Technically Speaking, September 2019

As we turn the page on another summer season, well, here in the Northern Hemisphere, traders return from the Hamptons, or wherever they park their yachts, and supposedly liquidity comes back with them. But this is no ordinary year. Between on-again, off-again trade talks with China, negative interest rates overseas and volatility during the usually quiet dog days of late August, who knows?

The yield curve inverted again while long rates plummeted to super oversold levels. Gold scored a long-term breakout, and who gave the silver market a triple espresso? Yet through it all, the NYSE advance-decline line hit a new all-time high before Labor Day.

It’s been relatively quiet on the Association front, as you would expect during the late summer. However, things are ramping back up. The first item to note is that we are now accepting submissions for the 2020 Charles H. Dow Award (details within).  Registration for the next CMT exam cycle remains open, and we are welcoming a new crop of freshly-minted CMT charterholders into the fold.

This month, we’ve got an article by Stefanie Kammerman discussing dark pools. We all can agree that volume analysis has been somewhat ineffective over the past decade and one reason is that a lot of trading takes place off the exchanges. Whether you believe it or not, it is an interesting thought.

And Christopher Cain, CMT, is back with another article, this time explaining how his firm combines technical data with fundamentals and some quant methodology to only buy quality companies in rising trends.

This month’s member interview is with Fred Meissner, CMT, who has been a big supporter of the Association and has served in many positions over the years, including president.

And what has become my own favorite chapter, Minnesota, offered yet another speaker review from its monthly meeting. Come on, other chapters. We want to know what you are all up to these days. Send in your speaker reviews.

And while I am on a roll, how about individual members volunteer to send in your own reviews of relevant books you’ve read or lectures you’ve attended? Share the knowledge!

Michael Kahn, CMT


What's Inside...

President’s Letter

Are you winning or losing the investment battle?

I want to get inside your head a bit today.  My question...

Read More

Quality Companies in an Uptrend - Combining Fundamental Factors with Quantitative/Technical Analysis

Note: This article originally appeared on the author’s LinkedIn page.

What happens when you combine high performing quantitative/technical strategies with...

Read More

Member Interview with Fred Meissner

Please tell us what you do professionally.

Currently, I publish The FRED Report, a technical analysis research report targeted...

Read More

Technical Dissonance

Note: This article originally appeared on the author’s blog.

So many traders these days rely on technical analysis, but what...

Read More

Minnesota Chapter Speaker Review

The August meeting of the Minnesota Chapter featured speaker was Paul Allen Winghart, Founder & Chief Knowledge Officer at the...

Read More

Job Postings

Schaeffer’s Investment Research, Inc., an options research and recommendation firm based out of Blue Ash, Ohio, is seeking to expand...

Read More

Dow Award Now Open for Submissions

The 2020 Dow Award is now open and accepting submissions! The competition is open to all practitioners and academics....

Read More

Members in the Media

Many of our members were featured in a range of news stories this month, including videos, print publication stories and...

Read More

Membership News


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

Silvia Felicio, CIM, CMT, Associate...

Read More

President’s Letter

Are you winning or losing the investment battle?

I want to get inside your head a bit today.  My question to you – are you winning or losing the investment battle?

When you look back at the last 8 to 12 months, are you winning or losing?  Markets are moving swiftly.  Extremes are among us!  How have you done?

That question will likely mean different things to different people – but the idea at its core, whether you are progressing or regressing in your investment role and your outcomes, is straightforward.

  • Have your macro calls captured the decline in rates and volatility in equities?
  • Have your arguments been adopted by the Investment Committee and implemented in the markets?
  • Have your allocation decisions benefited portfolios/clients or avoided drawdowns?
  • Have your long security selections made money?
  • Have your short security selections made money?
  • Have your positions sizes captured your conviction levels with your ideas?

To answer these questions – you’ll need three tools at your disposal.

The first is understand and clarify your measurement criteria.  Do you know what they are?  What game are you playing?  How do you win?  Be clear on how you’re measured.  Also, look at it in a multi-dimensional way – there may be more than just investment metrics.  How do clients measure you? How do you colleagues measure you?

Second, what is your process? Map it out from end to end.  This is very important.  How well do you follow your process?  Does it need to be re-engineered?  Where can you make changes to help you win your game?  Know your process and you’ll know your results.

