Technically Speaking, November 2020

Well, it is finally over! Or is it?

What is “it” anyway? It could be the pandemic, as on November 9 we got some excellent news on the vaccine front. Or it could be the election, which looks like a blue win but with a lot of legal challenges on the docket. Or maybe it was the end of ridiculously low T-bond rates? No, I don’t include any Fed changes in that one. Twitter? Zoom?

I’d go with all of the above, which was actually no answer.

So it goes as Halloween morphs into Thanksgiving. One thing is for sure: everyone cannot wait until 2021. Keep your extra hour of sleep as the clocks were changed back.

Fortunately, there is always something good happening in your Association. From a wildly successful India Summit to the upcoming Charles H. Dow Award competition to the next round of CMT exams, the CMT never sleeps. Our CMT Program enrollment numbers, including the cohort of candidates that had to postpone their exam in June, are up dramatically.

In this month’s edition of Technically Speaking, we have some good stuff, too. Our feature article is by Michaael Gayed, CFA, a two-time winner of the Dow Award, on market returns given the current level of the VIX. The result is actually against what we might think and that is what makes it valuable.

Ian McMillan, CMT is our member interview, the old faithful Minneapolis chapter is back with a speaker review, and we’ve got an announcement of the Reuters Investment Summit, for which the CMT Association is a sponsor.

Joel Pannikot gives us a taste of what to expect for the 2021 CMT Symposium, using the India Virtual Summit model to explain what the staff is changing about the Symposium and what’s staying the same.

And if you have been procrastinating, this is the last call to submit your paper for the next Dow Award with details inside. There is another entry from the photo archive and news from around the Association.

Enjoy! Just keep your pumpkin spice to yourself.

– Michael Kahn, Editor

What's Inside...

President’s Letter

Election Polling and Technical Analysis – Predict or Listen?

We have now come through our second U.S. election where the...

Read More

Last Call for the Charles H. Dow Award 2021

Deadline for entry – December 2, 2020

In 1994 the CMT Association established the Charles H. Dow award to highlight...

Read More

CMT Program Grows Numbers In 2020, Looks Forward

Registration for the December CMT exam administration has drawn to a close. After postponing the June 2020 test administration due...

Read More

2020 NAAIM Founders Award Winning Paper: Actively Using Passive Sectors to Generate Alpha Using the VIX

I’m extremely pleased that the latest paper I co-authored alongside my friends David Dierking and Matthew Bowler, “Actively Using...

Read More

Reuters Events’ Investment Summit

The CMT Association is honored to serve as an educational sponsor of the Reuters Events’ Investment Summit held virtually on...

Read More

Minneapolis Chapter Meeting Review

Featured speaker Lindsey Bell presented “Investing in 2021 – now what?” to the Minneapolis chapter on Oct 20th via webcast....

Read More

Member Interview With Ian McMillan, CMT

Please tell us what you do professionally.

I am an analyst/co-portfolio manager at an RIA/wealth management firm in Wisconsin.

How...

Read More

India Summit Experience Informs 2021 Symposium Planning

Many industries have been crippled by quarantine lockdowns. As financial market professionals, we are fortunate that our daily work can...

Read More

CMT Photo Archive

This is the second installment in an occasional series revisiting the Association in pictures. With shelter-in-place orders reemerging throughout Europe...

Read More

Membership News

Members on the Move

The CMT Association would like to congratulate the following member on his new position:

Manav Chopra,...

Read More

President’s Letter

Election Polling and Technical Analysis – Predict or Listen?

We have now come through our second U.S. election where the professional pollsters were terribly wrong in both direction and magnitude. There wasn’t a “sweep,” and the predicted “blue wave” was more like a “light blue trickle.” How could they be so wrong? How could they be so confident and fail?

I believe the short answer to this quandary is that life is unpredictable. There are probabilities and seldom 100% certainties despite our best efforts to divine the future. There are some outcomes that just don’t line up with the “mean” expectation or the averages. This is why we play the games, have the competitions, and conduct the elections – to see who really does win or get elected when considering the myriad of variables that can affect the outcomes.

