With the vaccine roll-out in full swing, we can truly see the light at the end of the tunnel. For those of us in the colder Northern climates, the pending Spring is double good news since we’ve been cooped up inside our own homes. Who cannot wait to go to their favorite restaurant and not have to wear a parka?
The downside? Now we have to shed those pandemic pounds so we can wear more than sweat pants. I think I’ll take that.
Since mid-February, the markets have finally been interesting. Tech investors saw a “correction” while at the very same time portions of the rest of the market were at all-time highs. Gold is in the tank but oil is at multi-month highs. Remember last year when it went negative? Fun times – not. And have you seen copper?
Then, of course, there is all that debt out there. Liquidity … until the piper shows up for payment.
On a more somber note, over the past few weeks we’ve lost three great people and assets to the Association. Les Williams was a model of involvement, with participation and leadership in many areas in the Association over the years. Not only that, he was a genuinely nice guy and his signature adorns the CMT charter hanging on my wall. Bernadette Murphy, who was known to greater Wall Street as a leader for decades, was instrumental in legitimizing technical analysis as a true investment discipline. Younger members may not know of her, but they should. Memorials for both of these great people are in this month’s edition, and this month’s photo archive features a few shots of them. We’ve also got a brief tribute to Bill Sharp, co-founder and past President of the CSTA – the technical society in Canada.
This month’s member interview is with Michael Gayed CFA, who is a multiple winner of the Dow Award and awards from other groups. Walter Deemer, a now-retired technical analysis veteran, has put decades of his writings and analysis online for all to see. What was it like in the 60s, 70s, 80s and 90s? Just read his comments.
He also happens to be the subject of this month’s Fill the Gap, the CMT Association’s official podcast.
Of course, we have news from the Association, and President Scott Richter offers his thoughts about helping our colleagues out of any lingering career effects from the pandemic.
Don’t forget, you can submit articles for publication here. As long as they are about technical analysis or the business (not forecasts) we want to see them. Yes, even from brand new analysts. Write something. How do you think I, a physics major in college, got to be a columnist and editor? I wrote – a lot. Now it is your turn.
We want your photos, too. Book reviews, software reviews, thoughts on regulation, anything that members would find useful or interesting relating to technical analysis.
Michael Kahn, CMT
Editor
What's Inside...
President’s Letter
by Scott G. Richter, CMT, CFA, CHPFocus on Other Members – the Case for Camaraderie in Personal Recovery Post-COVID This month’s message is short and to the point: help someone in our ranks that needs help due to the impacts of...
In Memory of Bernadette Bartels Murphy
by Ralph Acampora, CMT & Michael Kahn, CMT & Fred Meissner, CMT & MaryAnn BartelsPast President and pioneer technical analyst Bernadette Murphy, CMT, passed away March 3 at the age of 86. Bernadette was the first female President of the CMT Association (one of only two) and many...
In Memory of Les Williams
by Brad Herndon, CFA, CMT & Michael Kahn, CMTLong-time member John Leslie (Les) Williams, CMT, passed away March 1 at age 77, possibly from health issues related to his service in Vietnam. He was very active in the CMT Association, including...
Fill the Gap: The Official Podcast of the CMT Association
by Tyler Wood, CMTEpisode 3: Walter Deemer – Streaming Now Join the CMT Association for a conversation with Walter Deemer, who discusses his current and historical view over more than 50 years on Wall St. on the...
Walter Deemer’s Archives Now Online
by Walter DeemerI downsized significantly after I retired in 2016, as there just wasn’t any room in the new place for the 2600+ memos I had written during the past fifty years which were stored in 49...
Job Opportunity at Investopedia
by Marianna TesselloInvestopedia is looking for an experienced editorial leader to captain our team of trading and investing editors and writers. We seek an accomplished senior editor with a deep background in...
Member Interview with Michael Gayed, CFA
by Michael Gayed, CFAPlease tell us what you do professionally. I’m the Portfolio Manager of the ATAC Rotation Fund (Ticker: ATACX) and the ATAC US Rotation ETF (Ticker: RORO) at Toroso Investments, LLC. As the...
CMT Photo Archive
by Michael Kahn, CMTThis is an occasional series revisiting the Association in pictures, just to offer a glimpse of in-person events and people in our organization. If you have any pictures from seminars, meetings or...
In Memory of Bill Sharp
by Michael Kahn, CMTThis memoriam was excerpted from the Canadian Society of Technical Analysts website. William Morris Sharp died February 8, 2021 at the age of 83. Bill was a major contributor to the success of CSTA...
Register for the Virtual Behavioral Finance Seminar on March 20th
The Los Angeles Chapter of the CMT Association welcomes you to our next event on Saturday, March 20, 2021. We have the pleasure of John Nofsinger, Dave Keller, and Brian Brogan as our guest...
Membership News
by Marie PenzaMembers on the Move The CMT Association would like to congratulate the following member on their new positions: Samuel Beaudry, CFA, CMT, Planificateur Financier, Analyste & Représentant –...
New Educational Content This Month
In the past month, we’ve added a few exciting new recordings to the Video Archives! Notably, a new conversation led by Program Director Stanley Dash, CMT, has recently been posted. You can also find the recording of Chris Pollard, CMT’s recent webcast presentation below.
Focus on Other Members – the Case for Camaraderie in Personal Recovery Post-COVID This month’s message is short and to the point: help someone in our ranks that needs help due to the impacts of COVID-19. Consider being a resource to those that have not fared well during the crisis of 2020-21, even if it is just passing along a job lead or outsourcing a project. With the global recovery starting to gain traction, you may be able to leverage its strength into helping someone get back on their feet again! What do I mean by this? While many people have done very well in this volatile time, there are still many that struggle due to COVID impacts. Some have lost employment, some have not participated in market gains (stocks, crypto, housing, or otherwise), some have encountered mental health issues, and some have lingering physical health issues from the coronavirus infection. Well, what can
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)

