Technically Speaking, January 2021

Well gang, we made it. The New Year is here and 2020 is in the rear-view mirror. I hope we all learned something, and that includes something about market behavior.

Although the stock market ended at all-time highs, it was a rather lackluster December with not much in the way of enthusiasm. Of course, we can come up with all sorts of excuses, such as politics, pandemics (not to make light of it) and payments (stimulus, or lack thereof). This did not matter, as Santa came a-calling and stocks came out of the gate at full gallop. Bitcoin at $42,000. Nothing to see here, bubbleheads. Maybe a breakout in bond yields might get you worried? Move along. How about Tesla? Who cares, as long as the Russell is outperforming?

You can take away what you like from all of that. Most of us, of course, will let the charts tell us when something is changing.

The January edition of Technically Speaking is Association-centric, with news of and about our membership and activities. Topping the list is the inaugural edition of our new official podcast, Fill the Gap, featuring first Association president Bob Farrell. We even have an old photo of Bob in the Photo Archive this month.

Also, read about the Academic Partner Program, as we expand the presence and teaching of technical analysis at the university level. And don’t forget, nominations for new Directors of the Association are now open. This is a good time to network and find out who can help steer the Association for the next few years.

This month’s member interview is with Jeff Weiss, CMT, who many members know as an energetic speaker and educator, not to mention a pretty good technician. We’ve got the regular Association news, including some career opportunities, a chapter speaker summary and announcement of the upcoming Weath365 Summit, where several of our members are speaking and all members are welcome at no cost.

Don’t forget, we are always looking for contributed articles and you can repurpose something you’ve already written. Just limit it to education, market environment or the business of being a technician. Market forecasts do not age well. We are always here at editor@cmtassociation.org.

Michael Kahn, CMT

Editor

What's Inside...

President’s Letter

CMT Association Value – Part II

First – I would like to wish all of our members and friends a...

Read More

Applications for New Association Directors

The Governance Committee of the CMT Association Board of Directors is now accepting applications for new Directors for the fiscal...

Read More

Wealth365 Summit - January 18-23

2020 brought unprecedented market volatility, with the fastest-ever 35% market decline and subsequent fastest recovery to new highs. And with...

Read More

Academic Partner Program

The CMT Association has been working for nearly 50 years to advance the discipline of technical analysis through education and...

Read More

Opportunities from Core London TV and WealthCharts

Core London: Share your market analysis and build awareness for your research

Core London is looking for professional technical analysts...

Read More

Fill the Gap Podcast Now Streaming

The official podcast of the CMT Association is now streaming! The inaugural edition features special guest Bob Farrell, who discusses...

Read More

Member Interview With Jeffrey S. Weiss, CMT

Please tell us what you do professionally.

Presently, I am Chief Technical Analyst at Clearview Trading Advisors where I publish...

Read More

CMT Photo Archive

This is an occasional series revisiting the Association in pictures. With shelter-in-place orders reemerging and our transition to online-only member...

Read More

Membership News

Members on the Move

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

Louis R....

Read More

President’s Letter

CMT Association Value – Part II

First – I would like to wish all of our members and friends a belated Happy New Year!  It is my desire that 2021 be filled with health, friendship and prosperity for all.  To the extent there are challenges, it’s my hope they are great learning experiences for us and make us better than we were before.

I’d like to continue on with my thoughts about our awesome organization and the value of being a member.  As you may recall – we shared thoughts on camaraderie, elevated learning, professional status, and personal growth.  In my mind – these four value areas focus more on you as a person.  The values we’ll share today focus more on your role and development in a larger financial ecosystem.

The fifth value is powerful networking.  The CMT Association opens many doors to building your network and brand as a global financial practitioner.  This is key if you would like to advance either your knowledge, career, or both.  I have found that most members are keen on sharing and promoting knowledge, especially if you get to know them and do some sharing yourself.  I myself am building a team running a hedge fund and it has plenty of input from the great folks I’ve met via the CMT Association.  We have an accomplished group in the Association, so think about how you can share with them. The favor will be returned to your advancement.

