New Chartered Market Technicians!

We are thrilled to announce the achievement of 4 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field of technical analysis and investment strategy.

The Chartered Market Technician (CMT) designation is a globally recognized certification awarded by CMT Association. It reflects a deep understanding of market dynamics, proficiency in technical analysis, and a commitment to upholding the highest standards of professional conduct.

These newly certified individuals have demonstrated their expertise in interpreting market trends, identifying patterns, and making informed investment decisions based on rigorous analysis. Their attainment of the CMT designation underscores their commitment to excellence and distinguishes them as leaders in the financial industry.

In an ever-evolving market landscape, the expertise provided by Chartered Market Technicians is invaluable. Their proficiency in analyzing market data and identifying emerging trends equips them to navigate complex financial markets with confidence and precision.

We extend our heartfelt congratulations to these 4 individuals on their remarkable achievement. Their dedication, perseverance, and expertise serve as a testament to the significance of the Chartered Market Technician (CMT) designation in today’s financial world.

Please join us in celebrating their success and wishing them continued excellence in their careers as Chartered Market Technicians.

Jose Nader Calero

Tymofii Melnyk

Christopher Moore

Trevor Thompson

Author(s)

Barbara Terry

Barbara Terry is the CMT Association’s volunteer coordinator, based in New York. She has close to 20 years of experience in large-scale project management and account management roles, and is…

Finding Our Tribe: The Importance of Membership

Amid all the ups and downs, investing can often feel like a lonely pursuit. I learned this at a very young age, and I’m grateful that my journey eventually led me to the CMT Association—a true community of like-minded professionals. 

My passion for markets began around the age of 12. I remember racing home from school to fire up the modem to managed mock trades for a small group of classmates. I was a little portfolio manager just in time to witness the end of the dot-com boom. Together, we experienced the volatility of that era—accounting scandals, a terrorist attack, the rise of China, and eventually, the global financial crisis. 

Those early experiences taught me an enduring lesson: while we can’t control the markets, we can control what we put in our notebooks—and who we surround ourselves with. Friends who reacted emotionally to every headline often dragged our team’s portfolio down, while the more disciplined ones fared better. Even in chaos, I saw how resilient markets could be, and how innovation found a way forward.  

One of my teachers, who had quietly observed our investing club for years, left me with a simple message before I left for college: “Find your voice, and find your tribe.” That advice has stayed with me ever since. 

My passion has taken me far. I joined the global asset allocation team at Fidelity Investments and developed an investment process that blends global macro, quantitative, and technical methods. Over the years, I refined that approach at other institutions and now at my own firm that manages global multi-asset portfolios. My firm is built around close relationships that I’ll carry forever. 

I earned my CMT designation during my time at Fidelity, and in doing so, I found my tribe. CMT members are unique—we embrace uncertainty. This is the community I longed for, one that speaks to the passion I’ve carried since childhood. 

I joined the CMT Board of Directors last year to complete the three-year term of a former board member. I am now up for election for the start of my own three-year term. So far, I have served on the Governance and Chapter Development Committees, where we work to enhance board effectiveness and expand regional engagement. I also co-founded the CMT Global Black Caucus alongside Cedric Thompson, where we’ve built a growing network of diverse investment professionals and students from around the world. Stay tuned for our upcoming summer webinar. 

Over the past year, I’ve advocated for members eager to contribute, from South America to Saudi Arabia. I’ve championed resources for local chapter development, helped recruit new board members, engaged with academic institutions, mentored the next generation of charter holders, and collaborated with our global media partners. 

CMT charter holders—and board members in particular—are not just stewards of technical analysis. We are champions of high ethical standards across the broader investment industry. Where others may lack discipline, we offer objective, well-reasoned insight to help market participants make informed decisions. 

This is not a top-down organization—our best ideas come from members and volunteers who represent the future of investing. If this mission resonates with you, I invite you to connect. Share your ideas, volunteer, and represent your region.  

Damanick Dantes, CMT

A New “Chapter” for Our “Memberverse”

2 years ago, our Association turned 50. At our board’s Long Range Planning meeting that year, a lot of thought was invested in what our next 50 years can be. The Chapter Development Committee (CDC) was instituted because of this effort. What you will read here is a result of 2 years of dedicated thought and selfless effort by our CDC and other volunteer leaders.  

Re-envisioning our chapters and communities

For decades, our chapters were city-based groups where members could connect and learn from one another. This fostered a strong sense of fellowship, was vital to our growth and was foundational to our core values: trustworthiness, humility, initiative, and selflessness. As our Association has grown, we recognized the need to evolve how we organize ourselves to better serve our mission of being the world’s foremost advocacy body for technical analysis.  

To amplify our impact, our CDC, led by Gina Martin Adams, CMT, alongside Jay Woods, CMT, Ananda Bhaumik, CMT, and Damanick Dantes, CMT, and previously Dan Shklolnik, and Eric Caisse, CMT and others re-envisioned this structure. 

We’ve shifted to a model where “Chapters” are now responsible for a “market jurisdiction,” which typically means an entire country. This national focus empowers us to engage more effectively with regulators and media, who operate at that level worldwide. 

At the same time, we’ve preserved the close-knit core of our organization through what we now call “Communities.” These are city-based groups within a 35-mile radius with at least 10 active members. Communities are the heart of our grassroots advocacy, enabling members to connect with local universities and financial services employers to promote the rigor and value of technical analysis, the CMT way. 

Our global footprint now consists of three regions—Americas (AMER), Asia-Pacific (APAC), and Europe, Middle East, and Africa (EMEA)—encompassing 22 formal national chapters and 3 “chapters-in-waiting.” Within these chapters we have a total of 62 communities. Cumulatively they include over 85% of our active universe of members and CMT program candidates. 