How does this polling analog connect to technical analysis? Well, like the pollsters getting an edge in elections, we are also trying to get an edge in our contests called the markets. With them, it’s candidates. With us, it’s trading and investing exposures.

How can we prevent ourselves from being grossly wrong in our calls and predictions? How can we differentiate?

There are a few ways to help and preserve the integrity of our calls:

  • Think about the limits and accuracy of conventional wisdom. Does a head and shoulders pattern have to count to a particular target for a certain security or currency? Does a measured move have to occur, or is it more an observation in retrospect? Know the limitations.
  • Are there additional confirmations that you can use that may support your analysis? Are your additional confirmatory sources uncorrelated and using new data or observations to strengthen the call? Have more than one support to your calls.
  • Is your communication with the media, clients, customers, and peers allowing for the contingency that you could be inaccurate when considering your “initial call”? Can your communication discuss more “ranges” and “tail outcomes” so others can get an appreciation for the breadth of outcomes? You’ll look more professional by considering more possibilities.
  • Can you analyze your past calls and predictions to see if you have developed any skill in doing so? A solid look at yourself could reveal a real talent, or a bunch of random occurrences. Know how good or bad you are currently, and what you may need to work on if predicting is your goal.
  • Lastly, could it be that you should just listen to the market and respond to outcomes instead of predicting? Is it in your best interest to avoid predicting the future with certainty when it is fleeting? Unless you are investing with very short time horizons, there is usually an opportunity to respond in a meaningful way. Try it. You might like it, and it may work for your practice.

Thanks for your attention. It is my hope these thoughts improve your investment process in the future. Let me know if that is the case. Until next time – invest profitably and stay safe!

Contributor(s)

Last Call for the Charles H. Dow Award 2021

Deadline for entry – December 2, 2020

In 1994 the CMT Association established the Charles H. Dow award to highlight outstanding research in technical analysis. The Award has received over 160 submissions, and recognized 23 papers for their excellence. Of the more than two dozen authors/coauthors who have won, eight have gone on to publish books based on their submissions. Winners have presented at the CMT Association’s Annual Symposium, local chapter meetings, and participated in CMT Association podcasts and/or educational web-series. The Award carries a prize of $5,000 and is presented at the CMT Association’s Annual Symposium held in New York City each April. This month, Chris Diodato, winner of the 2019 Dow Award, shares his experience:

My paper, Making the Most of Panic, was the 2019 winner of the Charles H. Dow Award.  Simply put, winning the award was life-changing for me.  Like most technicians, I was largely self-taught and struggled, often wondering in my early years when I would graduate into becoming a professional analyst.  To me, the award marked a milestone in becoming the professional technician I wanted to be since I read my first charting book in 2009.

The award also provided a powerful tailwind to my career.  My firm’s sales force was arguably the best PR team for publicizing the award, using it to differentiate our firm’s investment management talent from competitors.  I believe this tailwind will continue as I embark on my newest initiative, starting an independent RIA, WELLth Financial Planning.  Unlike financial behemoths such as Goldman Sachs and JP Morgan Chase, I need to inspire confidence to clients and prospects and show I am credible, especially at my young age.  The CMT designation and the Charles H. Dow Award serve those purposes well.

Moving onto my award paper, Making the Most of Panic’s goal was to create a suite of specialized supply and demand indicators to use alongside traditional price and momentum indicators to find buying opportunities in down markets.  Two indicators I discussed, the NYSE 3-DMA % Declines and the Short-Term Capitulation Oscillator (STCO), are for use over short-term timeframes, either for swing trading or deploying excess cash in client accounts.  The third indicator, my Long-Term Capitulation Oscillator (LTCO), was for identifying attractive buy points to take advantage of new intermediate- and long-term uptrends.  I created these indicators to address the issue of many price-only indicators falling short when identifying new broad-market uptrends or requiring too much subjective judgement.  These quantitative indicators have specific levels which one can use to analyze the potential attractiveness of buying stocks at certain levels.