Third, and last, are you brutally honest with yourself?  Take responsibility.  Be transparent.  While you may not know many – I know quite a few investment professionals that are not honest with themselves about their results.   They sugarcoat their results and effectiveness.  Don’t be one of these if you want to improve and win the game you’re playing.

I wish you good investing and good trading!  Until next time…


Scott G. Richter, CMT, CFA, CHP

Scott Richter, CMT, CFA, CHP is a senior portfolio manager for Westfield, which manages over $4B in AUM.  He is the lead portfolio manager for alternative assets and is also responsible for investments in the energy and utility sectors.  He was formerly...

Quality Companies in an Uptrend - Combining Fundamental Factors with Quantitative/Technical Analysis

Note: This article originally appeared on the author’s LinkedIn page.

What happens when you combine high performing quantitative/technical strategies with fundamental factors that have historically produced strong risk-adjusted returns?

We believe that combining technical/quantitative analysis with fundamental analysis can offer an edge in the marketplace, in effect combining the best of both worlds.

This article will discuss the combination of fundamental “quality” factor with both relative momentum and time-series momentum (trend following) technical factors. This “quantamental” approach is a rapidly growing research area in trading and finance.

The Strategy

The quantamental trading strategy is designed to simply buy high quality U.S. companies that are in uptrends.

It combines fundamental factors, in this case, quality, with technical/quantitative trading rules.  This combination results in strong performance over the past 15 years, handily outperforming both the broad market and other stand-alone quality factor funds.

The time-series momentum rule applies a trend following regime filter on the overall index (in this case the S&P 500) itself, effectively shutting the strategy off if the overall trend of the market is down.

What is Quality?

Quality is a well-known factor, or driver of abnormal returns.  Academic and practitioner research has shown that companies that display quality characteristics tend to outperform in the long-run.

The characteristics of quality companies are rather broad.  Quality is typically defined as companies that have some combination of:

  • stable earnings
  • strong balance sheets (low debt)
  • high return on equity
  • high earnings growth
  • high margins.

In fact, the most famous investor in the world, Warren Buffet, applies the philosophy of buying high-quality companies that are cheap, essentially combining the quality and value factors.

How Will We Measure Quality?

For our strategy, we will focus on companies with high return on equity (ROE) ratios.

ROE is calculated by dividing the net income of a company by the average shareholder equity.  Higher ROE companies indicate higher quality stocks.

ROE = Net Income / Average Total Common Equity

These high ROE companies have historically produced strong returns.  The following chart from Standard and Poor’s ranks S&P 500 companies by ROE, then separated into quartiles (four equal groups).

As we can see, Quartile 1, companies with the highest ROEs, have outperformed over the last 25 years.

Performance of Stand-Alone Factor Funds

Factor investing, funds which look to profit from identified drivers of abnormal risk-adjusted returns, continues to attract assets at a record pace.

Most of these funds buy and hold stocks that qualify for a specific factor, be it momentum, value, quality, low volatility or others.  These funds then typically hold these stocks until the next rebalance date, which is often quarterly, semi-annually or even annually.

The Connors Research Quality Companies in an Uptrend Strategy

Instead of just buying and holding quality companies, in our case companies with high ROE statistics, we are going to combine the fundamental quality factor with technical characteristics.

Specifically, once we identify our universe of quality companies, we are going to only buy those companies that have performed the strongest in the recent past.  In other words, we only buy quality stocks that have strong relative momentum.

In addition to that, we also are going to apply a trend following regime filter. This is applied to the index itself (in this case the S&P 500) and is designed to effectively turn our strategy “on” and “off” based on the overall trend of the market.

We don’t take new buy signals if the overall market is trending lower.