Here are the names in order of numbers: 

  • Region: AMER 
    • Chapters: United States, Canada, Mexico, Brazil, Argentina – in-waiting
    • Communities: New York, Toronto, Boston, Chicago, Los Angeles, Dallas, Miami, Washington, D.C., San Francisco, Minneapolis, Houston, Denver, Austin, Salt Lake City, Montreal, Atlanta, Orlando, Tampa, Phoenix, Charlotte, Calgary, Columbus, Vancouver, Seattle, Indianapolis, Cleveland, Richmond, St. Louis, Detroit, Jacksonville, Nashville, Pittsburgh, Cincinnati, Kansas City, Mexico City, Milwaukee, Colorado Springs, Raleigh  
  • Region: APAC 
    • Chapters: India, Singapore, Hong Kong, Australia, Thailand, Vietnam, Malaysia, Philippines, China – in-waiting 
    • Communities: Mumbai, Singapore, New Delhi, Hong Kong, Bangkok, Kolkata, Bangalore, Sydney, Kuala Lumpur, Ahmedabad, Pune, Manila, Ho Chi Minh City, Hyderabad, Jaipur, Hanoi, Chennai, Chandigarh  
  • Region: EMEA  
    • Chapters: Switzerland, United Arab Emirates, United Kingdom, Saudi Arabia, Spain, Netherlands, Germany, South Africa, France, Portugal – in waiting, Egypt – in waiting 
    • Communities: Dubai, London, Zurich, Geneva, Riyadh, Abu Dhabi, Amsterdam, Madrid 

If you are in any of these places and want to participate in building a vibrant community to advance our mission, connect with your region, chapter or community volunteer leader.  

So, what if I’m not in any of these places? 

Enhancing our digital experience: https://cmta.fyi/discord  

Our digital community is flourishing, especially on Discord. The server has grown to over 8,000 members, creating a vibrant space for candidates and charterholders to discuss markets, share study advice, and connect with peers. Initiatives like the CMT Investment Challenge and our exclusive jobs board have thrived on this platform, forging new friendships, careers, and collaborations. 

Behind the scenes, our team of talented interns has been instrumental in modernizing our data infrastructure.

Keefe Pereira and Yohan Rodrigues, have completed their undergraduate engineering courses in Computer Science this month. As an extension of their course requirements, they have been interning with me since January and I am hoping they will continue to do so till next January, after which they will join a graduate program in Artificial Intelligence at RMIT Melbourne in February 2026.

Yohan and Keefe have been instrumental in helping me clean our legacy data with elegant logic structures to help us determine global community clustering, and CMT journey progress, both of which will be critical for our volunteer leaders.

They are being supported by 2nd year undergrad engineering student Nathan Cherian, who is currently investing his vacation month in interning with us. He has already helped us build a neat volunteer leader resource repository which they will find on our Discord server.

Meanwhile 19-year-old Amanda Pereira, in her second stint interning with us, has been helping me record conversations with our volunteer leaders which will be edited into thematic videos that will populate our website, outbound content, though leadership posts and more.

We are grateful for the hard work given by Amanda and Nathan who will return to college next week.

Our interns have made the following strides: 

  • Cleaned and structured our geographic and member journey data, which will soon power an interactive dashboard on Discord. 
  • Automated Discord role assignments for a seamless onboarding experience.  
  • Begun developing a member-meeting workflow automation, a CMT FAQ chatbot, and a comprehensive volunteer dashboard to streamline operations. 

Soon, you will see new features roll out on Discord, including chapter-specific pages with event calendars and a dedicated volunteer leader hub complete with onboarding guides, data dashboards, and advocacy toolkits. These features will be tested thoroughly on Discord before migrating to our main website, cmtassociation.org. 

Improving the admissions journey 

Led by Greg Harmon, CMT and supported by board liaison Mohit Handa, CMT, and staff liaison Louis Spector, CMT our Admissions Committee is working to make the path from passing Level III to earning the charter more transparent and efficient. Louis has this unique place as both a member of our Association and a member of our staff, and he is able to marry expectations with scalable procedures like no one else can. I am looking forward to what this team will develop. 

Key improvements include: 

  • Launching a clear checklist that defines approved work experience and clarifies sponsor responsibilities. 
  • Developing tutorials for both applicants and sponsors to reduce confusion and answer common questions. 
  • Centralizing admissions data to enable transparent tracking and faster, more accountable decisions. 

These changes are designed to address historical challenges, such as a lack of clarity around sponsorship and work experience, and to enhance the overall value and credibility of the CMT designation. 

Join us in building the future 

This progress is only possible through the dedication of our volunteers. We invite you to contribute your skills and passion to our mission. There are opportunities at every level, from helping organize local community meetups to engaging in national-level advocacy. 

Visit https://cmtassociation.org/association/volunteer-committees/join-a-volunteer-committee/ to explore available roles. Please mention this article when you reach out so we can connect you with the right opportunity. Together, we can continue to advance the profession and strengthen our global community. 

Meet your volunteer leaders: Their initiative and selflessness embody the spirit of our association. Login to MyCMT to contact these members through our Membership Directory.

Name Position
Jay Woods Board Liaison to the American Regional Committee
Ananda Bhaumik Board Liaison to the APAC Regional Committee
Damanick Dantes Board Liaison to EMEA Regional Committee
Gina Martin Adams Chair and Women in TA Thematic Advocate
Dan Shkolnik American Region Canada Board Liaison
David Keller American Region Chair
Sandra Stoutenburg American Region Women in TA Thematic Advocate
Mohit Handa APAC Region Member
Akira Homma APAC Region Member
Foram Chheda APAC Region Women in TA Thematic Advocate and Community Chair
APAC India Mumbai Women in TA Thematic Advocate
Cedric Thompson EMEA Region Chair
Taotao Xing EMEA Region European Liaison – Women in TA Thematic Advocate
Razan Hilal EMEA Region Women in TA Thematic Advocate
Brennan Basnicki American Canada Chapter Chair
Lee Zhao APAC Hong Kong Chapter Chair
Andy Chen APAC Hong Kong Chapter Member
Kush Ghodasara APAC India Chapter Chair
Alfred Khong APAC Malaysia Chapter Chair
Nikki Yu APAC Philippines Chapter Chair and Women in TA Thematic Advocate
Jake Chow APAC Singapore Chapter Chair
Isaac Lim APAC Singapore Chapter Co-Chair
Pongpat Khamchoo APAC Thailand Chapter Chair
Laplusrada Pensuk APAC Thailand Chapter Women in TA Thematic Advocate
Khang Diep APAC Vietnam Chapter Chair
Abdulelah Alfouzan EMEA Saudi Arabia Chapter Chair
Ryan Els EMEA South Africa Chapter Chair
Yara Fanek EMEA United Arab Emirates Chapter Women in TA Thematic Advocate
Kshrey Jain APAC India Banglore Community Chair
Aditya Iyer APAC India Mumbai Community Chair
Sanket Thakar APAC India Mumbai Community Member
Tejinder Singh Kodha APAC India Mumbai Community Member
Mitesh Kumar APAC India New Delhi Community Chair

