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Technically Speaking, October 2007

A Letter from the MTA Seminar Chair

This month, instead of A Letter from the Editor’s Desk, we have decided to provide you with an update on the MTA’s upcoming Mid-Winter Retreat by Seminar Chair Tim Snavely, CFA, CMT. MTA Membership: I am pleased to invite you to join us this year for our 2008 MTA Mid-Winter Retreat - a high quality, advanced topics, learning and networking event set on the gorgeous Florida Gulf Coast. This year’s Retreat will be held January 25th and 26th at the fabulous Don CeSar, a Loew’s Hotel, and it will feature:
  • An MTA Market Forecast Panel, featuring expert ideas, outlooks, and forecasts for 2008!
  • Presentations from renowned experts including John Bollinger, Ned Davis, Jeff deGraaf, Jordan Kotick, Hank Pruden, Phil Roth and more!
  • A networking-oriented Rotating Round table discussion enabling attendees to strengthen relationships and share market insights with our attending experts.
  • An Awards Luncheon. One of the MTA’s finest traditions is recognizing the important contributions of members of our community – and it’s fun!
  • An outdoor evening reception 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.

What's Inside...

From the Executive Director

by Tom Silveri

MTA Membership: This is a very busy, and exciting, time of the year for the MTA and its membership. As we are wrapping up registration for the fall CMT Exams, we have just opened registration for our...

The Complete TurtleTrader: The Legend, the Lessons, the Results by Michael W. Covel

by Ajay G. Jani, CMT & Michael Covel

Eddie Murphy, Dan Ackroyd, and Christmas. Those three words linked together generate an almost universal association with the movie Trading Places. While many have enjoyed the film, few are aware...

Fusing Catalysts Together for Greater Returns

by Todd Campbell

The average technician scours thousands of charts daily looking for the perfect storm. Whether it be uncovering rocks in search of gold nuggets, or catching lightning in a bottle, the task is...

An In-Depth Interview - Josh Rosen, CMT

by Molly Schilling & Josh Rosen, CMT

Last year at this time, I interviewed Josh in his position at the New York Stock Exchange where he had been working for many years as a Senior Specialist for Kellogg Group. He has since taken a...

MTA Quarterly Announcement

Once a quarter the MTA would like to recognize those that have been granted Member Status and the CMT designation. During this time period, July ‘07 – September ‘07, the new Members and CMT...

Stairstops: Using Basing Points to Ratchet Stops in Bull or Bear Markets by W. H. C. Bassetti

by Michael Carr, CMT & Charles Bassetti

W. H. C. Bassetti recently updated and revised Technical Analysis of Stock Trends by Robert D. Edwards and John Magee. Chapter 28 of the ninth edition of that classic is titled, “What is a Bottom...

From the Executive Director

From the Executive Director

MTA Membership:

This is a very busy, and exciting, time of the year for the MTA and its membership. As we are wrapping up registration for the fall CMT Exams, we have just opened registration for our 2008 MidWinter Retreat. The CMT Institute (CMTi) is also underway, along with the opening of new chapters in Baltimore and Charlotte.

For those of you who have already registered for the fall CMT Exams, I want to wish you all the best of luck. As you all know, registration ends on October 19th for Levels 1 and 2 (Level 3 closed September 30th), so there is still time left if you would like to take the Exam this fall. If anyone has to reschedule their exam, or if you have any questions at all, please contact Marie Penza at marie@mta.org or 646-652-3300.

As seen on the next page, in the letter from the Seminar Chair, the

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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The Complete TurtleTrader: The Legend, the Lessons, the Results by Michael W. Covel

The Complete TurtleTrader: The Legend, the Lessons, the Results by Michael W. Covel

Eddie Murphy, Dan Ackroyd, and Christmas. Those three words linked together generate an almost universal association with the movie Trading Places. While many have enjoyed the film, few are aware that in 1983, the same year the movie was  released, a real-life experiment along similar lines was carried out by legendary commodity traders Richard Dennis and William Eckhardt.

Turtle Trader is an inside look into the events of 25 years ago, and how they continue to influence modern markets to this day. Author Michael Covel (Trend Following), uses a combination of historical records and interviews with the key players involved in the experiment to tell one of the greatest market stories ever: that of Richard Dennis’ “Turtles”.

