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Technically Speaking, March 2008

From the Editor

Just like every other function within the MTA, the newsletter is poring over the results of the Member Survey and will be changing to meet the needs of the membership. Two trends that jump out in the initial review are the growing international membership and the increased number of younger members. We intend to respond with more articles about markets outside the US and increasing the variety of technical analysis topics we cover. As we do this, we will keep in mind the fact that our readers are professionals. You aren’t reading Technically Speaking for articles like “What is RSI?” We think you want actionable information that builds on the basics. Advanced topics, requiring detailed explanations, are covered in the Journal of Technical Analysis. That leaves intermediate-level topics for the newsletter, and we will strive to deliver them in the months ahead. Often, as in this month’s issue, we will include charts, the tool that has been a staple of technical analysis for decades. Knowing that you are professionals, we print charts that provide a general idea of the

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What's Inside...

From the Executive Director

by Tom Silveri

MTA Membership: Education Chair Jeff Lay, CMT, Accreditation Chair Brad Herndon, CFA, CMT, and me have been working hard to improve the CMT, CMTi and related materials. We wanted to make you aware of...

Gail Dudack, CMT

by Molly Schilling & Gail Dudack, CMT

Molly Schilling (MS): So are you a very visual person? Gail Dudack (GD): Very visual. Yes, in fact, I have a hard time remembering names unless someone’s wearing a name tag. MS: Me too… and did...

New York and Charlotte Chapters Have Joint Meeting!

by David Keller, CMT & Carson Dahlberg, CMT

From New York: On Monday 2/11/08, the New York Chapter conducted an open discussion on technical analysis using our members’ own charts and analysis. Attendees were asked to submit 2-3 of their...

The MTA Educational Foundation and Seton Hall University

by Phil Roth, CMT

Fred Meissner, CMT and I were recently invited to attend the Annual Jim and Judy O’Brien Financial Markets and Economic Colloquium at the Stillman School of Business at Seton Hall University. We...

Down-Tick: The Newfound Weapon of the Bear “A Follow Up on the Elimination of the Up-Tick Rule”

by Christopher Gurkovic, CMT

After six months of data following the elimination of the shorting up-tick rule, it is clear from the TICK index data that a notable difference exists in the behavior of daily movement in stocks....

MTA at the New York Trader’s Expo

Trader’s Expo New York City, New York February 17th -19th, 2008 The Market Technicians Association (MTA) maintained a display booth at the recent Trader’s Expo in New York City, held on Feb...

New MTA Members and CMTs

Several times throughout the year, the MTA would like to recognize those that have been granted Member Status and the CMT designation. During this time period, October ‘07 – ‘07, the new...

MTA Annual Award Presentation

by John Bollinger, CMT, CFA

The MTA Annual Award presented at the winter retreat went to Bill Doane, a technician’s technician. Bill ran the Fidelity Chart Room, known as the “War Room”, for better than 20 years. During...

MTA Mid-Winter Retreat January 25-26th, 2008 St. Pete’s Beach, Florida

On January 25th and 26th, MTA Mid-winter Retreat participants met in St. Pete’s beach, Florida for 2 days of learning, networking and relaxation. There were over 135 participants in the Retreat,...

A Call for Papers

by Connie Brown, CFTe, MFTA

We need quality papers to be considered for publication for the Summer and Winter issues. Your MTA Journal strives to establish the highest standard to present new ideas, practical solutions, and...

From the Executive Director

From the Executive Director

MTA Membership:

Education Chair Jeff Lay, CMT, Accreditation Chair Brad Herndon, CFA, CMT, and me have been working hard to improve the CMT, CMTi and related materials. We wanted to make you aware of the following:

  • With help of some volunteers, Paul Ciana and MacNeil Curry, CMT, we have updated the level 1 and 2 CMT Practice Exams and Quiz Cards. They are now available through the MTA Shopping Cart.
  • The MTA has hired James Bartelloni, CMT as a part-time Educational Coordinator. In this role, James will be developing and expanding our existing educational core on our electronic media, enhancing our CMTi course curriculum/CMT Prep Materials, acting as a liaison between the MTA and outside web vendors, and will help with trade show activities.
  • Important notice for CMT Level 3 test takers: Beginning with this spring’s administration of the exam, the MTA’s Board of Directors unanimously adopted a decision requiring CMT 3 candidates to

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Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

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Gail Dudack, CMT

Gail Dudack, CMT

Molly Schilling (MS): So are you a very visual person?