CMT’s Strategic Path to the 2025 Global Investment Summit: Building Momentum Towards the 2025 Global Investment Summit

As the UAE continues to make significant strides in financial markets, Dubai has become a vibrant hub, driven by robust trading volumes, expanding institutional participation, and innovative regulatory developments. In Q1 2025, the Dubai Financial Market (DFM) recorded its highest average daily trading value in over a decade at AED 663 million, a 67% year-on-year increase, while total traded value surged 61% to AED 41 billion. The market welcomed 19,366 new investors, 86% of whom were foreign nationals, underscoring growing global confidence. (Government of Dubai Media Office – News – Thursday, May 1, 2025) 

This momentum extends to UAE banking, where top institutions saw an 8.4% rise in net income and robust asset performance. On the regulatory front, the Securities and Commodities Authority introduced the region’s first “finfluencer” license and enhanced virtual asset rules—steps aimed at reinforcing transparency and investor trust. (Securities and Commodities Authority (SCA) – May 28, 2025). 

CMT Association’s Regional Impact 

Amid Dubai’s evolving financial landscape, CMT Association has rapidly expanded its regional presence. Building on the success of the 2024 Dubai Summit, we strengthened our partnership with DIFC Academy through focused workshops for its member network and forged new collaborations with leading financial institutions to advance technical analysis education. 

Our strategic partnership with CNBC Arabia has further amplified this effort, bringing technical analysis into mainstream financial conversations. CMT Charterholders have been regularly featured on-air, sharing expert insights on market volatility, sector rotation, and digital asset risk management. 

Summit Progress: Setting the Stage 

With preparations intensifying, the 2025 Global Investment Summit has quickly evolved from concept to reality. Scheduled for September 30 to October 2, our event promises unmatched depth, with venues like DIFC Academy Conference Centre and the Museum of the Future confirmed. The preliminary agenda already includes more than 30 confirmed global thought leaders ready to share insights across digital assets, commodities, macroeconomics, and intermarket analysis. 

Early interest has surged, with over 250 professionals from around the world indicating interest in early-bird registrations through our dedicated event microsite – https://cmtassociation.org/conference/global-investment-summit/  

Inside the 2025 CMT Global Investment Summit 

Building on the momentum of our 2024 event, the 2025 Global Investment Summit offers three days of immersive learning, designed to meet the evolving needs of today’s market practitioners. 

  • September 30 – Foundations Day @ DIFC Academy
    A full day of concise, high-impact workshops covering core CMT Program concepts, trend analysis, momentum, volume, breadth, volatility, and risk management, designed to level-set attendees for the advanced content ahead. 
  • October 1–2 – Strategy Sessions @ Museum of the Future
    Two days of panels and technical presentations focused on four global themes: 
    1. Commodities & the Energy Transition 
    2. Digital Assets & DeFi 
    3. Treasury Rates & Global Macro 
    4. Equity Allocation: Valuation & Momentum 

Each theme blends macro context with tactical tools, helping attendees answer one key question: “How do we react responsibly to this information?” 

More Than a Conference: A Catalyst for Learning and Growth 

This Summit is designed to go beyond theory, offering actionable insights across today’s most pressing market themes: 

  • Market Liquidity in Focus: Learn how record DFM trading volumes can refine your risk and execution strategies. 
  • Digital Assets & Regulation: Understand how the UAE’s regulatory clarity is reshaping digital asset adoption and technical models. 
  • Global & Regional Perspectives: Engage with experts from both international institutions and GCC financial hubs. 
  • Cross-Border Capital Trends: Explore IPO momentum and sovereign wealth activity shaping regional flows. 
  • Interest Rate & Currency Cycles: Analyze global rate divergence and its impact on intermarket strategies. 
  • Equity Allocation Rethink: Align valuation with momentum to navigate sector shifts and macro overlays. 
  • Commodity & Energy Signals: Use technical tools to track evolving energy markets and commodity cycles. 

Explore the Summit Microsite & Secure Early-Bird Access 

The official microsite for the 2025 CMT Global Investment Summit is live at cmta.fyi/2025GIS, designed to help you plan every aspect of your participation with ease and clarity. Whether you’re attending from across the globe or within the GCC, the site provides a central hub for all key information regularly updated as the event takes shape. 

What you’ll find on the microsite: 

  • Summit Agenda Overview: Get a day-by-day breakdown of sessions, venues, and focus areas. Stay tuned, agenda details are updated regularly as session formats and themes are finalized. 
  • Speaker Lineup: Explore profiles of confirmed experts and industry leaders. We’re adding new speakers regularly, so check back often to see who’s joining the stage. 
  • Travel & Accommodation Info: We’ll soon be announcing exclusive room blocks at preferred hotels near both DIFC and the Museum of the Future. Stay tuned for special delegate rates and booking details, more information to follow shortly. 
  • Early-Bird Registration: Register your interest now to unlock the lowest available rates for the summit. Early registrants receive timely updates, access to delegate resources, and priority event information as it becomes available. 

Powering the Summit Together – Celebrating Our Collaborators 

We extend our sincere thanks to Optuma, our valued sponsor, for their continued support of the CMT Global Investment Summit. As a global leader in advanced charting and market analytics, Optuma’s commitment to innovation and education is deeply aligned with our mission to advance the practice of technical analysis around the world.

We are also proud to recognize CNBC Arabia as our Strategic Partner for the 2025 Summit. Through exclusive interviews with CMT Charterholders and dedicated coverage leading up to the event, this partnership is helping to bring technical analysis into the regional spotlight and amplifying the impact of our work across the MENA financial ecosystem. 

Also coming soon: Look out for a dedicated television commercial airing on CNBC Arabia, promoting the summit and reinforcing the global spotlight on technical analysis in Dubai. 

Visit cmta.fyi/2025GIS and be part of the momentum. 

More sponsorship announcements will follow in the coming weeks as we continue to build strong partnerships with organizations that believe in the power of disciplined, data-driven investing. 

Together, these collaborations are shaping a world-class event and expanding the global dialogue around the future of finance. 

Media Library: Your Gateway to Summit Highlights 

Dive into the official Media Library on our Summit microsite a curated hub capturing the energy, insight, and impact of CMT Association’s most anticipated event. Whether you’re a returning delegate or exploring the summit for the first time, the media section offers: 

  • Photo Highlights from the 2024 Global Investment Summit, capturing key moments from the Museum of the Future and DIFC Academy. 
  • Video Clips & Interviews featuring CMT Charterholders, global speakers, and behind-the-scenes perspectives. 
  • Event Reels from CNBC Arabia and other media partners showcasing CMT Association’s growing visibility across the region. 