I’ve been continuing working on improving my indicators and am realizing that my favorite new buy setup is a 90% Up Day (made famous in Paul Desmond’s 2002 Dow Award paper) while my LTCO is at an oversold level.  I’ll explain.  The median 26-week return on the S&P 500 Index since 1962 is 4.74%.  Following a 90% Up Day, the median 26-week return was 10.03%.  Following oversold conditions from my LTCO below 950, the median return was an unremarkable 5.22%.  If a 90% Up Day occurs with the LTCO at an oversold level, that median return jumps to 14.72%.  That’s only occurred 32 times over the last 58 years with the most recent instances with a day of the lows in December 2018 and March 2020 – both excellent times to buys stocks.

Fast forward to today, and the two 80% Up Days prior to the election were not accompanied by longer-term oversold conditions, only shorter-term oversold conditions.  Still, the median two-, four-, and eight-week market returns following two 80% Up Days since 1962 is over triple the median for all other days.

I’ll be looking forward to reading the winning paper for 2021.  Chris Cain & Laurence Connor’s Quantamentals, which won in 2020, was a major improvement on the existing literature on factor investing and once again highlighted the need for technical analysis to successfully invest.  These papers are on the cutting-edge of our industry, and I’m so honored mine was included among them.

The competition is open to all practitioners and academics. The submission will be judged based on its ability to enhance the understanding of market action, the concepts of technical analysis, and thorough research.

2021 Guidelines for Submissions

For more information on the Charles H. Dow Award, please contact DowAward@cmtassociation.org.

Contributor(s)

Christopher Diodato, CMT, CFA | 2019 Charles H. Dow Award Winner

Chris Diodato became a student of technical analysis at a young age, enrolling in the CMT program during his freshman year of college. Since then, he attained his CMT and CFA charters and worked in various research and portfolio management roles. Currently,...

CMT Program Grows Numbers In 2020, Looks Forward

Registration for the December CMT exam administration has drawn to a close. After postponing the June 2020 test administration due to the global pandemic, we have planned a hybrid testing setup for December, which includes offering CMT candidates the option to take the test remotely in their own workspace through Prometric’s Remote Proctor application or through Prometric in-person test center.

We are excited to announce that this new hybrid administration model will remain available for 2021 and beyond, and we are actively marketing to professionals who will enjoy increased access to the CMT Program as part of this new test delivery model.

The December 2020 test administration will see the largest-ever cohort of CMT Level I candidates sit for the exam around the globe. Those of us whose careers are better-established can help out this new cohort by connecting with them over LinkedIn and Twitter, building relationships, and eventually offering to serve as their sponsors when the time comes. Connecting with potential sponsors and existing members of the Association remains a minor barrier to those seeking the CMT charter.

We look forward to continuing to build relationships with schools through the Academic Partner Program, as well as with other institutions that can benefit from technical analysis insight.

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 various communication...

2020 NAAIM Founders Award Winning Paper: Actively Using Passive Sectors to Generate Alpha Using the VIX

I’m extremely pleased that the latest paper I co-authored alongside my friends David Dierking and Matthew Bowler, “Actively Using Passive Sectors to Generate Alpha Using the VIX,” was declared the winner of the NAAIM 2020 Founders Award for Advances in Active Investment Management and a Finalist for the 2020 Dow Award. It topped nearly 30 other entries and became the 5th award-winning paper I’ve co-authored over the past several years.

This one is a little different than the prior four papers I’ve co-authored. The risk signals I follow and publish weekly for Lead-Lag Report subscribers (www.leadlagreport.com) look at intermarket behavior to determine whether you should be positioned risk-on or risk-off in response to market conditions. The VIX paper doesn’t designate between risk-on and risk-off, although it does propose three different trading strategies based on optimized VIX levels and publishes their results. Some of the sector rotation strategies we tested produced compelling results, both on an absolute and risk-adjusted basis.

It also identifies what forward-looking market returns have been historically across individual sectors and the equity markets as a whole, based on the VIX level at the time. In essence, using history as a guide, it tries to answer the question of which segments of the market tend to outperform and underperform over various time frames using the VIX as an entry point signal. More importantly, how can it be exploited for gain?