Gail Dudack (GD): Very visual. Yes, in fact, I have a hard time remembering names unless someone’s wearing a name tag.

MS: Me too… and did your visual intelligence lead you into TA?

GD: That’s a good question. When I was in college I had a summer job at Pershing & Company. I was the research assistant which, at the time meant that I got to “sit in everyone’s seat” when they were on vacation. I did everything — I worked in the library, I answered phones, I was a junior analyst, I went to research meetings — a wide variety of things. When I went back to school and started my senior thesis in economics, I chose two topics, both of which, again at that time in particular, were connected to technical analysis. One topic was the odd-lotter and the other was

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

Molly Schilling

Gail Dudack, CMT

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New York and Charlotte Chapters Have Joint Meeting!

New York and Charlotte Chapters Have Joint Meeting!

From New York: On Monday 2/11/08, the New York Chapter conducted an open discussion on technical analysis using our members’ own charts and analysis. Attendees were asked to submit 2-3 of their recent charts beforehand that they would be willing to discuss. In just under 90 minutes, 15 members of the New York Chapter took the podium to illustrate a couple of their recent trades or market calls. Most importantly, we presented the event jointly with the Charlotte Chapter via live webcast. Carson Dahlberg, CMT, Charlotte Chapter Chair, presented his charts via telephone, and we were able to interact with each other during the session.

The event was a great success, with both chapters gaining insight from its own members. We discovered that each of us used different techniques, varied time frames, and unique approaches to analyzing and trading the equity, futures, and currently markets. It was quite beneficial to get

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

David Keller, CMT

Carson Dahlberg, CMT

Carson Dahlberg, CMT

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The MTA Educational Foundation and Seton Hall University

The MTA Educational Foundation and Seton Hall University

Fred Meissner, CMT and I were recently invited to attend the Annual Jim and Judy O’Brien Financial Markets and Economic Colloquium at the Stillman School of Business at Seton Hall University. We had the opportunity to meet with the guest speakers and, importantly, to see the facility and meet with some of the faculty. We were impressed with their interest in the operations of the financials markets, especially in technical analysis. The Stillman School has a financial laboratory with work stations equipped with computers, and Reuters and Bloomberg equipment.

This colloquium was their third annual event. The program consisted of a student presentation on the various economic programs of the Presidential candidates and the potential market impact, a keynote speech on the current economic environment by Chip Dickson of W2 Freedom LLC, formerly the chief U.S. Strategist for Lehman Brothers, and a panel of experts talking about the current state of

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

Philip J. Roth, CMT

Phil Roth, CMT

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Down-Tick: The Newfound Weapon of the Bear “A Follow Up on the Elimination of the Up-Tick Rule”

Down-Tick: The Newfound Weapon of the Bear “A Follow Up on the Elimination of the Up-Tick Rule”

After six months of data following the elimination of the shorting up-tick rule, it is clear from the TICK index data that a notable difference exists in the behavior of daily movement in stocks. However; wider implications, such as chart formation differences and impact on quantitative models is still unclear. It seems to me that the bear has discovered a brand new weapon in battling the bull. As I have said before, we are playing on a whole new field. It is as if the bear has had one hand tied behind its back for 70 years and suddenly it has been liberated to fight on an even playing field. The bear is still testing out its new found weapon, and getting the blood circulation in that paw. One thing is for certain, it is much nastier to get a bear hug with both paws than a mere swing from

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

Christopher Gurkovic, CMT

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MTA at the New York Trader’s Expo

MTA at the New York Trader’s Expo

Trader’s Expo New York City, New York February 17th -19th, 2008

The Market Technicians Association (MTA) maintained a display booth at the recent Trader’s Expo in New York City, held on Feb 17th-19th, 2008. We had huge interest expressed by many participants at the Expo in our overall offering. During the Expo, the MTA put on a Market Forecast Panel for all participants which was one of the highest turnout events of the entire Expo. The panel included moderator Peter Austin, CMT, Ralph Acampora, CMT, Ken Tower, CMT and David Keller, CMT.