We’ll be updating this section regularly in the lead-up to September, so check back often for new content and inspiration as we gear up for the 2025 Summit. 

Join Us in Dubai 

The 2025 Global Investment Summit isn’t just another event, it’s a defining moment for the future of technical analysis and global investing. Set in one of the world’s fastest-growing financial centres, this summit brings together the brightest minds, boldest ideas, and most forward-thinking strategies shaping today’s markets. 

Whether you’re a portfolio manager, trader, analyst, or student of the markets, this is your chance to be part of something transformative. Gain real-world insights, forge global connections, and help elevate the craft of disciplined market analysis on a world stage. 

Don’t just watch the market move—learn to move with it. Dubai awaits.

 

Members Turned Out for Annual General Meeting

Recently, CMT Association held our Annual General Meeting on June 25th as a virtual webinar. We had record attendance! Thank you to all who attended and especially to those who contributed questions and comments.  

Our annual gathering is an important opportunity for members to connect with CMT Association leadership, engage in important governance matters, and hear firsthand about the strategic direction of CMT Association for the year ahead. We used the time together to discuss where we’ve been, where we are, where we’re going, and how we’ll get there together. Check out the July issue of Technically Speaking for a full recap. 

During the meeting, we announced the results of the membership vote, which covered the addition of four Directors-at-Large, the appointment of four Executive Officers, and the renewal for another 3-year term of four Directors. Our Board of Directors as of July 1, 2025 are the following dedicated volunteers. We thank them for their service to CMT Association. 

Officers: 

  • President: John Kolovos, CMT, CFA 
  • Vice-President: Dr. Kelly Corbiere, CMT, CFA, CFP 
  • Secretary: Gina Martin Adams, CMT, CFA  
  • Treasurer: Eric Caisse, CMT, CFA, CFP  

Directors: 

  • Ananda Bhaumik, CMT, CTP  
  • Damanick Dantes, CMT 
  • Janine Guenther, CMT, CFA 
  • Mohit Handa, CMT 
  • Akira Homma, CMT, CFA, MSTA, FRM, CIIA, CMA  
  • Dan Shkolnik, CMT, CIM 
  • Cedric Thompson, CMT, CFA 
  • Ari Wald, CMT, CFA 
  • Jay Woods, CMT

Strategic Voices on Strategic Platforms: CMT Association Partners with CNBC Arabia for the 2025 Global Investment Summit

In a landmark move to amplify the relevance of technical analysis across the Middle East and beyond, CMT Association is thrilled to welcome CNBC Arabia as a Strategic Partner for our 2025 Global Investment Summit, taking place from September 30 to October 2, 2025, at the iconic Museum of the Future in Dubai. 

This partnership is a commitment to elevate market dialogue, deepen financial literacy, and position CMT Charterholders as authoritative voices on the evolving nature of global markets. 

About CNBC Arabia: The Region’s Voice of Business 

Launched in 2003, CNBC Arabia is the region’s first and foremost 24-hour Arabic-language business news channel. Headquartered in Dubai Media City, it reaches millions of viewers across the Middle East and North Africa with authoritative coverage of finance, markets, and economic policy. 

With bureaus in key economic hubs including Riyadh, Cairo, Kuwait, and Doha, CNBC Arabia is uniquely positioned to shape regional financial narratives. Its in-depth coverage of macroeconomics, capital markets, policy developments, and corporate news makes it a trusted source for decision-makers, institutional investors, and retail audiences alike. 

For CMT Association, this collaboration opens a powerful regional channel to spotlight technical analysis as a vital component of modern investment strategy and to put our global community of Charterholders in front of new, engaged, and diverse audiences. 

Technical Analysis Takes Center Stage: Exclusive Interview Series 

As a key part of the partnership, CNBC Arabia has launched a special editorial series in the lead-up to the summit, featuring in-depth interviews with top CMT Charterholders and global strategists. These conversations, broadcast across the channel and digitally syndicated, explore timely market themes through the lens of technical analysis: 

  • Mike Hurley, CMT dissected whether interest rates are still the prime driver of markets, or if deeper structural forces are now in play. 
  • Clint Sorenson, CMT, CFA unpacked sector rotation, AI-fueled optimism, and what’s really behind the S&P 500 rally. 
  • Craig Johnson, CMT evaluated if we are witnessing the start of a sustained bull market or falling into a classic bear trap. 
  • Andreas Clenow analyzed global recession risks, the Fed’s tightening path, and the impact of U.S. political dynamics. 
  • Ralph Vince shared insights on market instability signals within credit markets and what rising fear gauges imply for risk managers. 
  • Vincent Randazzo, CMT reflected on the philosophy of markets, the psychology of investors, and how today’s conditions shape modern portfolio strategy. 

Each interview is now available for on-demand viewing on the CMT Association YouTube Channel, and offers an opportunity for our members and the wider public to engage with high-level market thinking shaped by the principles of technical analysis. 

This is just the beginning. In the weeks ahead, CNBC Arabia will continue to spotlight leading CMT Charterholders and market experts through a series of exclusive interviews, bringing timely insights on global macro trends, regional market developments, and advanced technical strategies. Stay tuned for more compelling conversations that deepen public understanding of technical analysis and showcase the depth of expertise within the CMT community.

The Strategic Value of Our Partnership with CNBC Arabia 

This partnership marks a significant milestone in CMT Association’s efforts to establish a strong regional presence and be recognized as a voice of authority in the Middle East and North Africa. With CNBC Arabia’s unmatched reach and credibility in Arabic-language financial journalism, this collaboration amplifies the visibility of the CMT Charter and the power of technical analysis. It allows us to engage new audiences—especially institutional investors, analysts, and policy influencers—while reinforcing the Association’s commitment to advancing market literacy and professional excellence across diverse financial ecosystems. 

 

Shaping the Future of Finance, Together 

The partnership with CNBC Arabia marks a defining step in CMT Association’s efforts to expand our presence across the Middle East and North Africa. As Strategic Partner for the 2025 Global Investment Summit, CNBC Arabia brings unmatched regional reach and credibility, ensuring that the conversations sparked at the summit resonate far beyond the event itself. 

With CNBC Arabia by our side, we are set to bring this event and the value of technical analysis to a whole new audience of institutional leaders, analysts, regulators, and students from across the Middle East and North Africa. 