Scott G. Richter, CMT, CFA, CHP
Scott Richter, CMT, CFA, CHP is a senior portfolio manager for Westfield, which manages over $4B in AUM. He is the lead portfolio manager for alternative assets and is also responsible for investments in the energy and utility sectors. He was formerly the co-manager...
Past President and pioneer technical analyst Bernadette Murphy, CMT, passed away March 3 at the age of 86. Bernadette was the first female President of the CMT Association (one of only two) and many say she was the “real power behind the throne.” Not only that, she helped to change the entire history of modern technical analysis. After the horrors of 9/11, several CMT members met at Bernadette’s office in December to correct that year’s CMT examinations, for which she was in charge. When we got into her office, she immediately took Ralph Acampora aside, sat him down at her desk and while standing over him, she pointed her finger in his face and like a true Momma-san, she told him what he had to do right away. “Ralph, you must listen to me. I insist that you outsource the CMT examination to a professional examination firm like the CFA does, because
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)

Ralph Acampora, CMT
Ralph Acampora, CMT is a pioneer in the development of market analytics. He has a global reputation as a market historian and a technical analyst, providing unique insights on market timing and related investment strategy issues to a wide audience within the financial industry....

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...

Fred Meissner, CMT
Fred Meissner, who holds a Chartered Market Technician (CMT) designation, is the founder and President of The FRED Report. His professional career spans 34 years in the investment business. Fred has a multifaceted background encompassing market analysis, trading...

MaryAnn Bartels
Mary Ann Bartels is a recognized and an award winning strategist that spent 35-years on Wall Street analyzing and communicating trends in the economy, equities, bonds, commodities and exchange traded funds. Ms. Bartels held many roles at Merrill Lynch and Bank of America. She...
Long-time member John Leslie (Les) Williams, CMT, passed away March 1 at age 77, possibly from health issues related to his service in Vietnam. He was very active in the CMT Association, including serving as Treasurer and chairing the Ethics Committee, the Nomination Committee and the Accreditation Committee (editor’s note – his signature is on my own CMT certificate). He also ran his own portfolio management firm, Williams Capital Management, based in Bedford, Texas. I got to know Les quite well as we worked together writing and grading the CMT exams. He loved technical analysis and actively used it in his investment management process. He also loved the Market Technicians’ (CMT) Association and enjoyed writing and grading the exams. It was his way to give back to the organization that gave him so much. Outside of the CMT exam, Les and I would talk every 2-3 weeks about the markets and our
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)