The sixth value is enduring relationships.  While networking implies a shorter-term interaction, enduring relationships persist for years and can be very valuable to your personal and career trajectory.  I would make a couple of observations here: be patient as it takes time.  Also, work with folks (via boards and committees) so you get to know them and they get to know you.  While I won’t drop names – I very much value the long-term relationships that have resulted from being involved with the CMT Association (and our predecessor organization the MTA).  Why do I value these relationships?  First – they have resulted in a broad understanding of financial markets to help in building my career and credibility.  Second – they have resulted in information generating friendships that span the globe.  I’m informed through my friends and get a candid look at what’s going on.  Lastly, and most importantly, I’ve received a lot of good advice about facing life and job challenges from those who have been there and done that.  This is probably one of the most valuable reasons for belonging – but remember it takes time.

The seventh value is industry relevance.  When thinking about the financial industry you need to be apprised about which way the trend is going and where there is relative strength! It’s very similar to studying the global markets.  Are we expanding or in an uptrend?  Are we contracting or in a downtrend?  Is banking stronger than trading? What’s new in quantitative analysis?  What is the most current thinking on algos and their utilization?  Where does one need to be in five years to be relevant?  Knowing and leveraging our members/practitioners is a great way to stay on top of industry trends and emerging themes.  Our network allows you to be informed before you read it in a paper or on the Internet.  Don’t overlook this component of value!

Lastly, the eighth value is global advocacy.  Our staff and several of our enthusiastic volunteers are front and center advocating for our profession as an integral part of the investment process.  We are building a more robust relationships to connect with key industry players, regulators, academia, and investors to communicate the value of technical and quantitative work.  Awareness of our discipline builds understanding and acceptance among important industry players.  Although advocacy can be a slower process, it is nonetheless a key part of our future going forward, and of true value for practitioners.

It is my intent that you capitalize on the value present in our organization.  Again, it is my hope that by reading this you are thinking about the value the CMT Association brings, or could now bring to your life/professional path.

Let me know if there is any way I can help.  Reach out – I’m available.

Be safe and Be well.

Contributor(s)

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...

Applications for New Association Directors

The Governance Committee of the CMT Association Board of Directors is now accepting applications for new Directors for the fiscal year commencing July 1, 2021. The Board is seeking to build a pipeline of future leaders by identifying members who can help move the Association forward. Directors-at-Large serve a three-year term.

In addition to the skills necessary to fulfill the obligations of the role and the desire to serve in a volunteer capacity to help further the mission of the CMT Association, applicants/nominees should exhibit the following characteristics:

PASSIONATE

Have a passion for technical analysis and furthering the mission of the CMT Association

POSITIVE

Encourage a positive and collaborative debate and discussion with a diverse group of volunteer leaders

PRESENT

Able to participate in regular conference calls, serve on various committees, as well as attend the Annual Symposium and other events during the year

PROACTIVE

Be an active participant in discussions, bringing past experiences from inside and outside the CMT to help further the organization

Members, Honorary Members, and Emeritus Members in good standing are invited to submit recommendations for consideration no later than February 21, 2021 via e-mail to admin@cmtassociation.org.

Contributor(s)

Salma Abdulla, CFA, CMT

Salma Abdulla, CFA, CMT is a Portfolio Manager for E. Magnus Oppenheim & Co., Inc. She joined the firm in 2005 and is responsible for equity research and portfolio management. Prior to joining E. Magnus Oppenheim & Co., Inc., Salma worked as...

Wealth365 Summit - January 18-23

2020 brought unprecedented market volatility, with the fastest-ever 35% market decline and subsequent fastest recovery to new highs. And with a powerful rotation from mega-cap tech to small-cap and cyclical sectors, the Russell 2000 small-cap index registered its best quarterly performance since 1979 to end the year. There has never been a more important moment for technical analysis.

As part of the CMT Association, you are invited to take advantage of your free registration to the Wealth365 Summit. We encourage everyone with an interest in advancing the discipline of technical analysis to join the CMT Association at this online trading and investing summit.

Thanks to a longstanding affinity and the generous spirit of Rob Hoffman, the CMT Association has been invited to present at this unique online event. We will be sharing some of the industry trends we’ve observed throughout 2020 with regard to career opportunities as well a few of the critical learning objectives of the CMT Program that have led institutional money managers to better investment decision making.