We are deeply grateful to CNBC Arabia for their belief in the mission of CMT Association and look forward to shaping the future of finance—together. 

Rethinking Risk Management and the Myth of "Missing the Best Days"

Executive Summary

One of the most persistent myths in investing is that staying fully invested at all times is essential to avoid missing the market’s best days. This conventional wisdom not only oversimplifies market behavior but also exposes investors to significant, avoidable risk. This white paper identifies and addresses three critical flaws in that argument:

1. Extreme returns cluster during periods of market stress.

Historical analysis shows that 18 of the 20 largest daily gains and 19 of the 20 worst losses occurred when the S&P 500 was trading below its 200-day moving average, times marked by heightened volatility and economic uncertainty, not healthy market conditions. **See table 1 and figure 1

2. The “best days” argument ignores sequence-of-return risk.

The order and timing of returns matter as much as their magnitude. Early losses can permanently impair wealth accumulation, while early gains allow capital to grow from a larger base. Buy-and-hold strategies ignore this crucial dynamic.

3. Volatility erodes wealth through mathematical asymmetry.

A 50% loss requires a 100% gain to recover, making drawdown mitigation essential for compounding over time. High volatility isn’t just uncomfortable—it’s mathematically destructive.

This white paper will show that a disciplined, systematic approach to managing risk does not rely on the best days to improve risk-adjusted returns. By systematically adjusting equity exposure based on market health or trend indicators, investors can improve returns, minimize drawdowns, and reduce recovery times compared to passive index investing. We demonstrate that effective risk management doesn’t hinder long-term growth- it enhances it.

Introduction and Roadmap

Many studies suggest that missing just a handful of the market’s best days can drastically reduce long-term returns. These findings are often cited to promote buy-and-hold investing, especially during times of volatility. But this narrative ignores key realities that shape investment outcomes.

This paper takes a systematic approach to dismantling the myth and offers a more resilient path forward:
• Deconstructing the Myth
We examine how “best days” studies are constructed and reveal the flawed assumptions behind their conclusions.
• Understanding Market Reality
We analyze how extreme returns tend to cluster in periods of market stress, undermining the idea that staying fully invested is always safe.
• The Mathematics of Risk
We explain why volatility drag, loss asymmetry, and sequence-of-return risk matter more than most investors realize.
Practical Application
We show how dynamically adapting exposure in a rules-based and systematic way improves buy and hold without reliance on the best or worst day returns.
• A New Framework
We propose a modern approach to equity investing that prioritizes capital preservation while capturing long-term growth.

Understanding the “Best and Worst Days” Studies

These studies typically analyze historical stock market data and quantify the impact of missing the most extreme daily price movements. The standard methodology follows these steps:

  1. Establish a Baseline: A reference index, such as the S&P 500, calculates a long-term return assuming continuous investment.
  2. Identify the Best and Worst Days: The days are rank-sorted by return, then the highest and lowest returns are deleted from the analysis.
  3. Recalculate Performance: The impact of missing these days is analyzed by removing them from the return series and comparing the results to the baseline.
  4. Draw a Conclusion: The study asserts that missing the best days significantly reduces returns, while missing the worst days greatly enhances them. A combined approach (missing both) often shows moderate effects.

This methodology leads to a powerful conclusion: since the best days are often clustered near the worst days, attempting to avoid volatility may lead to missing substantial gains. This argument strengthens the buy-and-hold philosophy and discourages market timing strategies.

The Flaws in the “Best and Worst Days” Argument
While these studies provide interesting data points, they suffer from critical shortcomings:

1. Price Movements Are Path-Dependent

  • The studies assume that price fluctuations occur in isolation, ignoring the sequence in which they unfold. In reality, only three things truly matter: the price at which a security is purchased, the price at which it is sold, and any income received. Daily returns between those two points are essentially noise.

Historical data for SPY (S&P 500 ETF) from 1994 to 2024 reveals that 18 of the 20 biggest single-day gains and 19 of the 20 worst single-day losses occurred when the market was below its 200-day moving average (see Table 1). This indicates that extreme returns cluster during bearish, high-volatility periods rather than healthy uptrends. For example, during the 2008 Financial Crisis, 6 of the 20 largest daily gains and 10 of the 20 worst losses occurred between September and November, all while trading below the 200-day average. Similarly, in March 2020, 4 of the 20 worst days and 6 of the 20 best days coincided with the COVID-19 crash, again below the 200-day moving average.

  • Missing the worst days alone is a flawed scenario because worst days frequently cluster in downtrends, which risk management strategies aim to avoid.

2. Ex-Post Data Bias

  • Another problem is that the analysis is conducted with perfect hindsight. No investor can selectively remove the best or worst days from their trading experience. Many risk management forms do not rely on missing those specific days to succeed.
  • The notion that investors would only miss the best days assumes poor market timing. In reality, systematic trend-following or risk management approaches aim to avoid prolonged drawdowns and high-probability periods of elevated volatility, not just individual down days.

3. Ignoring the Context of Market Structure

  • The best days often occur in the middle of a bear market when investors are unlikely to be fully invested due to risk control. Approximately 85% of the top daily gains since 1988 occurred during market stress, often immediately following or adjacent to major down days (see Figure 1: S&P 500 daily price vs. 200-day moving average, highlighting the top 10 best and worst days).

  • Many best days are reflexive rallies within broader declines (e.g., the 2008 financial crisis and COVID-19 crash). Exposure to these best days does not necessarily equate to long-term gains if they occur in a secular downtrend.

4. Neglecting Risk-Adjusted Returns

  • The studies focus on absolute return impact without considering volatility and drawdowns.
  • A risk-managed approach that sidesteps major downtrends may sacrifice some upside but can provide better risk-adjusted returns.
  • Volatility clusters, meaning missing high-volatility days (up and down) may reduce risk and improve overall portfolio efficiency.

The Reality of Market Returns: Why Risk Management Matters

Investors often assume that markets deliver a steady return over time, but history tells a different story. Market returns are highly volatile, and the sequence in which they occur can profoundly impact wealth accumulation and sustainability. For investors—especially those approaching or in retirement—managing risk effectively is crucial for preserving capital and achieving long-term financial goals.