At the 30,000-foot view, our primary discovery was this: Most people tend to feel comfortable buying stocks when market conditions are calm and sell when the markets turn volatile. Our research concluded that investors should do the exact opposite.

The logic behind our research is actually fairly straightforward. It’s a spin on the traditional buy low, sell high strategy and indicates that investors should be buying equities (or, conceivably, other risk assets) when volatility levels are excessively high and sell when volatility is excessively low.

Why? Spikes in the VIX are almost always associated with sharp and severe downturns in the markets. This can best be explained in the paper’s conclusion.

“While momentum is often touted as the ideal anomaly to take advantage of using sectors to express an active bet on continued performance, we find that an approach which waits for momentum to crash with a VIX spike allows for an ideal set-up to buy low and sell high when investor overreactions take place.”

As the VIX rises, stock prices tend to fall and investors, in general, tend to overreact. These types of scenarios create opportunities for smart market watchers to exploit and generate alpha. This was our general thesis. By adding risk to your portfolio when volatility levels were high, investors would essentially be buying stocks “on sale”. Positioning your bets in the right sectors also amplified the opportunity to achieve superior results.

High Level Results

We generated our back test looking at the rolling 14-day VIX on any given trading day (in order to smooth out some of the short-term noise) and measuring the forward-looking performance over several time periods.

The results are compelling.

In summary, investing in almost any sector when VIX levels are at their lowest yielded the poorest forward-looking returns. Conversely, investing when volatility levels are at their highest produced the best longer-term results.

Some of the other findings make intuitive sense, as well. Cyclicals and growth areas of the market performed best coming out of a VIX spike. In theory, these sectors will likely have underperformed during the high volatility period, but subsequently outperformed on the rebound. The traditionally defensive sectors – consumer staples, healthcare and utilities – delivered the worst returns for the opposite reason.

At low VIX levels, however, utilities and consumer staples were outperformers. Presumably, this would be because a period of extreme calm precedes a volatility spike, in which defensive issues likely fall less than the market.

Historically, tech outperforms in all scenarios because, well, it’s the tech sector!

Implementing VIX Strategies in Your Portfolio

In the paper, we offered a number of different scenarios in which investors could implement the VIX strategy. We proposed various weightings of cyclical and defensive sectors based on pre-specified VIX levels. One such proposal allocates 100% to a cyclical index in high VIX environments and rotates to a 100% defensive index in low VIX environments using optimized trigger entry and exit points.

The returns on both an absolute and risk-adjusted basis are impressive. The strategy produced about the same level of risk as the S&P 500, but generated anywhere from 2.6% to 3.9% in additional annualized return. On top of that, it captured more upside and less downside than the broader market.

This sector rotation strategy we tested resulted in significant long-term performance. It initially performed about on par with the broader market during the financial crisis, but from there, it remained consistently ahead of the S&P 500. One particularly interesting finding was that these superior risk-adjusted returns were achieved by being invested in the defensive index more often than not. The risk mitigation factor of these lower-than-average risk factors was the factor that pushed risk-adjusted returns over the top.

We were particularly excited that the discovery of this contrarian signal could produce superior risk-adjusted returns for investors by moving against the financial market groupthink. We’re pleased to be able to share the latest piece of award-winning research with you.

To download the paper and my prior work, look up Michael Gayed on SSRN.com, and feel free to get 30% off The Lead-Lag Report at www.leadlagreport.com with Promo Code LeadLag30.

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, Michael was the Co-Portfolio Manager and...

Reuters Events’ Investment Summit

The CMT Association is honored to serve as an educational sponsor of the Reuters Events’ Investment Summit held virtually on December 3-4, 2020. After months of economic uncertainty and volatility, the investment community is at a crossroads. With global markets in decline and diverse economies heading towards recession as volatile conditions continue, the Investment Summit will unite financial institutions and investors from around the world to tackle the future of investment together. The event is free for the general public.