Richard Dennis achieved fame by turning a very small grubstake of less than $500 into a fortune that reputedly exceeded $200 million by the time he retired from

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)

Ajay G. Jani, CMT

Michael Covel

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Fusing Catalysts Together for Greater Returns

Fusing Catalysts Together for Greater Returns

The average technician scours thousands of charts daily looking for the perfect storm. Whether it be uncovering rocks in search of gold nuggets, or catching lightning in a bottle, the task is daunting.

Ten years ago I began my career off Wall Street, providing independent research to money managers. In 2003, I took the path less traveled and founded E.B. Capital Markets, LLC. My goal was simple. Find an easier way to find the best names at the right time. I spent over 1,000 hours – much to the chagrin of family and friends – working through the key drivers of price and in the process fusing together technical, fundamental and seasonality research.

As members of the MTA, technicians recognize the value of listening to markets and not fighting the tape. Sometimes, however, financial success is more difficult than finding the perfect chart. Technicians know price history shows market sentiment better than

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)

Todd Campbell

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An In-Depth Interview - Josh Rosen, CMT

An In-Depth Interview - Josh Rosen, CMT

Last year at this time, I interviewed Josh in his position at the New York Stock Exchange where he had been working for many years as a Senior Specialist for Kellogg Group. He has since taken a position in Chicago where we meet up again – this year — to do a follow-up interview.

Molly Schilling [MS]: Josh and I are enjoying a beautiful evening here in Chicago at the Park Hyatt Lounge overlooking Michigan Avenue and the lake. I’m so happy to see you again – it has been one year since we last met at Bobby Van’s down on Wall Street, and you were a Senior Specialist on the floor of the New York Stock Exchange – and you’ve had a lot of changes since that time.

Josh Rosen [JR]: Yes, last October I was a Senior Specialist for Kellogg. But I had been thinking about expanding upon my experience

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)

Molly Schilling

Josh Rosen, CMT

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MTA Quarterly Announcement

MTA Quarterly Announcement

Once a quarter the MTA would like to recognize those that have been granted Member Status and the CMT designation. During this time period, July ‘07 – September ‘07, the new Members and CMT charter holders are as follows:

New Members

Peter Austin, NJ, USA
James Bartelloni, VA, USA
Ulrich Bender, Switzerland
Curtis A. Butler, MA, USA
Ryan Campbell, UT, USA
Samuel S. C. Chan, Canada
Mark Cison, IL, USA
Robert C. Dufour, NY, USA
Esther De S. G. Elkaim, FL, USA
Doaa E.M. Fahmy, Egypt
Robert J. Ferrari, NY, USA
Leonard K. Fiadzinu, Canada
Michael Fickell, NY, USA
Jason Gaunt, MA, USA
Benedick Goette, Switzerland
Justin Gularte, CA, USA
Kenneth C. Haddad, NY, USA
Christopher Kayser, Canada
Aaron Kessler, CA, USA
Gregor Krall, South Africa
Mihir Kumar, United Arab Emirates
Luke Levine, United Kingdom
Michael R. Morrera, VT, USA
Hinson Ng, NY, USA
Robert J. Palfreyman, UT, USA
John

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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Stairstops: Using Basing Points to Ratchet Stops in Bull or Bear Markets by W. H. C. Bassetti

Stairstops: Using Basing Points to Ratchet Stops in Bull or Bear Markets by W. H. C. Bassetti

W. H. C. Bassetti recently updated and revised Technical Analysis of Stock Trends by Robert D. Edwards and John Magee. Chapter 28 of the ninth edition of that classic is titled, “What is a Bottom — What is a Top?” and contains what Bassetti considers to be one of Magee’s most important contributions to traders, the concept of basing points. Prices never move in a straight line up or down, instead advancing or declining in waves, as described by Charles Dow or R. N. Elliott. Magee took a simpler and practical approach in his writing and saw the extreme points in a wave as a good location for stops. Stairstops: Using Basing Points to Ratchet Stops in Bull or Bear Markets expands and clarifies this concept into a complete system for setting stops to protect profits and limit losses.

During an uptrend, prices make higher highs and higher lows. Basing points

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

Charles Bassetti

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New Educational Content This Month

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