Market Returns Are Volatile and Unpredictable
While the long-term average return of the S&P 500 hovers around 9%* see appendix, annual returns fluctuate dramatically, swinging between substantial gains and severe losses. These fluctuations not only shape long-term outcomes but also impact investor behavior. Historical market data highlights this variability:

  • 1995: +37.6%
  • 2000: -9.1%
  • 2008: -37.0%
  • 2013: +32.4%
  • 2020: -33.9% (COVID Crash, March 2020)
  • 2022: -18.1%

Source: Bloomberg and Norgate data.

Large drawdowns can take years to recover from, eroding the power of compounding and testing investor resolve. Behavioral biases, such as loss aversion, often lead investors to sell in downturns and hesitate to reinvest, ultimately reducing long-term returns. Periods of severe market stress demonstrate that avoiding the worst days can be as critical as capturing the best. Tactical risk management helps limit deep drawdowns and positions investors to re-enter the market when conditions turn favorable.

The Impact of Sequence-of-Return Risk

Sequence-of-return risk refers to the impact of the timing of returns on an investor’s long-term portfolio performance, particularly for retirees making withdrawals. Two investors may achieve the same average return but experience dramatically different financial outcomes depending on when those returns occur. For example:

  • Investor A: Retires in 1995, benefiting from strong early returns (+30% in the early years). Their portfolio grows significantly, providing a larger base for compounding and withdrawals.
  • Investor B: Retires in 2008 and suffers an initial 37% loss. Their portfolio shrinks immediately, forcing withdrawals from a depleted capital base. Even as the market recovers, their remaining capital is insufficient to benefit from the rebound fully.

This risk is particularly acute when the market trades below its 200-day moving average, characterized by heightened volatility and economic distress. A Monte Carlo simulation (see Figure 2) illustrates how higher volatility widens the range of potential 30-year portfolio outcomes, even with identical average returns. At 25% annualized volatility, ending portfolio values scatter widely, reflecting the destructive impact of large fluctuations on compounding. A retiree experiencing early losses in such a regime risks irreversible portfolio impairment, as withdrawals exacerbate capital depletion.

Mathematic Foundation: The Asymmetry of Losses

Further, even long-term investors can be punished by significant drawdowns. The mathematical asymmetry of losses and subsequent required gains represents one of investing’s most consequential realities. When a portfolio experiences a decline, the percentage gain needed to recover to the original value increases non-linearly with the size of the loss. This relationship is expressed by the formula: Required gain (%) = [1/(1-Loss)] – 1, where Loss is expressed as a decimal. For example, a modest 10% decline necessitates an 11.1% subsequent gain to break even, while a 50% drawdown demands a 100% return to recover. This mathematical imbalance becomes increasingly punitive as losses deepen—a 75% decline requires a 300% gain to return to the original position. Such asymmetry fundamentally challenges the compound growth process, as larger drawdowns dramatically extend recovery periods and reduce the capital base available for future compounding. By limiting the magnitude of drawdowns, investors preserve more capital to participate in future growth opportunities, maintain the power of compounding, and significantly improve the probability of achieving long-term financial objectives.

Bridging Theory and Practice: The Defender Program in Action

While theoretical models and historical simulations illustrate the impact of volatility, drawdowns, and sequence of return risk, actual value emerges in the practical application of these principles. The Defender Program was built to navigate the conditions challenging long-term investors systematically: volatility clusters, deep market selloffs, and prolonged recoveries.

The chart in Figure 3 below compares the drawdowns in the Defender Program to a traditional buy-and-hold approach. The difference is not just academic: by mitigating the depth and duration of losses, the Defender preserves capital when it matters most, enabling investors to stay invested, recover faster, and compound more effectively over time.

The Impact of Black Swan Events on Portfolio Planning

Black Swan events—rare but severe market declines—can upend financial plans based on steady return assumptions. Historical examples include:

  • 1987 Black Monday: -22.6% in one day.
  • 2000-2002 Dot-Com Crash: -49.1% over 2.5 years.
  • 2008 Financial Crisis: -56.8% decline, requiring over four years to recover.
  • 2020 COVID Crash: -33.9% in one month.

Source: S&P 500 Index data via Bloomberg and Norgate.
Footnote: Past performance is not indicative of future results. Historical drawdowns are shown for illustrative purposes and do not reflect the performance of any specific investment.

Investors who need to withdraw assets during these downturns risk permanently impairing their wealth. A risk-aware investment approach reduces exposure to extreme declines, preserving capital and allowing portfolios to recover more quickly.

A Smarter Approach to Market Cycles

Traditional diversification strategies often fail to prevent substantial losses during deep bear markets, and market timing is prone to emotional decision-making. A more effective solution lies in systematic, data-driven risk management, which dynamically adjusts equity exposure based on objective indicators of market health, such as moving averages or market breadth
metrics. This is the foundation of the Defender Program.

Defender Program vs. Buy & Hold: Risk-Adjusted Performance

The Defender Program is an adaptive, subscription-based risk management service built for financial professionals seeking to minimize severe drawdowns while capturing market uptrends.

Unlike passive buy-and-hold strategies, Defender dynamically adjusts exposure based on market health indicators, reducing volatility while enhancing long-term, absolute and risk-adjusted returns. Its breadth-driven approach anticipates shifts in market conditions by analyzing internal strength, enabling proactive adjustments ahead of major tops and bottoms.

Performance Comparison

From 1988 to 2023, empirical analysis demonstrates Defender’s advantages over S&P 500 buy-and-hold (see Figure 4: Cumulative growth of $100 for Defender vs. Buy & Hold). Key metrics include:

Footnote: Volatility annualized from daily returns, σ_annual = σ_daily × √252.

The Defender Program’s performance metrics are based on proprietary analysis conducted by Vincent Randazzo covering the period from 1988 to 2023.

The results reflect a backtested model strategy and are not based on actual client accounts.

The performance results shown are hypothetical and were achieved through backtesting. Backtested performance does not reflect actual trading and has inherent limitations, including the benefit of hindsight and the absence of real-world market conditions such as liquidity constraints or investor behavior.

The S&P 500 performance is based on historical index data and provided only for comparison purposes. The Defender Program is not an index and may not be directly comparable. No guarantee is provided that the Defender Program will achieve similar results. All investments involve risk, including the potential loss of principal. Investors should not rely solely on hypothetical or backtested performance data when making investment decisions.