Tyler Wood, the Association Managing Director, Global Business Development, will be sharing, “Myth Busting: How Institutional Asset Managers Utilize Technical Analysis.” Don’t miss other CMT Association members Greg Schnell, CMT, Ralph Acampora, CMT and Brian Shannon, CMT who will all be presenting during this five-day summit experience.

Register here.

Contributor(s)

Barbara Terry

Barbara Terry is the CMT Association’s volunteer coordinator, based in New York. She has close to 20 years of experience in large-scale project management and account management roles, and is an invaluable resource for the CMT Association’s event planning team.  Barbara holds...

Academic Partner Program

The CMT Association has been working for nearly 50 years to advance the discipline of technical analysis through education and application of the highest professional standards. In an effort to advance our mission, the CMT Association has established an Academic Partner Program to promote technical analysis education at colleges and universities worldwide.

The program is available to academic institutions that provide accredited graduate or undergraduate finance degrees and include courses focused on technical analysis. There are no fees associated with becoming an Academic Partner.

The Indian volunteer committee, led by Joel Pannikot, has added several schools to the Academic Partner Program in 2020, rounding out the participation to ten schools across India. In addition, Glenn Williams, CMT and Tyler Wood conducted a technical analysis workshop and open discussion with the students of the Financial Management Association (FMA) at the Mike Ilitch School of Business at Wayne State University in November. This endeavor was spearheaded by member Sam Levine, CMT, CFA who is an Associate Professor in their Finance Department.

View a complete list of participating institutions here.

The Chartered Market Technician® (CMT) credential is the preeminent, global designation for practitioners of technical analysis. The designation is awarded to those who demonstrate mastery of a core body of knowledge of investment risk in portfolio management settings.

Joining the CMT Association Academic Partner Program indicates each participating institution maintains the highest standards of academic rigor and professional practice and signals a commitment to their students’ career readiness and applied learning.

As members of the CMT Association, if your alma mater or an accredited institution that you work with is interested in joining the Academic Partner Program, please send an inquiry to academy@cmtassociation.org.

Contributor(s)

Tyler Wood, CMT

Tyler Wood serves as Managing Director of CMT Association with the aim of elevating investors’ mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. He is a seasoned business...

Opportunities from Core London TV and WealthCharts

Core London: Share your market analysis and build awareness for your research

Core London is looking for professional technical analysts who hold the CMT charter to contribute to a daily video project which is delivering around 80 million video views per month across financial websites like StockTwits, Finviz and Street Insider. Each video currently generates between 750k-900k views on average and the list of publishers is expanding in 2021. Participants gain tremendous exposure and will given a professionally-produced video that they can use for their own website or social channels.

Examples: https://youtu.be/oeVi9rT2-78 & https://www.youtube.com/watch?v=JrnzwhM2qy8

The Ask:

Each video is between 3-5 minutes in length and recorded as a ‘to camera’ Zoom or Skype presentation. Core London TV’s post production team will edit in charts and graphics after the recording. US equities are the preferred asset class to be covered as their distribution partners target a US audience. That said, CoreLondon TV would be happy for analysts to cover any other asset classes or global indices that are relevant to a global macro perspective for US investors. Securing monthly or fortnightly placements from participating analysts would be optimal.

How to Participate:

For members interested in sharing market analysis publicly through multiple media channels, please contact Gus Farrow, Director, CORE London at gusfarrow@corelondon.tv. Please include your main area of focus by markets or asset class, a short statement about your industry experience, and a link to recent research you have produced.

***

WealthCharts: Technical Research Analyst

Got a passion for technical analysis and looking for a great place to grow and learn?

WealthCharts, a cutting-edge trading, investing, and technical analysis platform, continues to grow rapidly and is looking to add Technical Research Analysts to the team. This is a perfect position for someone with a passion for technical analysis who is looking to grow in a stable position within the industry. The position will involve writing articles and creating content related to technical analysis, researching trading opportunities, participating in marketing events, supporting their loyal user base as it continues to quickly expand, and helping the platform develop the latest technical analysis tools and features. These roles can be remote and full-time positions.

Please submit your resume to careers@wealthcharts.com for immediate consideration.