This virtual event will combine onstage inspiration from keynote speakers with intimate peer-to-peer networking. The two-day conference will cover four key themes:

  1. Market Drivers and Outlook: Learn how macroeconomics, geopolitics, China and market volatility have impacted investment outlook and how you can prepare for 2021 and beyond.
  2. Asset Management Strategies: Go beyond data and learn the methodologies employed by the most successful managers to enhance their understanding of the market and extract financial rewards. Watch out for opportunity identification techniques, industry specific expert takes and great debates.
  3. Leadership in a New Reality: A deep-dive into how long-term government, regulatory and investment initiatives will drive change for investors around the world.
  4. Learning from COVID-19: Crisis has created both opportunities and risks. Are you moving fast enough? What does progress look like? Get exclusive insights from industry innovators, leading asset owners, senior regulators and influential international players as investors look to tackle economic calamity.

As the world comes to terms with the events of 2020, this two-day strategic summit will evaluate the investment community’s response to the current crisis to identify opportunities that lie ahead. We are committed to helping investors on their road to profitability and resilience, and we invite you to join us as we navigate the future at Reuters’ Investment Summit.

For more information, visit:
https://reutersevents.com/events/investment/register.php?utm_campaign=5178&utm_medium=Socials%20%2F%20Newsletter&utm_source=Media%20Partner%20CMT

Contributor(s)

Emily E.A. Meyer

Emily Elizabeth-Anne Meyer is the Head of Marketing – Americas at FlexTrade. She served as the Director of Marketing for the CMT Association until 2021.

Minneapolis Chapter Meeting Review

Featured speaker Lindsey Bell presented “Investing in 2021 – now what?” to the Minneapolis chapter on Oct 20th via webcast. Lindsey is the Chief Investment Strategist at Ally Invest. Ally Invest is the former TradeKing online broker, that now offers managed portfolios, self-directed trading, and automated investing.

Lindsey discussed current market conditions and laid out the risks and offsetting factors. The risk she sees are: 1) stimulus stalemate, 2) election risk, 3) slowing economic data, 4) COVID-19, and 5) vaccine timing. The offsetting factors helping to mitigate these risks are: 1) monetary stimulus 2) resilient consumers, 3) demographic trends, 4) improving 10-year yields, and 5) easing financial conditions.

Where do we go from here? The S&P 500 rebounded from bear market territory at the second fastest pace ever. Lindsey discussed the following points:

  • State of the markets: Valuations remain elevated as the S&P 500 forward P/E is trading at 23.6x vs historic average of 16x. Earnings are projected to rebound in 2021 to 2019 levels ($164) and 2021 will benefit from year over year comparison.
  • State of the Consumer: Unemployment remains high, but the consumer has been resilient. Retail sales in September marked a new high, as consumer spending has nearly recovered to pre-COVID levels. Existing homes sales at 13-year high. Personal savings is $1 trillion higher because of stimulus and consumers’ cash in the bank has increased $4 trillion. Consumer strength has been supported by fiscal stimulus and additional unemployment benefits. The recovery should continue, even if at a slower pace, until the next round of stimulus.
  • State of businesses: Cash levels have reached new highs for both S&P 500 and S&P 600 companies. Net debt/EBITDA for S&P 500 companies in Q1 2020 was almost 25% lower than 2007 peak. Financial conditions, as measured by the St Louis Fed financial Stress Index, are improving at a much faster rate than in 2009. Uncertainty regarding economic policy remains high, and the recovery is dependent on reducing that uncertainty.
  • State of global growth: IMF growth forecast for Q2 for advanced economies was better than expected and are showing signs of a more rapid recovery in Q3. Expecting 5.2% growth in 2021.
  • Growth vs value: Growth has outperformed value nine out of the past 11 years. Value tends to outperform in the latter part of economic downturns and early on in economic recoveries.
  • Small caps: Small caps have not underperformed the broader index by this much since the late 90’s. Watch the rolling12-month relative strength relationship for clues of a possible change.

Contributor(s)

Jamie Keelin, MBA, CMT

Jamie Keelin, who holds a Chartered Market Technician (CMT) designation, is the Chief Investment Strategist at Frazer Bay Investments, LLC, which offers investment strategies that are based on tactical asset allocation (TAA), a dynamic investment strategy that actively adjusts a portfolio’s asset...