Defender’s rules-based approach achieved a higher compounded annual return (15.4% vs. 10.0%) with 25% lower volatility, resulting in a smoother equity curve (see Figure 4: Portfolio value growth under different volatility regimes). During the 2008–09 crisis, Defender moved to cash and avoided the market’s 56.8% drawdown. The 2020 COVID crash limited losses to – 19.7% compared to -33.9% for buy-and-hold. By avoiding prolonged downtrends, Defender preserves capital, enabling faster recovery and stronger compounding. For example, $100 invested in 1988 grew to over $17,000 under Defender, versus about $3,100 under buy-and-hold by 2023.

Better Risk-Adjusted Returns

In the institutional world, returns are not assessed in isolation. A successful strategy must seek to enhance returns intelligently while carefully moderating any additional risk. The Sharpe ratio translates each strategy’s excess return into “return per unit of volatility,” providing a rigorous, scale-free measure of reward for the risk taken. A 24-month look-back approximates a full business cycle, long enough to smooth out seasonal noise while capturing cyclical regime shifts.

In Figure 5, the Defender line remains predominantly above the S&P 500 line and spends less time in negative territory. This confirms that Defender’s higher absolute return profile (shown in 10 earlier exhibits) is not achieved by simply taking more risk; instead, it consistently generates superior risk-adjusted returns. Periods such as 2000-02, 2008-09, and 2022—when the S&P 500’s Sharpe ratio plunges—highlight Defender’s ability to preserve capital and keep the ratio positive, underscoring the strategy’s resilience during market stress.

Rethinking Risk: A More Efficient Path to Long-Term Growth

Instead of assuming markets follow a steady upward trajectory, investors need a resilient strategy that accounts for market cycles, sequence-of-return risk, and Black Swan events. The Defender Program provides a systematic, adaptive risk management strategy that limits downside exposure while ensuring participation in market uptrends. By proactively mitigating extreme drawdowns, investors can:

  • Preserve capital
  • Sustain long-term growth
  • Reduce emotional stress
  • Maintain flexibility to seize future opportunities.

This approach fosters exceptional compounding, lower volatility, and greater resilience, allowing advisors and investors to focus on long-term success.

Conclusion: A Smarter Way Forward

The oft-cited warning about “missing the best days” is misleading- it’s dangerous when used to justify perpetual exposure to market risk. Most of these best days occur amid bear markets when risk and volatility are at their highest. Relying on averages and absolutes obscures the real-world complexity of investor behavior, portfolio fragility, and the very nature of compounding.

The path investors take matters. Sequence-of-return risk, volatility drag, and the asymmetry of losses all argue for a more thoughtful approach that actively manages the downside without relying on prediction. Systematic strategies like the Defender Program demonstrate that staying invested without staying exposed is possible, preserving capital during stress and participating when conditions improve.

Investing shouldn’t be about fear of missing out- it should be about maximizing the probability of achieving long-term goals confidently. Risk management isn’t market timing. It’s portfolio stewardship. It may be the most critical decision for investors and advisors alike.

The Defender Program demonstrates that systematic, data-driven risk management can enhance long-term returns while significantly reducing portfolio volatility and drawdowns. Investors can achieve a more efficient path to long-term wealth accumulation and financial security by preserving capital during market downturns and participating in sustained uptrends.

In an investment landscape characterized by unpredictable volatility and Black Swan events, strategic navigation of market cycles through disciplined risk management is essential for success.

Key Takeaways:

  • Risk management outperforms buy-and-hold.
  • Defender preserves capital and enhances compounding.
  • Systematic strategies navigate volatility.

Compliance Disclaimer: This document is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The information provided herein reflects the views of the author(s)
only and is subject to change without notice.

Performance results attributed to the Defender Program are based on hypothetical backtested data from 1988 to 2023. Backtesting involves the use of historical data and assumptions to simulate past performance. Such results do not reflect actual trading and are subject to numerous limitations, including but not limited to survivorship bias, hindsight bias, and model risk. All references to annualized returns, standard deviation (volatility), maximum drawdown, and Sharpe ratios are derived from proprietary models. These figures are presented for illustrative purposes only. Actual results may vary significantly.

Comparisons to the S&P 500 are made for general informational purposes. The S&P 500 is an index and cannot be invested in directly. Index performance does not reflect investment management fees, trading expenses, or taxes. Past performance — actual or simulated — does not indicate future results. No investment strategy can guarantee returns or eliminate the risk of loss. Investors should carefully consider their circumstances and consult a qualified
investment professional before making investment decisions.

Stay Ahead of the Markets: Subscribe to Chart Advisor and CMT SmartBrief

In today’s fast-moving financial landscape, staying informed isn’t just a luxury—it’s a competitive edge. Whether you’re a professional trader, portfolio manager, financial advisor, or an individual investor eager to sharpen your technical analysis skills, CMT Association offers two powerful resources that deserve a spot in your inbox: Investopedia’s Chart Advisor and CMT SmartBrief.

Investopedia’s Chart Advisor

Delivered Monday through Friday, Chart Advisor is your daily dose of visual insight into the markets. Curated by CMT Association in partnership with Investopedia, this newsletter breaks down the most important charts driving market action—so you can understand trends, spot opportunities, and make more informed decisions.

If you’re looking for a quick, informative read that adds real value to your trading or investment decisions, Chart Advisor is a must.

Click here to Subscribe!


CMT SmartBrief

Want a weekly roundup of the top stories shaping the world of technical analysis and financial markets? CMT SmartBrief, created in collaboration with SmartBrief, delivers exactly that—every Monday.
Tailored for the modern financial professional, this email digest keeps you plugged into:

  • The latest industry news and insights

  • CMT Association events and educational opportunities

  • Technical analysis commentary and resources

  • Articles on behavioral finance, risk management, and market structure

Whether you’re looking to stay connected to the broader CMT community or stay informed on macro trends impacting markets, CMT SmartBrief is a one-stop resource.

Click here to Subscribe!


Why Subscribe?

Both newsletters are free, easy to digest, and curated by respected voices in technical analysis. In a world of information overload, they cut through the noise and deliver only what matters. Whether you’re scanning the market for entry points or deepening your understanding of investor behavior, these emails will elevate your practice.

Stay smart. Stay sharp. Subscribe today.