WealthCharts will also be featured on the upcoming Wealth365 Summit, taking place next week (January 18th-23rd). Stop by the Summit to say hi to CMT Association members including Greg Schnell, CMT, Ralph Acampora, CMT, and Brian Shannon, CMT as they present alongside CMT Association Managing Director Tyler Wood. Register for free at https://summit.wealth365.com/tyler-wood/.

Contributor(s)

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...

Fill the Gap Podcast Now Streaming

The official podcast of the CMT Association is now streaming! The inaugural edition features special guest Bob Farrell, who discusses lessons for every market analyst and money manager on the street.

In this captivating episode, hosts Tyler Wood and David Lundgren chat with Bob about his incredible career, touching on diverse influences including Graham and Dodd, William Dunkak, and the myriad of talented analysts who joined his team at Merrill Lynch. Bob discusses the circuitous path that shaped his approach to markets, but also the environment that led to the formation of the Market Technicians Association (CMT Association) and his stewardship as the first President.

Digging deeper into the process and tools of Bob’s analysis, he discusses that despite how much markets have changed structurally in his 60+ years on the street, the discipline of technical analysis as it pertains to understanding the behavior of the market and the objectivity to take a contrarian view still leads to better investment decisions. Bob provides key insights on historical corollaries that have fallen apart, elements of market data that no longer provide the signal they once did, and the personal attributes that lead to a successful career in the investment business.

Subscribe and listen to the podcast here.

Contributor(s)

David Lundgren, CMT, CFA

David Lundgren has more than three decades of investment industry experience, with a focus on technical analysis strategies, particularly momentum and trend following. He is the former Director of Technical Research at Wellington Management, where he was also a Managing Director and portfolio...

Member Interview With Jeffrey S. Weiss, CMT

Please tell us what you do professionally.

Presently, I am Chief Technical Analyst at Clearview Trading Advisors where I publish a market letter and interim reports.

The luck I’ve had in attracting a large crossover audience for my technical analysis work revolves around making it less “technical,” injecting high energy, the entertainment factor, and motivation/history, and tying it to risk management. I also discuss and present about constructing a psychological investing profile.

I also have student curriculums, and believe that the rules of investing can be used as a roadmap for life.

How did you get there?

My investment spark was kindled back in 1969, when my dad would bring me to the local Shearson-Hammill branch office around the time I had to do a stock market project for my sixth-grade math class. The quote machine at the time was a Bunker Ramo, on which you could get one quote at a time and there would be a line of eager participants. The stories I can relate from my years peddling up to various firms after buying a three-speed bicycle with my first profit – from Mattel Toy – seem endless. I sat in the “visitors galleries” learning everything I could from the Great Depression to the options market. Everyone was more than kind with their time.

I’ve been a technical analyst since getting my “big break” at E.F Hutton & Company with the legendary Newton Zinder in 1982, who took over from Joe Granville. Prior to that I wrote commentary and did technical comments at Indicator Digest for their Technical Stock Reports publication. At one time Indicator Digest was one of the best-known investment advisory services. Stan Weinstein, owner of and writer for a highly popular technical market letter at the time, The Professional Tape Reader, told me that if I couldn’t hit a home run to try for a single, so even though I’d have to write some fundamental commentary at Indicator I was able to participate on the technical side as well.

It took me tons of non-stop calls after I left there to pursue a full-time technical research position, and I didn’t land the E.F. Hutton job until I was 26 and I was calling my long list of names for a second, or even a third time. Talk about timing! Hutton had just let someone go and there was an opening. Never stop trying!

Who was an early mentor in your career?

Newton Zinder is as fine an individual and talent as there is, and he penned the most comprehensive daily market letter I’ve ever seen. To have him as a mentor was sensational.

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

As far as books (aside from mine, LOL) there’s none finer in my view than Reminiscences of a Stock Operator, written in 1923. I also picked up copies of William Jiler’s How Charts Can Help You in the Stock Market and Michael Zahorchak’s The Art of Low-Risk Investing. Folks like John Murphy, whom I’ve known for 40 years, have contributed mightily, but the list is so long I hesitate to start listing them as know I’ll omit some.