Rules for the “Quality Companies in an Uptrend” Strategy:

  1. Stock Liquidity Filter.  We start with a universe of the 500 most liquid US stocks.  This is determined by taking the 500 stocks with the highest average 200-day dollar volume, reconstituted every month.  This universe will be very similar to the S&P 500.
  2. Quality (ROE) Filter.  We then take the 50 stocks (top decile) with the highest ROE.  This is our quality screen. We are now left with 50 high-quality stocks.
  3. Quality Stocks with Strong Momentum.  We then buy the 10 stocks (of our 50 quality stocks) with the strongest relative momentum.  We measure this by total returns for each stock over the past 6 months.
  4. Trend Following Regime Filter. We only enter new positions if the trailing 6-month total return for the S&P 500 is positive.  This is measured by the trailing 6-month total return of the ETF “SPY”.
  5. This strategy is rebalanced once a month, at the end of the month.  We sell any stocks we currently hold that are no longer in our high ROE/high momentum list and replace them with stocks that have since made the list.  We only enter new long positions if the trend-following regime filter is passed (SPY’s 6-month momentum is positive).  If the 6-month momentum of SPY is negative, no new entries are taken.
  6. Any cash not allocated to stocks gets allocated the SHY (1-3yr U.S. Treasury ETF)

Comment on the Results

The Connors Research Quality Companies in an Uptrend Strategy showed strong performance overall, especially considering the relatively simple/straightforward logic.

Our strategy outperformed the S&P 500 over this time frame by 7.1% per year with only slightly more volatility.  The max drawdown of our strategy also is roughly half of the max drawdown for the S&P 500, which is due to our trend-following regime filter.  Our strategy also witnessed an increased Sharpe Ratio compared to SPY over the last 15 years (0.83 vs 0.52).

One note was that the model underperformed in 2015-2016 and 2018-2019. While no model can outperform all the time, thanks to factors that go in and out of favor, during both of these periods our model was hurt by the trend filter. The strategy de-risked both times and did not participate in the beginnings of the recovery. Consider this the insurance cost of trend following.

Potential Improvements

As currently constructed, this strategy does not apply stops or take profit logic to individual positions.  Would stops applied to individual positions improve performance?  How about take-profit rules, would that improve performance?


Buying high-quality companies in an uptrend proved to be a robust and successful strategy over the last 15 years.  We find improvements to single-factor funds, which typically buy and hold quality companies, by applying technical factors both in the form of quality stocks with high relative momentum as well as a trend following regime filter to keep us from buying into bear markets.

For more information, visit


Christopher Cain, CMT

Christopher Cain, CMT, is the U.S. Quantitative Equity Strategist for Bloomberg Intelligence, a division of Bloomberg LP, and is based in New York, NY. Christopher provides analysis and tactical strategy on equity factor investing and other quantitative, model-driven equity market topics. He...

Member Interview with Fred Meissner

Please tell us what you do professionally.

Currently, I publish The FRED Report, a technical analysis research report targeted at financial advisors from major brokerage firms. It is a unique market niche that stems from my career in the brokerage world as a technical research analyst. I focus on exchange-traded funds, as most research departments don’t allow extensive commentary on ETFs, although that is beginning to change. Many advisors know me, and many wanted my research to continue after I left Merrill Lynch in 2009.

How did you get there?

I am one of the few research analysts who successfully transitioned from being a financial advisor. I started my career at a small, non-traditional brokerage firm called Baraban Securities in California, while I was still in graduate school at UCLA in 1983. I became interested in market analysis and trading and worked with several people who became successful traders and money managers there.

I am still friends with Harvey Baraban and others to this day. After Baraban, I moved to Dean Witter Reynolds in Torrance as a stockbroker. From there, and through the efforts of several key people, I went to Robinson – Humphrey Research in Atlanta as a technical analyst, although it took some time to prove myself and become a full analyst.

Who was an early mentor in your career?

I will mention some specific people as mentors later, but first I want to discuss the learning environment in Los Angeles in the 1980’s, and how it differs from today. I found the brokerage business through the UCLA newspaper, where there was an ad that asked if I “wanted to be a stock broker” in 1983.

The bull market had just started, and I was an economics student who realized the Reagan revolution was going to be good for stocks. I was fortunate that Los Angeles in the 1980’s was a major center of TA. Key resources were Bill O’Neil and The Stock Mart, with daily graphs and the beginning of Investor’s Daily (now Investor’s Business Daily), The Investment Center Book Store and Don Mack (they hosted events with people such as Joe Granville), FNN with John Bollinger (now CNBC, then a local show), and of course Gene Morgan’s Charting The Market, with Sherman McClellan and Peter Eliades and such.

There was no MTA chapter in Los Angeles (Larry Katz and I started that in 1990). These people were isolated centers of influence, but a lot of driving, letter writing and phone calls would get you in front of people. Remember, no Google, email, or World Wide Web or even PC’s for most people (I ended up in Who’s Who for my work with stock trading on the Macintosh in 1989). No CMT program – I learned on my own.