In Memory of Charles D. Kirkpatrick II, CMT

Charlie passed away on June 17, 2025; he was 83. Throughout his 55+ years in the investment field, the national media and his peers recognized Charles D. Kirkpatrick II. He was featured on Wall $treet Week, CNBC, and in the magazine Technical Analysis of Stocks and Commodities, was quoted in such publications as The Wall Street Journal, BusinessWeek, Forbes, Futures magazine, Money magazine, and The New York Times, and wrote articles for Barron’s and the Market Technicians Association, the MTA Educational Foundation, and The Swiss Technical Analysis journals. He won the annual Charles H. Dow Award twice in 1993 and 2001. In 2008, he won the Market Technicians Association Annual Award for “outstanding contributions to the field of technical analysis.” In 2012, he was honored with the MTAEF’s Mike Epstein Award for “his work in academia supporting educational programs in the field of technical analysis.”

He was a featured speaker before such professional organizations as the New York Society of Security Analysts, Financial Analysts Federation, Market Technicians Association, the Foundation for the Study of Cycles, and numerous colleges and universities. He was a Chartered Market Technician, a former Board Member of the Market Technicians Association, Market Technicians Association Educational Foundation (MTAEF), former editor of the Journal of Technical Analysis, and Chairman of the MTAEF’s Academic Liaison Committee, responsible for the development of courses in technical analysis at major business schools.

Together with university finance instructor, Dr. Julie Dahlquist, CMT, Charlie wrote the textbook Technical Analysis: The Complete Resource for Financial Market Technicians which systematically explained the theory of technical analysis, presenting academic evidence both for and against it. Technical Analysis was the first book on the subject suitable for the full-length courses taken to achieve the Chartered Market Technician (CMT) designation and Series 86 exam exemption and is now in its third edition. The book was The Technical Analyst’s (UK) Book of the Year runner-up in both 2013 and 2014.

After serving as a combat-decorated officer with the 1st Cavalry Division in Vietnam, Charlie began his career with the investment advisory division of Brown Brothers Harriman & Co. in New York, managing the Harriman family accounts. He later moved to the Tabell Group at Walston & Co. in New York, where he assisted in the origination of an extensive historical database on the stock market and in the creation of one of Wall Street’s first block trading desks. He then joined the Arthur Lipper Corporation in New York, where he originated several notable studies on individual stock price patterns, relative price strength, and earnings growth.

Charlie won the Charles H. Dow Award twice (1994 and 2001), the Service Award (2007) and the Annual Award (2008). That is a record that no one else has matched.

He won the first Charles H. Dow Award in 1994. I served on the committee with the late Hank Pruden. Charlie’s paper met the standards of excellence that were envisioned for the Award and inspired the creativity desired for the Award. “Another pioneer gone. An irreplaceable loss.”

– Walter Deemer

“Charlie was definitely not your typical technician. During the time he lived in Bayfield, Colorado, he would disappear into the mountain wilderness for a week every fall. He came back with an elk and had it butchered to eat during the long Colorado winter. Memory #2: Charlie’s Colorado home was just a few miles from Dick Arms’ summer place. In 2001 my wife and I rented a cabin in the area for a month. They hosted an MTA Lobsterfest; there’s a picture of it in one of the MTA newsletters.

“Charlie was always gracious, and had encouraging words for me as I wrestled with the CMT Program. Of course, the book he co-authored with Julie Dahlquist was a lodestar text for us. May his memory be a blessing.”

– Stan Dash

“Charlie was, IMO, one of the most interesting of technicians. I didn’t know him very well, but he was part scholar and part fisherman. He was entertaining to speak with and had many fishing stories.”

– Ken Tower

“Back when I was in San Antonio, Charlie was working with Ian Woodward (another interesting and entertaining analyst), Matt Sorrels and George Roberts of HGSI where they were incorporating many of the the concepts into their software that Charlie had written about in his paper in 2001 “Stock Selection: A Test Of Relative Stock Values Reported Over 17 ½ Years” We were trying to start a local chapter of the MTA/CMT Assn and Charlie and Fred Meissner were our first speakers. He was always very willing to support us in anyway he could…”

– Duke Jones

In 1970 Charlie co-founded the Market Forecasting division of Lynch, Jones & Ryan and in 1978 his own market forecasting and brokerage firm, Kirkpatrick & Company, Inc., which published an investment-strategy letter, provided computerized stock-selection methods to institutional portfolio managers, managed a hedge fund, and traded options on the PHLX and CBOE. When he retired from the investment management, brokerage and trading businesses, he continued to publish his Market Strategist letter, calculated his award-winning stock-selection lists, wrote books and articles on trading and investing, and was an Adjunct Professor of Finance, teaching technical analysis at Brandeis University International Business School, Waltham, MA.

He was a graduate of Phillips Exeter Academy, Harvard College (AB), and the Wharton School at the University of Pennsylvania (MBA).

Hold the Phone!

Your trusty team of CMT Association staffers will be away from their desks and largely offline July 15th – 18th so that they can attend a strategic planning & alignment work session. We’re calling it CMT Momentum.  

In our various roles, we are all immersed in problem solving and daily execution of our responsibilities. During this offsite meeting, we will take a step back and look at our greater potential as a well-coordinated team organized around setting and achieving ambitious goals. 

In fiscal year 2025, we made huge strides with the CMT Program, member services, and profitability. That work will continue, but we also aim to scale up the internal systems needed to achieve even greater efficiency and growth in the years ahead.  

Please pardon a delay in our response times July 15th – 18th. We’ll be back to our regularly scheduled programming on July 21st 

Congratulations to our 4 New Chartered Market Technicians!

We are thrilled to announce the achievement of 4 individuals who have recently earned their Chartered Market Technician (CMT) designation. This prestigious accomplishment signifies a remarkable dedication to the field of technical analysis and investment strategy.

The Chartered Market Technician (CMT) designation is a globally recognized certification awarded by CMT Association. It reflects a deep understanding of market dynamics, proficiency in technical analysis, and a commitment to upholding the highest standards of professional conduct.

These newly certified individuals have demonstrated their expertise in interpreting market trends, identifying patterns, and making informed investment decisions based on rigorous analysis. Their attainment of the CMT designation underscores their commitment to excellence and distinguishes them as leaders in the financial industry.

In an ever-evolving market landscape, the expertise provided by Chartered Market Technicians is invaluable. Their proficiency in analyzing market data and identifying emerging trends equips them to navigate complex financial markets with confidence and precision.

We extend our heartfelt congratulations to these 4 individuals on their remarkable achievement. Their dedication, perseverance, and expertise serve as a testament to the significance of the Chartered Market Technician (CMT) designation in today’s financial world.

Please join us in celebrating their success and wishing them continued excellence in their careers as Chartered Market Technicians.

Jose Nader Calero

Tymofii Melnyk

Christopher Moore

Trevor Thompson

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