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

Since COVID, I specialize in regularly losing to my youngest son at Trouble, various Monopoly game boards, Boggle, ping pong, basketball, and the list goes on. I passionately enjoy motivational speaking and teaching, and student initiatives from grade schools to graduate schools as it relates to investing and its many aspects.

Interestingly, the investment rules I discuss can also serve as a roadmap for helping kids achieve their goals. My speaking journey began in 1983, when I presented at an E.F Hutton training class in New York and the regional person came up to me and asked if I could do it in Chicago – so off I went.

What brought you to the CMT Association?

I wanted to be part of a technical analysis community and was able to earn my CMT in 1989 after joining the MTA in 1984. I would encourage others to do so. Truth be told, I need to become more involved.

What it the most useful benefit of membership for you?

The benefits of membership include the ability to identify, and interact with, technical folks from around the world. I also appreciate the job postings area.

In closing, I’d like to leave you with the words of my friend and mentor in the 1970s, Bill Orr, who always reminded me “that the stock market teaches you humility.” And finally, as my other friend and mentor, Newton Zinder said, “on Wall Street, to know what everyone else knows is to know nothing.”

Editor’s note – Jeff has a website is https://weissspeaks.com and his book Relationship Investing – Stock Market Therapy for Your Money, was named 2018s “Best Investment Book of the Year” by the Stock Trader’s Almanac.

Contributor(s)

Jeffrey S. Weiss, CMT

Jeffrey Weiss, CMT, is chief technical analyst at Clearview Trading Advisors in New York City.  His new book is “Relationship Investing: Stock Market Therapy for Your Money,” (Skyhorse Publishing, 2017). Find out more about the author at www.aaii.com/authors/jeffrey-weiss. Weiss will speak at...

CMT Photo Archive

This is an occasional series revisiting the Association in pictures. With shelter-in-place orders reemerging and our transition to online-only member programming, we’d like to offer a glimpse of in-person events as a reminder of what we aspire to in the future.

If you have any pictures from seminars, meetings or after work get-togethers please submit them (in digital form, if possible) and include the date, location, and people in the photo. Better yet, if you remember presentations or topics of conversation that relevant to the current markets, let us know. There’s nothing like revisiting market history as it relates to the current environment.

Some photos lost to the fuzzy memories of time.

From Conferences Unknown

Bob Farrell and Peter Vermilye

Pictured: Bob Farrell and Peter Vermilye

Bob Farrell is the legendary technician from Merrill Lynch and first Association president. He is featured in the inaugural edition of Fill the Gap, the official podcast of the CMT Association, now streaming. Peter Vermilye was a Trustee at Boston University and an investment manager who grew the University’s endowment from $428 million to over $1 billion.

Charlie Comer and Cheryl Stafford

Pictured: Charlie Comer, CMT and Cheryl Stafford

We will let the ‘stache speak for itself.

david-upshaw

Pictured: David Upshaw

This one is possibly from the Atlanta 2000 Annual Conference. Anyone?

Contributor(s)

Michael Kahn, CMT

Michael Kahn, who holds a Chartered Market Technician (CMT) designation, is a seasoned financial services strategist, analyst, columnist, educator and speaker.  Michael has been working with charts and technical analysis since 1986. He is the author of three books on technical analysis...

Membership News

Members on the Move

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

Louis R. Civitarese, Chief Investment Officer at GA Investment Management

Updating Your Profile

Please take a few minutes to login to the website and update your profile information; if you are a CMT candidate, be sure to include your telephone number in case Prometric needs to contact you about your exam appointment.

To update your profile, login to the CMT website and under My CMT select My Account.  On the following page, under My Account select Edit My Information.

Your cooperation is greatly appreciated!

CMT

Early registration for the June 2021 test administration is now open, standard registration will start on February 9th and last until April 12, 2021. Be sure to register early and take advantage of early registration prices.  The Level I & II exams will take place June 3-13, 2021 and Level III will take place on June 10, 2021.

If you need assistance registering for the exam or scheduling your exam at Prometric, please email admin@cmtassociation.org.

The CMT Association would like to congratulate the following members who received their CMT Designation in November 2020.

  • Bernie Bozzelli
  • John B. Lloyd
  • Scott Rudderham

Contributor(s)

Marie Penza

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