Hello Readers, and welcome to another edition of Technically Speaking.
In case you were wondering, the CMT APAC Summit 2022 was a success!!
We were all in Mumbai in the first week of November and the energy and excitement were palpable. People were thrilled to be meeting each other in person again. I had been working alongside quite a few CMT charter holders for close to three years, and met them only a couple of weeks back! Covid turned our lives around, but another year around the sun seems to have done the trick. Now that we are all back to our respective geographical locations, I have a question for you: How often do you reach out to market technicians from a different part of the world? We live in a world dominated by social media, so mode of communication is really a problem only if you make it one.
I have been lucky to be in a position where I have interacted with people across the globe, thanks to my job. I do realize that not many are in that position. But guess what? The CMT community does not care about your designation! And if anything, the recently concluded APAC Summit proved just that. I am repeating myself here, but you won’t find a more supportive professional community. All you have to do is reach out. We often focus on ‘what’s the worse that could happen’. Just imagine what were to be if we began approaching challenges/people with- ‘what’s the best that could happen?’ Same situation, different end of the spectrum but a stark transformation in approach and confidence; and all it takes is replacing a few words. Give your mind the right thoughts to obsess about and watch the magic unfold. One big advantage of expanding the horizon of your interactions is how quickly your notions take a hit. We are after all a product of our surroundings. With those surroundings come inherent biases. These biases are stubborn, let me tell you. It takes deliberate, conscious effort to steer clear from them. And the easiest way to do that is to talk to people, preferably from the other side of the world.
Speaking of the world, how has the market been treating you lately? Did the US Dollar rolling over catch you off guard? Did you ride the Dow30 ripper move we got to witness since October? There are divergences in the market that are playing at out the moment such as Energy (XLE) vs Crude oil, India’s outperformance vs global indices. How do you think these will resolve? Over the past few weeks, we saw 90% global indices climb above their 50-day moving averages (all when the DXY and rates halted). A sustained breadth confirmation over a three-month time period will do more to confirm this trend going forward. Financials too are catching a bid. Nifty Bank is trading at an all-time high. Talk about leadership coming through! While these are all signs to watch out for, the market sure has a lot of ground to cover to prove its bullishness. And we’ll just have to wait for the weight of the evidence to point us to the right direction.
In the meantime, here are some memories from the APAC Summit 2022. Images and videos will be available soon, so watch out for that!
Until next time,
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