Brad Herndon, CFA, CMT
BIO

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...
Episode 3: Walter Deemer – Streaming Now Join the CMT Association for a conversation with Walter Deemer, who discusses his current and historical view over more than 50 years on Wall St. on the latest installment of Fill the Gap, which brings veteran market analysts and money managers onto a monthly podcast to explore their investment philosophy, process and decision-making tools. As investors attempt to navigate the markets during a period of excessive speculation in 2021, Walter’s perspective is invaluable. He has put decades of his market writing on the web for all to see and writes about it in this very issue of Technically Speaking. Subscribe and listen to the podcast by following the links on our website, or subscribe directly at https://cmtassociation.buzzsprout.com/. Tune in on your favorite listening service – each monthly episode is released on the first Friday of the month and will be available on Apple, Spotify, Google Podcasts and
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Tyler Wood, CMT
Tyler Wood serves as Managing Director of CMT Association with the aim of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. He...
I downsized significantly after I retired in 2016, as there just wasn’t any room in the new place for the 2600+ memos I had written during the past fifty years which were stored in 49 three-ring binders and a file drawer. I just couldn’t bear to throw them out, though, so I had them scanned onto a flash drive. (Some came out better than others.) Voila; my lifetime of work now fit into the palm of my hand. Later, Tony Tabell’s family created a website to archive the 2700 market letters he and his father had written between 1944 and 1992. I thought: “Hey; I’ve already got my memos scanned, so maybe it’d be fairly easy to set up an archive for them.” Thanks to a helpful web host, the project was completed in February. It resides at https://deemermarketmemos.com/. The archive contains comments from the 1960’s, which were done at Gerry Tsai’s
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)

Walter Deemer
Walter Deemer is a founding member and past president of the CMT Association who began his Wall Street career in July 1963 as a Merrill Lynch research trainee. In April 1964, Walter moved to Merrill Lynch's Market Analysis Department, where he worked under Bob Farrell, and was a...
Investopedia is looking for an experienced editorial leader to captain our team of trading and investing editors and writers. We seek an accomplished senior editor with a deep background in investing, trading, and market analysis, who will excel in managing the creation of best-in-class news and improving existing educational content. The ideal candidate is hyper-organized and process-oriented with a passion for helping people understand the financial markets and how those movements impact their investments. You will be responsible for overseeing all of our trading and investing content, which includes news production, and the ongoing maintenance and improvement of our existing library of terms, articles, and educational material. The content you oversee must serve our mission of simplifying complex financial information and decisions to give our readers confidence to manage every aspect of their financial life. The ideal candidate will have 8+ years of experience with analysis of financial markets, brokers, financial
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)

Marianna Tessello
Marianna Tessello served as the CMT Association's digital producer from 2018 until 2021. She was responsible for the management of most of the association's front-end digital assets during that time, including social media production, current website information and updates, and...
Please tell us what you do professionally. I’m the Portfolio Manager of the ATAC Rotation Fund (Ticker: ATACX) and the ATAC US Rotation ETF (Ticker: RORO) at Toroso Investments, LLC. As the architect of both strategies, my focus is on conditions that favor risk-on and risk-off for stocks using historically proven leading indicators of volatility. Separate from my work at Toroso, I’m also the Publisher of The Lead-Lag Report (www.leadlagreport.com), which is my premium research service designed for tactical traders and asset allocators looking to anticipate stock market crashes, corrections, and bear markets with my award-winning white papers at the core of the work. How did you get there? I have family history when it comes to the business of investing. My father worked alongside Bob Farrell, legendary technician at Merrill Lynch in the late 1980s, and started his own investment advisory firm in the 1990s and hedge fund in 2000. I grew
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Michael Gayed, CFA
Michael A. Gayed is Portfolio Manager at Toroso Investments, an investment management company specializing in ETF focused research, investment strategies and services designed for financial advisors, RIAs, family offices and investment managers. Prior to Toroso Investments,...
This is an occasional series revisiting the Association in pictures, just to offer a glimpse of in-person events and people in our organization. If you have any pictures from seminars, meetings or after work get-togethers please submit them (in digital form, if possible) and include the date, location, and people in the photo. Better yet, if you remember presentations or topics of conversation that are relevant to the current markets, let us know. There’s nothing like revisiting market history as it relates to the current environment. This month’s photos honor the two members we just lost, Bernadette Murphy and Les Williams. In Memoriam Pictured: Brad Herndon, Bernadette Murphy, Les Williams and Hank Pruden Judging by the baby faces, this photo was likely taken about 20 years ago. Just a nice night out at Angelo’s restaurant in Little Italy (New York City). Supposedly there were more people than bottles of wine but who remembers? Pictured: Helen 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.
Contributor(s)