Two other key people were Bob Robbins, Chief Investment Strategist at Robinson – Humphrey, who gave me my first chance at research and taught me relative strength analysis and Wyckoff. I should also mention Ian Notley, who I worked with in the early 2000’s. He taught me more about cycles than anyone else could have, plus he was a true independent thinker and a loveable eccentric genius.

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

As you can probably tell from my answer to the last question, books were vital and in many cases were my “mentors,” although I made an effort to meet as many of the authors of books I liked that I could.

The first author I should mention is Larry Williams, and the Commodity Timing newsletter. Larry provided written encouragement very early on in my career, commenting on work I did on indicators, on career moves, and other things. I believe I have read every major book he has written and would recommend him with no hesitation. Larry is one of the few authors who “puts his money where his mouth is.” He has traded successfully for over 50 years, and shares his methods and indicators. He has a great website:

The second author is Norman Fosback and his book Stock Market Logic. This book is the best exposition and critique of technical indicators I have EVER seen, still, even in 2019.

I am mentioned several times in Julie Dalquist and Charlie Kirkpatrick’s book. I also like John Murphy’s book and study guide. One of the things that amazes me is that the CMT program often assigns just part of a book to read. When I was learning, people would drive two hours to get a recommended book, and read every word several times.

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

When I am not looking at markets, I enjoy travel, reading, working with dogs, and of course spending time with my family. Oddly enough I like to write two types of poems – Haiku and Limericks. Both are very structured and it is fun to fit words into those structures. I have always loved writing, and one day may tackle the great American novel!

What brought you to the CMT Association?

Jeff Weiss, another mentor, first told me about the CMTA, in 1987, but I really got involved when I met John Brooks after I moved to Atlanta in 1989. I was really lucky that I moved there and not somewhere else. John was a co-founder of the CMTA and kept “asking” me to volunteer for such things as the first real Chapter Chair the Association ever had, or to be on the board. John asked me to get the CMT, which was a new credential at the time. The first class graduated in 1989, and I started my CMT in 1992, finally finishing around 1995 or 1996. In my day, we had the research paper instead of a level three exam, and I was fortunate to work with Phil Roth as my “corrector.” We have remained friends to this day as well!

I will say that one of the reasons I became so active in the Association was a bit of a “chip” on my shoulder. I always felt the New York guys did not give us Southern Californians credit. Now that the chapters have spread technical analysis around the country, I feel vindicated, and hope CMT Association Volunteer Manager Barbara Terry can keep up the good work!

What it the most useful benefit of membership for you?

I’ve been an active participant in the association, having been President, Vice President, Director, Co-Chair of the LA Chapter and founder of the Atlanta Chapter. Currently, aside from my association friends, the chief benefit of the membership for me is attending chapter meetings. But remember, I am more at the end of my career than the beginning. I love and have worked on the library, and as a new member would use that a lot. The only times I have been to national seminars I have been working them, so I have never really attended any of the events.

I have met tremendous people through volunteering and would recommend that to everybody!


Fred Meissner, CMT

Fred Meissner, who holds a Chartered Market Technician (CMT) designation, is the founder and President of The FRED Report. His professional career spans 34 years in the investment business. Fred has a multifaceted background encompassing market analysis, trading strategies/portfolio management and business...

Technical Dissonance

Note: This article originally appeared on the author’s blog.

So many traders these days rely on technical analysis, but what happens when the technical signals are incorrect?

Did you know that over 40% of all the trades being executed right now are being traded in the Dark Pool?

Over the years, institutions have been doing more and more trades in these alternative exchanges known as the Dark Pool. This volume is secretly being hidden away from the NYSE and the Nasdaq. These trades are not reported until after they are finished in their entirety. This could take quite a few hours but many times, this volume is not reported until the next day.

So how does this affect the technical aspects of the market?

How many of you trade off the VWAP? The VWAP otherwise known as the volume weighted average price is used by many traders to help move in and out of stocks using it as a guideline. For example, they will try to buy below the VWAP, or sell above it.

If you are missing 40% of the total volume that is occurring in real time, your VWAP is not going to be correct.