Some pictures of the event are shown here, for your interest. The Exposition was, by all measures, a huge success…..We plan on attending future Trader’s Expo. sessions around the country, as well as other related industry trade show events.

Special thanks to the volunteers who manned the booth (in addition to Headquarter staff) which included Tom Tirney, Dave Keller, Phil Roth,

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

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New MTA Members and CMTs

New MTA Members and CMTs

Several times throughout the year, the MTA would like to recognize those that have been granted Member Status and the CMT designation. During this time period, October ‘07 – ‘07, the new Members and CMT charter holders are as follows:

New Members:

Abularach, Mario E., MA
Bamert, Olivier, Switzerland
Bender, Gregory, NY
Boeckman, Steve C., CA
Breedis, Katherine, NY
Brogan, Terence W., MA
Burcher, Michael, NJ
Cantori, Barbara, Italy
Chapman, Brandon, UT
Choremi, Philip N., NY
Cook, Michael, CA
Dahlberg, Carson, NC
Davies, Scott, NY
De La Loma, Alexey, Spain
De Marco, Angelo, Canada
Dote, Patrick, NY
El Maghrabi, Amr, Egypt
Evans, H. Parker, FL
Gaebele, Karsten S., NJ
Goenka, Vinary, India
Gunther, John E., FL
Isaakidis, John, Canada
Job, Ken V., United Arab Emirates
Kini, Kiran P., DC
Kline, George W., CA
Kolloff, Sean, MA
Lang, Tyler S., KY
Lauderdale, Patrick J., IL
Lee, Derrick, Canada
Mayer-Godin, Benoit, Canada
McGovern, Kevin,

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

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MTA Annual Award Presentation

MTA Annual Award Presentation

The MTA Annual Award presented at the winter retreat went to Bill Doane, a technician’s technician. Bill ran the Fidelity Chart Room, known as the “War Room”, for better than 20 years. During that period he worked with most of the important technicians of his time, consulted with many important technicians from the prior generation and inspired many of today’s technicians. Bill was one of the founding members of the MTA and its seventh president. He spent a good portion of his career analyzing basing patterns and is well known for his work on “Big Bases”. Bill accepted the award and spoke for a half hour or so on his own history and the history of the War Room. (A recording of his presentation can be found on the MTA Annual Award page on www.mta.org) The inscription on the award bowl was written by his champion for the award, Sam

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

John Bollinger

John Bollinger, CMT, CFA

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MTA Mid-Winter Retreat January 25-26th, 2008 St. Pete’s Beach, Florida

MTA Mid-Winter Retreat January 25-26th, 2008 St. Pete’s Beach, Florida

On January 25th and 26th, MTA Mid-winter Retreat participants met in St. Pete’s beach, Florida for 2 days of learning, networking and relaxation. There were over 135 participants in the Retreat, far greater attendance than in prior years!!!

On the first day, participants heard presentations from Jordan Kotick, Hank Pruden and John Bollinger. In addition, participants heard from Bill Doane, our 2008 MTA Annual Award winner. In the afternoon of Day One, the MTA held a market forecast panel with market specialists Phil Roth, Jeff Degraaf and Rick Bensignor as panelists.

On day 2, participants heard from Ned Davis, Frank Texeira and experienced round table topic experts from Jeff DeGraaf, Phil Roth, Sherman McClellan, Ned Davis, John Bollinger, Katie Townsend, Hank Pruden and Ken Tower.

Our survey results on the Retreat were excellent with most categories having over 95% total satisfaction (Outstanding or Above average). We appreciate all survey input and will be

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

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A Call for Papers

A Call for Papers

We need quality papers to be considered for publication for the Summer and Winter issues.

Your MTA Journal strives to establish the highest standard to present new ideas, practical solutions, and thought provoking concepts being utilized today within our industry. We use a ‘double-blind’ review standard where your name is not disclosed to the reviewers. An accepted paper gives you and your company a platform to shine and helps push our industry forward. As your new editor it gives me an opportunity to ask you a question as I review a few papers on file; “Where did our passion go for what we do?” 

It is not enough to write a paper about a method you believe does not work well. That is only the beginning. Use it as the start and motivation to find a better method that is backed by testing. Make a place within your industry by standing on

To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.

Contributor(s)

Connie Brown, CFTe, MFTA

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New Educational Content This Month

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