Member Interview With Ian McMillan, CMT

Please tell us what you do professionally.

I am an analyst/co-portfolio manager at an RIA/wealth management firm in Wisconsin.

How did you get there?

An acquaintance/friend of the Director of Investments in the firm I would soon join got me interested in the CMT Association. We met at two different conferences – one being the annual CMT event in NYC) – and got to know each other. Later that year, they did ask me to join the firm.

Who was an early mentor in your career?

A former boss of mine, Ronald Rough, who is actually a CFA and not a CMT, that taught me about the importance of relative strength. This is one of my core techniques, to this day.

What book/author was most influential in helping you understand TA?

Stan Weinstein’s “How to Profit in Bull and Bear Markets”

What do you like to do when you are not looking at markets?

I am a big live sports fan, especially college football and basketball. I also enjoy spending time with our 15-monoth old son

What brought you to the CMT Association?

Education and career advancement. I’d say that I wanted to learn about TA and surround myself with those who knew a lot more than I did, so what better place to start than a professional association full of technicians with lots of experience?

What it the most useful benefit of membership for you?

Networking. This has been great, on both a local and national level. Relationships I forged early on continue to be a benefit to my career and present various opportunities in the technical analysis field.

Contributor(s)

Ian McMillan, CMT
Ian McMillan, CMT

Ian McMillan is a Market Technician at Client First Tax & Wealth Advisors.  Prior to his role at Client First Tax and Wealth Advisors, Ian was a Senior Analyst based out of the Washington DC area.  Ian has been in the wealth...

India Summit Experience Informs 2021 Symposium Planning

Many industries have been crippled by quarantine lockdowns. As financial market professionals, we are fortunate that our daily work can largely be performed online. Global indices saw a dramatic crash in the first quarter of 2020, followed immediately by a surge in equities much sharper than most pundits expected. Veteran analysts and money managers remembered the shocks of 2008, 2001, and even 1987, and looked to history for important corollaries. Yet most young professionals learned firsthand why veterans respect the markets and never fight the tape. We know from the demand for education and programming in the technical analysis arena, individuals and even firms without strong risk management tools found this period punishing.

Against this backdrop, “Navigating the Unthinkable” became the theme for the 2020 India Virtual Summit of the CMT Association, held on the 10th and 11th of October. This theme had many layers. Speakers addressed unprecedented central bank intervention, disconnects between valuations and share prices, and critical views on the intermarket relationships that inform cross-asset investment strategies. From the conference perspective, volunteers and staff were building off the momentum of the 2019 Inaugural India Summit to deliver a great in-person knowledge and networking event this year. The pandemic changed everything, forcing us to navigate the world of virtual events building out a new digital platform to bring the unthinkable into reality.

The volunteer team and CMT staff put forth a whatever-it-takes attitude to execute the virtual summit. Re-formatting the event agenda, envisioning new uses of the technology platform, leveraging the availability of speakers worldwide, addressing the needs of sponsors and strategic partners, and exceeding the expectations of our audience proved that the challenges of the remote environment was no match for the spirit and ingenuity of the CMT community.

The result was a 2-day festival of educational programming accessible to a global audience. The stellar lineup of 30+ speakers from the Indian and global asset management community were paired with global experts in technical market analysis. Innovators like Steve Nison spoke with authority about candle charting techniques and common mistakes. “India’s own Warren Buffet” Rajesh Jhunjhunwala shared insights from a marquee investment career in an intimate fireside chat. The speakers shared their insights with an audience that stayed engaged throughout the 22+ hours of learning. After the Summit was done, we continued to engage with the registered audience, making the recordings available to them for a month after the Summit.

