As the leaves finally turn here in the New York area, the stock market has once again reached new highs, at least according to the big indices. But just when you stopped looking, the Russell clawed back to the top of its year-long range and the NYSE composite – the average Joe index – is at a two-year high.
Could it be that the converse to “sell in May” is finally going to work? The answer is, of course, who knows? The usual suspects still hold us hostage: China and the Fed. The latter seems to be on hold after the last rate hike.
There are a few things of note, namely the resurgence of retail stocks and banks. The dollar may be breaking down, too. Copper may still be comatose, but look at platinum soar!
This month in Technically Speaking, we’ve got part two of Bruno DiGiorgi’s History of Wall Street and a twist on an old, less-well-known indicator by David Steckler. New York and Minnesota Chapters weigh in with speaker reviews, and our member interview is with Ken Tower, CMT, a past president of the Association.
We’ve also got a similar interview with CMT Association Executive Director Alvin Kressler. It is easy to think of him as just an administrator, but when you look at his career, he is truly one of us.
Of course, we’ve got Association news, including the announcement of 27 new CMTs.
If you’ve got a book out, let us know so we can tell everyone. Also, if you are hiring technicians, we can post that here.
And as usual, I ask members to submit articles they’ve written (not forecasts but methods) or write something new to share your knowledge with the group. If you are new, this is a great way to develop your chops as an analyst and a writer.
Michael Kahn, CMT