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...
This memoriam was excerpted from the Canadian Society of Technical Analysts website. William Morris Sharp died February 8, 2021 at the age of 83. Bill was a major contributor to the success of CSTA and one of the original 28 technical analysts who got together in 1984 to discuss and facilitate the founding of the Canadian Society of Technical Analysts. He became its third president in 1989. He was also President of the International Federation of Technical Analysts (IFTA) from 2004 to 2006. Bill, a.k.a. Willy, worked in the investment industry for 60 years, until retiring at age 80. An avid skier, paddler, musician, and National Geographic collector (every issue since 1952). Willy and Gail loved to travel for both work and pleasure; the paddling and outrigger adventures took them as far as the South Pacific, Cook Islands, Greece, Italy, France, Hungary, Hawaii, California, all over Canada.
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Michael Kahn, CMT
Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker. Michael has been working with charts and technical analysis since 1986. He is the author of three books on...
The Los Angeles Chapter of the CMT Association welcomes you to our next event on Saturday, March 20, 2021. We have the pleasure of John Nofsinger, Dave Keller, and Brian Brogan as our guest speakers. You must register to attend this event. Registration closes at 7:00 AM on Saturday, March 20, 2021. You will receive an email with GoToWebinar instructions after registration closes on the day of event. Owen Cupp Los Angeles Chapter Chair Brad Levin, CMT, CFP Los Angeles North Chapter Chair SPEAKERS John R. Nofsinger, PhD Interim Dean/Professor of Finance, University of Alaska The Psychology and Biology of Investing Behavioral finance explains actual behavior through psychological, cognitive, and emotional factors that often lead a person to biased, non-rational, financial decisions. What is the source of these behavioral biases? One answer is biology—sleep, health, hormones, genetics, emotions, cognitive decline, and more. Dave Keller, CMT Chief Market Strategist, StockCharts.com Man vs. Machine: Are Humans Obsolete? Over time the financial industry has transitioned from more qualitative
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.
Members on the Move The CMT Association would like to congratulate the following member on their new positions: Samuel Beaudry, CFA, CMT, Planificateur Financier, Analyste & Représentant – iA Gestion Privée de Patrimoine David Lundgren, CMT, CFA, Strategic Consultant at Interlink Markets Dan Shkolnik, CMT, Director, Portfolio Strategy & Trading at Quintessence Wealth CMT When registering for a CMT exam, please make sure that the name in your profile matches the legal ID you will be presenting at the Prometric test center. If the names do not match, Prometric will not allow you to take the exam. If you have already registered or scheduled your exam and need to adjust your name, please email admin@cmtassociation.org. Name adjustments must be made at least one month before the exams begin. The CMT Association would like to congratulate the following members who received their CMT Designation in February 2021. Antonio Escandon-Lizaur Yi Fu Lee Michael Nauss Jeffrey Smith
To view this content you must be an active member of the CMT Association.
Not a member? Join the CMT Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Marie Penza
Marie Penza serves as the Director of Member Services for the CMT
New Educational Content This Month
-
September 13, 2023
Charting and Analysis in Today’s Equity Markets
Presenter(s): Anthony F. Esposito, CMT
-
September 6, 2023
Market Trend Analysis
Presenter(s): Stephen W. Bigalow
-
August 30, 2023
Two New Oscillators – Volume Zone and Price Zone
Presenter(s): David Steckler