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Technically Speaking, October, 2006

From the Editor’s Desk

This issue of Technically Speaking offers insight into the excitement and energy within the Market Technicians Association. The recently concluded Long Range Planning Committee meeting merits prominent space on the cover of the newsletter to draw attention to the fact that the Board is looking to the membership for ideas on how to grow and improve the MTA. Inside, we bring you news that a new  Executive Director has been hired to lead the implementation of our ideas. After more than 30 years as an organization, the future of the MTA looks brighter than ever. At the Long Range Planning meeting, I had the opportunity to speak with Ralph Acampora. Ralph mentioned that he never expected to see the MTA grow from its humble beginnings to an organization recognized by the SEC and NYSE as legally equivalent to the CFAI. What amazed me, and many others that I spoke with, is that this growth in professionalism has not come at the expense of the “clubbiness” we have long enjoyed. The greatest value of my MTA membership is the personal

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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.

What's Inside...

From the President’s Desk

by Phil Roth, CMT

MTA Members and Affiliates: I am very pleased to announce that the MTA has hired a new Executive Director! After a five-month search, our Executive Director Search Committee unanimously recommended,...

From the Executive’s Desk

by Tom Silveri

MTA Members and Affiliates: I want to thank the MTA Board for allowing me the opportunity to serve and support all members and affiliates of the MTA. I will do all I can to continue the MTA’s...

Long-Range Planning Committee Meeting September 9, 2006

The Long-Range Planning Committee meeting, held at the Doubletree Hotel at Newark Airport, was attended by members from all across the U.S., Canada, and even Europe. MTA Vice President Larry Berman...

In Search of a Robust Portfolio Tilt

by Clare White, CMT

Given the wide range of sector products available to traders via the futures, equity and options markets, the ability to create a portfolio tilt is easier than ever. However, the abundance of...

Sponsorship

by Michael Carr, CMT

Within the MTA bylaws is section BL4.02, defining application procedures for members and affiliates. The forms are easy to complete – some personal information and regulatory history are very...

New York Chapter Report September 2006

by David Keller, CMT

How often is a technical analyst (or any financial professional for that matter) willing to stand up and publicly evaluate his or her performance over a six year period? Joerg Schroeder first...

From the President’s Desk

From the President’s Desk

MTA Members and Affiliates:

I am very pleased to announce that the MTA has hired a new Executive Director! After a five-month search, our Executive Director Search Committee unanimously recommended, and the Board approved, to engage Tom Silveri as the new Executive Director of the Market Technicians Association.

Tom has an exceptional history of strong professional conduct, financial management, and leadership in business. He is a licensed CPA with more than two decades of experience: as an audit consultant with Price Waterhouse, a corporate controller at the advertising agency of J.Walter Thompson, and as a controller and director of financial planning for the public relations firm, Hill and Knowlton. Tom then spent ten years at the human resources solutions company DBM, Inc., where he rose to serve as COO and, finally, President and Chief Executive Officer. Tom has years of experience working with company Boards and financials. He has managed issues ranging

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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)

Philip J. Roth, CMT

Phil Roth, CMT

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From the Executive’s Desk

From the Executive’s Desk

MTA Members and Affiliates:

I want to thank the MTA Board for allowing me the opportunity to serve and support all members and affiliates of the MTA. I will do all I can to continue the MTA’s mission and to increase the MTA’s overall value to all constituencies. I am absolutely confi dent this can and will be done.

As I start the process, I will be reaching out to the Board, Committee Chairs, members and affiliates to better understand the current and future issues that the MTA faces that requires action. This communication process has already started and will continue in earnest over the next few months.

I am hoping to complete this initial overall understanding with the creation of a consensus-driven strategic plan for the MTA by early 2007. I will, of course, be at the Miami seminar on January 19th-20th at which time I will be reporting on findings/activities to

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)

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Long-Range Planning Committee Meeting September 9, 2006

Long-Range Planning Committee Meeting September 9, 2006

The Long-Range Planning Committee meeting, held at the Doubletree Hotel at Newark Airport, was attended by members from all across the U.S., Canada, and even Europe. MTA Vice President Larry Berman opened the Association’s Long Range Planning committee meeting by reviewing our organization’s mission statement. More than 30 members in attendance agreed that it is important to:

A.  Educate the public and investment community about the value of technical analysis.

B.  Attract and retain a membership of professionals.

C.  Encourage the highest standards of professional competence.

In discussions, 90% of participants agreed that B preceded C and A, and a clear majority indicated that the correct order was B, C, and then A.

MTA co-founder Ralph Acampora added that the mission of our organization is no longer confined to words in the Constitution. In February 2005, securities regulators chose to recognize

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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In Search of a Robust Portfolio Tilt

In Search of a Robust Portfolio Tilt

Given the wide range of sector products available to traders via the futures, equity and options markets, the ability to create a portfolio tilt is easier than ever. However, the abundance of products may also make an approach to constructing such a portfolio more unwieldy. This article makes use of the Standard & Poors Depositary Receipts (SPDRs®) and the Select Sector SPDRs® to present a modified tilt approach.

Portfolio tilts combine a passive investment vehicle that tracks a broad market benchmark and adds positions to overweight securities that are expected to outperform the benchmark while underweighting securities expected to underperform it. The approach presented here is identified as “modified” because it also incorporates a basic market timing technique. There are a countless number of combinations that can be explored by technicians and this article is geared towards providing food for thought for newer practitioners who seek an allocation approach for a

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)

Clare White

Clare White, CMT

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Sponsorship

Sponsorship

Within the MTA bylaws is section BL4.02, defining application procedures for members and affiliates. The forms are easy to complete – some personal information and regulatory history are very straightforward. But common questions among applicants for membership are “Why are sponsors required?” and “How can I get sponsors?” In the early days of the MTA, sponsors personally knew the applicant and they usually met frequently. Membership in the MTA has always been limited to professionals practicing technical analysis. The only way to ensure this standard is met is through the use of sponsorship. Those not meeting this qualification are nonetheless eligible to become Affiliates of the MTA, and they are entitled to most of the same benefits and privileges as full Members. Sponsors are asked five questions about the applicant:

  1. Your relationship to applicant;
  2. Time known;
  3. Discuss in detail the applicant’s technical work as you understand it;
  4. Personal evaluation or comments;
  5. Do you believe that

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 Carr, CMT

Michael Carr, CMT

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New York Chapter Report September 2006

New York Chapter Report September 2006

How often is a technical analyst (or any financial professional for that matter) willing to stand up and publicly evaluate his or her performance over a six year period? Joerg Schroeder first appeared at the MTA New York Chapter in November 2000, and returned this month to give a follow-up presentation on his techniques. His investment strategy combines Elliott Wave and cycle analysis to identify potential patterns in various securities. In 2000, with the Dow just above 11,000, Joerg presented his case for a drop to Dow 7,200. As we know, this came to pass in late 2002. This month, Joerg took the opportunity to present his outlook for the Dow and other markets into 2007/2008, as well as explain how he uses Elliott Wave methodology to define the framework of price action.

Looking forward to our October meeting, we are excited to present an interactive session with noted technical analyst,

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

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New Educational Content This Month

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