Forget March. October came in like a lion as the news cycle and economic reports stomped on the bulls. Considering that September was rather tame, it was a big wake-up call for stock jocks.
But September did have its moments. The U.S. dollar soared and the UUP bullish dollar ETF nearly hit all-time highs (set in 2008). Gold, which still holds a long-term breakout, faded all month, not surprisingly. Bitcoin barfed (my opinion embedded there). The long Treasury yield recovery failed while the curve inverted and un-inverted again. And crude oil gave up its gains and then some after the Saudi oil field attack.
There are fun markets to trade everywhere!
Lest we forget, after peaking in 2014, the number of UFO sightings dropped this year to date to a 19-year low. I don’t quite see the correlation to any market, and especially not cannabis.
So, while we sip our pumpkin spice (barf again) and watch this October’s volatility, remember that the “good part” of the year is upon us. No, not the seasonal strength for stocks but the CMT Association’s rolling out of all sorts of good stuff to make your work life better and easier.
In this issue, we’re re-running a series from Technically Speaking’s past on the history of Wall Street, written by Bruno DiGiorgi. Did you know how the term “broker” came about? It had nothing to do with investors getting broker the more they traded.
And since we’re in the rerun spirit, we’ve got an article from Adam Koos that ran last May in Proactive Advisor magazine. In it, Adam details his CMT journey and how it helped him in his advisory business. It’s a testament to the value of the designation and the process of getting it.
I’ve also included a short piece on the “spirit of technical analysis.” Basically, it asks the question, “Does your precise analysis make sense in the real world?”
We have an interview with the legendary Louise Yamada, whose work decades ago helped shape the analysis we practice today.
Of course, we’ll round it off with Association news, updates from the CMT program, members in the media and chapter speaker reviews from New York, Chicago and Minnesota. The latter two are my total favorite chapters because they share frequently. The rest of you, well, bless your hearts.
Michael Kahn, CMT