I see trades on the SPY (S&P 500 ETF) that are reported 24 hours late every day. These trades are quite a few dollars away from where the SPY is now trading, and it does affect the price of the VWAP. Not only does this happen with the SPY, it happens with hundreds of stocks every single day.

For those of you who trade with Japanese candle sticks, there is even more technical dissonance that could happen. As many of you may know candlestick patterns by themselves usually only have a 60% success rate. Many traders rely on volume to increase that success rate, but what is happening is that the volume is in the wrong candle. Trades that are being reported today may have happened yesterday. If the big institutions were buying heavily yesterday but not reporting that volume until today, the candles will not be perceived correctly.

For example, what could have been a high-volume hammer, which is a bullish candle, was not reflected correctly. Instead it was shown as a low volume candle that probably nobody paid attention to. By putting in yesterday’s volume into today’s candle, it creates a false image. Today’s candle could be perceived as a high volume up-thrust, even though it was of low volume.

Many traders have scanners that are looking for high volume buying or selling days. These scanners do not have the correct volume day to day. Moving averages are also designed to measure the most recent prices that a stock has traded and those are also incorrect as well when these trades are reported late.

There is a lot of manipulation that occurs when prices are not reflected correctly however, we can still profit off it by following the Dark Pool. This is why I wrote my book Dark Pool Secrets and I would like to give readers a copy for free (just cover shipping), while supplies last. Visit get your copy.


Stefanie Kammerman is the Founder and Managing Director of The Stock Whisperer Trading Co. ( and the author of Dark Pool Secrets. She can be seen often on CNBC & Fox Business News


Stefanie Kammerman

Stefanie Kammerman is the founder and managing director of The Stock Whisperer Trading Company, where she runs an online educational trading room called “The Java Pit.”  She teaches her students by sharing her screen all day long with many audio meetings.  Her...

Minnesota Chapter Speaker Review

The August meeting of the Minnesota Chapter featured speaker was Paul Allen Winghart, Founder & Chief Knowledge Officer at the economics firm Wing-o-Metrics LLC, and former interest rate strategist at RBC Dain Rauscher. There were 25 attendees.

Paul recounted an early memory of when he started on the bond trading desk. One of his uncles who day-traded options asked him, “What kind of trader are you?”  Paul wasn’t sure what he meant, but the uncle clarified “There’s only two kinds of traders: the young and the greedy.”

Paul spoke of occasionally faltering liquidity in various markets using the term “Liquittity”.  Liquidity is quitting, or “flickering” as he sees it.

One of Paul’s favorite indicators is the 30 yr. – 2 yr. Treasury yield curve.  Paul sees this as measuring the health of the economy in real time better than the 10 yr. – 3 mo. curve used by many.

Presently Paul sees the economy in a “procession,” meaning an economy that’s moving along and proceeding without fantastic growth or recession.  Paul notes that labor cost per unit of output is the lowest as a percentage of total costs over the last few years.  He feels labor is underselling itself to compete with capital. For example, automated production methods force wages lower.  In his view, we are all underpaid.

Paul sees the U.S. Dollar rising sharply from current levels.

He also sees a possibility that we have a short term rate spike in which the Fed loses control of short-term rates.


Mahesh Johari, CFA

Mahesh Johari is an independent investor based in the Minneapolis area. He holds degress in mathematics and economics from the University of Illinois and the University of Arizona.

Job Postings

Schaeffer’s Investment Research, Inc., an options research and recommendation firm based out of Blue Ash, Ohio, is seeking to expand its Research Department.

The ideal candidate will be an inquisitive student of the markets with a strong grasp of how social media interweaves with today’s daily market moves. Adaptable, a quick study, and a true “team player,” this candidate will not only be able to craft winning trades for subscribers, but will work cooperatively with other departments to promote the Schaeffer’s trading philosophy via media quotes and appearances, social media presence, and industry show presentations.