Some of the lessons we learned from this experience were:

  1. The appetite for learning is universal and immense. People are willing to join quality events at any time of the day if they can derive value from it.
  2. Virtual events open up opportunities to speakers and delegates who otherwise might not have been able to travel to a specific venue.
  3. Even virtual events can have great networking opportunities. We invested in a Digital Summit Guide that helped attendees not only plan their personal session agendas (selecting from simultaneous breakout sessions) but also connect with other attendees networking across national borders, continents and time zones in an easy-to-use communications platform native to the Digital Summit Guide.
  4. Sponsors and partners of the event built upon extended engagement and visibility at the event, through innovative communication, branding, and engagement platforms that the Digital Summit Guide makes possible.
  5. By eliminating travel, CMT events no longer need to be constrained to a single day or weekend. Spreading event agendas over a week and even more, could provide the audience time to learn and network on-demand.

Structural changes to society, accelerated by technology and born out of necessity are creating new modes and manners of engagement and education. The CMT Association is carrying forward these lessons to the upcoming virtual edition of the CMT Association’s Annual Symposium and beyond.

While planning is still underway, the Symposium will be fully virtual. Building on the success of the India Summit we expect to have even greater attendance and exceptional experience for all stakeholders. Coupled with our unique app designed to navigate easily from session to session, the world-class Symposium speaker lineup will be an opportunity for educating the wider financial industry on the universality and utility of technical analysis while retaining a networking function to connect with attendees around the world. Stay tuned next month for announcements about the CMT Annual Symposium!

 

Contributor(s)

Joel Pannikot

Joel Pannikot (pronounced as Punny-Quote) is the Managing Director of Chartered Market Technician Private Limited and serves as the Head of the Asia-Pacific region for the CMT Association. In this role, he is committed to advancing the field of technical analysis through...

CMT Photo Archive

This is the second installment in an occasional series revisiting the Association in pictures. With shelter-in-place orders reemerging throughout Europe & South Asia and our transition to online-only member programming, we’d like to offer a glimpse of in-person events as a reminder of what we aspire to in the future.

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 relevant to the current markets, let us know. There’s nothing like revisiting market history as it relates to the current environment.

28th Annual Seminar (Marco Island, FL, 2004)

Pictured: Duke Jones, CMT, Martin Pring and John Bollinger, CMT, CFA posing for the paparazzi.

26th Annual Seminar (Lincolnshire, IL 2001)

Pictured: Association President Mike Epstein presents the 2001 MTA Annual Award to Phil Roth, CMT, who accepted it and then made a $4000 donation to the Educational Foundation.

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 technical analysis...

Membership News

Members on the Move

The CMT Association would like to congratulate the following member on his new position:

Manav Chopra, CMT, Vice President at Kotak Securities- Institutional Equities

Once again, we are requesting that members update their personal information; major corporations are requesting CMT charter holder information for their employees and we cannot give the correct information if your company is not listed. Please make sure your profile information is completely filled out, including your place of employment and your mailing address.

CMT

The exams are less than a month away. If you haven’t scheduled your exam, be sure to do it right away.  Not only can you take the exam at a test center, but the CMT Association now offers online exams through Prometric’s Remote Proctoring.  For remote proctoring, at the Prometric website, under Option 2 select Schedule; if you have already scheduled for a test center but now prefer to take the exam online, under Option 2 select Reschedule.

Don’t forget to do a System Check and review the User Guide before scheduling your remote proctored exam https://cmtassociation.org/chartered-market-technician/cmt-exams-remote-proctoring/.

If you need assistance scheduling or rescheduling your exam, please email admin@cmtassociaiton.org.

When reporting to a Prometric test center or taking your remote proctored exam, be sure to have a current and valid government ID with you.  For more information about the day of the exam, on the website, under CMT Program, select Frequently Asked Questions, then Day of Exam. If you need to confirm the location, date, and time of your exam, on the Prometric website select Confirm.  You will need your Prometric confirmation number that is located on the confirmation email that Prometric sent you. If you cannot locate the email, you can request the Prometric confirmation number by emailing admin@cmtassociation.org.

Good luck to all the candidates!

The CMT Association would like to congratulate the following members who received their CMT Designation in October 2020.

  • Allen Canete
  • Joseph Capasso
  • William Roach
  • Matthew Sawyer
  • Paul Wise

 

Contributor(s)

Marie Penza

Marie Penza serves as the Director of Member Services for the CMT Association.