Duties and Responsibilities:

  • Generate high-quality trade ideas to support the variety of services and strategies provided to Schaeffer’s subscribers.
  • Verify trades on track records each day for accuracy.
  • Provide quotes, data, and insight to various media contacts about the market in general, or specific stocks, indicators, or studies of interest.
  • Offer expertise/input regarding development of new quantitative trading screens and indicators.
  • Communicate enthusiastically and easily about options trading topics with beginners to the industry.
  • Represent Schaeffer’s professionally and energetically to current and potential future subscribers at industry forums, such as MoneyShows.
  • Provide written notes/content for publication on the Schaeffer’s website and/or partner websites, as requested.
  • Play a role in product development by paper trading new strategies.
  • Participate in department meetings through solid preparation and thoughtful feedback.
  • Contribute to the development of trader trainees in areas such as software, processes, and Schaeffer’s methodology.
  • Support the Senior V.P. with the creation of reports or policies that make the department more effective.
  • Expand option-trading skill set by paper trading new or unfamiliar strategies.
  • Read books & industry-wide trade publications to constantly build market knowledge.
  • Review past trades to develop common denominators of winning trades and identify the common denominators of mistakes so as to avoid them as best as possible in the future.
  • Any other duties as assigned.


  • Bachelor’s Degree, preferably in Finance, or some kind of demonstrated interest/knowledge in the field.
  • Investment related experience is preferred.  Six months Schaeffer’s Investment Research trading training and/or minimum one-year related experience.


Katie Schaeffer

Chief Operating Officer



Associate Editor, Trading and Investing (New York)

Investopedia is looking for an editor to join our team to help us deliver on our mission to simplify complex topics for our readers and give them the confidence to take action.  In this case, you’ll be responsible for making sure we have the most thorough, well-researched, reliable, and insightful trading and investing coverage in the market.  From how Amazon makes money, to the top ETFs for tracking the S&P 500, to the top shareholders of Apple, you’ll ensure our coverage is up to date and delivering valuable insights to our readers.

You will do this by running the editorial processes around improving existing content on the site, creating new content, and ensuring compliance when needed.  The ideal candidate will have demonstrated experience covering the financial markets and editing stories for a mass market audience.

  • 1-3 years of editorial experience, ideally in digital publishing
  • Bachelor’s degree, preferably in Journalism, Finance or Economics.

See company site for full details –

James Chen, CMT

Director, Trading & Investing Content



Dow Award Now Open for Submissions

The 2020 Dow Award is now open and accepting submissions! 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 and the concepts of technical analysis, as well as on thorough research. The Award carries a prize of $5,000 and is presented at the CMT Annual Symposium, held in New York City each April.

The last day for submitting papers is December 2, 2019. Additional information on the Standards of Judgment are included within the Guidelines for Submissions. For more information on the Charles H. Dow Award, please contact


Chelsey Clevenger

Chelsey Clevenger is the former Member Services Coordinator for the CMT Association. 

Members in the Media

Many of our members were featured in a range of news stories this month, including videos, print publication stories and podcasts. Below, enjoy our most-shared Members in the Media post. And remember to tag @CMTAssociation if you’re sharing your own clips on social media!

Ryan Detrick, CMT, Featured In CNBC, USA Today’s September Market Forecast

SEPTEMBER 4, 2019 — Ryan Detrick, CMT, senior market strategist at LPL Financial, was featured in a USA Today article on Tuesday playing up September’s reputation as a volatile month for markets, but advising that volatility wasn’t necessarily a bad omen considering historic returns over the course of the past decade.

“[The] S&P 500 index has actually performed pretty well in September, turning in an average gain of 0.9%,” Detrick is quoted as saying. “August was a burst of volatility for most investors, and we expect that to continue in September.”

“History shows stocks have overcome the volatility,” he added.

Detrick was also featured in a CNBC segment on Tuesday, echoing that sentiment.

Watch the CNBC segment here: Stocks could be in for a September ‘surprise’ despite historically bad trading.

Read the full article on USA Today: Good riddance to August, but September could be just as bumpy for stocks, history shows.



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...

Membership News


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

Silvia Felicio, CIM, CMT, Associate Advisor at RBC Dominion Securities

CMT Registration

Standard registration is open until October 21, 2019.  If you need assistance registering for the exam, please reach out to and we will be happy to assist you.



The CMT Association would like to congratulate the following members who received their CMT Designation in August 2019.

  • Brandon Bischof
  • David Mucciardi
  • Robert Decker
  • Victor Perez Mouzo
  • Thomas DiFazio
  • Jared Self
  • Steven Downey
  • Michael Signorelli
  • Guillaume Girard
  • Qiang Wang
  • Mei Yi Leung


Marie Penza

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