Technically Speaking, May 2021

Although we are headquartered in the U.S., we are a global organization. The economy is recovering here as vaccinations rise and COVID infections decline. However, in contrast, our colleagues elsewhere, especially in India, continue to face major health challenges. CMT President Scott Richter offers our support in his remarks this month.

In the markets, changes are brewing as commodities are soaring, technology stocks got smacked and cryptocurrencies have become the “spring break” of tradeables. Dogecoin? Really? I suppose our role is not to judge, but to analyze trends and patterns.

What members may have noticed is the lack of chapter meetings in recent months. With the Americas Summit in April and basic Zoom fatigue from working at home and home schooling, it is no wonder everyone needed a break. But fear not, the calendar is filling up again. Check out the “Learning and Events” link on the CMT Association home page.

This month, we feature an article by Arthur Hill and a spin on trend following systems. It is elegant in its simplicity and I highly recommend reading it. And for good measure, Arthur is also this month’s member interview.

Other features include the announcement of this month’s Fill the Gap podcast with Frank Teixeira, The Mother of all Sector Rotation Strategies written by Erez Katz, membership news and TA award acknowledgements. We also say goodbye to Jim Forte, from the TSAAF in San Francisco. Also lost in recent days is the legend Welles Wilder, who created many of the studies we all use today. Some of you may have heard of him.

Good luck trading, and stay safe.

Michael Kahn, CMT

Editor

What's Inside...

While here in the United States there is optimism regarding the national COVID-19 case count and the rollout of the...

Read More

Three Concepts to Augment a Trend-Following Strategy

Trend-following strategies are prone to whipsaws and low win rates, but they are still profitable over time. Investors can improve...

Read More

In Memoriam - J. Welles Wilder, Jr.

One of the most influential figures in technical market analysis, John Welles Wilder, Jr., passed away on April 18, 2021...

Read More

Technical Analysis Awards

This past month, the Technical Analyst (U.K.) released its 2021 awards celebrating the best in research, data, software and artificial...

Read More

Member Interview with Arthur Hill, CMT

Please tell us what you do professionally.

I run TrendInvestorPro.com, a website that provides a broad market timing model, trend-following...

Read More

Remembering Jim Forte

Reprinted from the TSAAF website:

The Technical Securities Analysts Association of San Francisco sadly reports that Jim Forte,...

Read More

Fill the Gap: The Official Podcast of the CMT Association

Episode 5: Frank Teixeira – Streaming Now

Partner, Portfolio Manager, and Director of Technical Research at Wellington Management for over...

Read More

The Mother of all Sector Rotation Strategies

Note – this article appeared on “From the Blog” by Lucena Research, now known as Neuravest, in August 2020.

Be...

Read More

Membership News

Members on the Move

The CMT Association would like to congratulate the following members on their new positions:

  • Scott...
Read More

President's Letter

While here in the United States there is optimism regarding the national COVID-19 case count and the rollout of the vaccines, in other countries in which our members reside, the conditions are not so rosy.

Specifically, in certain APAC countries, the case counts have been escalating rapidly and have created dire conditions and significant hardship. As you have likely seen or read in the news, India is in a state of crisis due to the virus.

The Board of Directors and CMT Staff members have been heavily focused on the APAC region over the past few years, especially the country of India. India has seen the greatest number of new CMT Program candidates as interest in TA is booming. Subsequently, we have been communicating more frequently with our members about the COVID-driven healthcare crisis, including keeping in touch with our Board Director Akshay Chinchalkar and our Head of the India Office, Joel Pannikot.

To the over 200 CMT members and over 500 CMT Program candidates in India, I want to let you know that our hearts, prayers, and thoughts are with you as you battle this virus. We are actively monitoring conditions and regularly discussing ways we can provide support or accommodation to our constituents in India and other countries impacted by COVID. Should you have any questions about how your candidacy in the CMT Program is being affected by the pandemic, please do not hesitate to reach out to CMT staff members. We are here to help.

Please keep yourself (and loved ones) as safe and as well as can be.

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...

Three Concepts to Augment a Trend-Following Strategy

Trend-following strategies are prone to whipsaws and low win rates, but they are still profitable over time. Investors can improve performance by applying three concepts to their strategy. Most importantly, these concepts do not alter the nature of the strategy or signals, and the first two can be applied to almost any trend-following indicator. This article will show how smoothing, a signal threshold, and a market regime filter can improve a trend-following strategy.

We will quantify these results and show improvements as each concept is applied. Testing is based on historical constituents in the S&P 100 from 5/1/2001 to 5/1/2021, twenty years. Price data was not adjusted for dividends to ensure signal integrity. Performance metrics are based on an all-signals test where every signal in every stock is taken using nominal $1000 positions (long only). Profit Factor is the total Dollars received from the winners divided by the total Dollars received from the losers. This is basically the ex-post reward to risk ratio.

First, select a trend-following indicator that makes sense. This first step is perhaps the most obvious and the easiest because there are dozens of trend indicators. A moving average is the most obvious choice so I am going to select a simple moving average.

Second, choose a period setting that captures a “trend friendly” timeframe. In general, short-term moving averages, such as 20- or 50-day SMAs, are better suited for mean-reversion setups. We need a longer moving average to hit the trend-following timeframe. The 200-day SMA is perhaps the most popular long-term moving average and fits the trend-friendly timeframe. An uptrend signals when price closes above the 200-day and a downtrend signals when price closes below the 200-day. Such a basic strategy generated 8,627 signals, with a Win Rate of 24% and a Profit Factor of 1.82. This is the base from which to apply the three concepts and improve performance.

The first concept is to add a little smoothing. The 200-day SMA does not need more smoothing, but we can smooth the close with a 5-day SMA. Instead of using closes above/below the 200-day SMA to generate signals, use the 5-day SMA for signals. An uptrend signals when the 5-day crosses above the 200-day and a downtrend when the 5-day crosses below the 200-day. Using a 5-day SMA instead of the close reduced the number of signals by more than half (3,912), increased the Win Rate to 28% and improved the Profit Factor (2.01).

The second concept is to add a threshold to further qualify signals. Even with a 5-day SMA, there will still be plenty of whipsaws. We can further reduce these whipsaws by requiring the 5-day SMA to cross the 200-day by a specified amount, say 1%. Thus, an uptrend signals when the 5-day is 1% or more above the 200-day and a downtrend signals when the 5-day is 1% or more below the 200-day SMA. Adding this filter further reduced the number of signals (2,677), increased the Win Rate to 32% and slightly improved the Profit Factor (2.10).

Fig. 1: Visa Chart

The third concept is to add a market regime filter to put the wind at your back. Instead of taking trades in bull and bear markets, the idea is to only take bullish signals when the market regime is bullish. The market regime is deemed bullish when the 5-day SMA for the S&P 500 is above the 200-day, and bearish otherwise. When the market regime turns bearish, the strategy does not take any new signals and exits existing positions when/if they signal downtrends. Adding a market regime filter further reduced the number of trades (1916), increased the Win Rate to 34% and improved the Profit Factor immensely (2.48). The Profit Factor improved because the size of the average loss decreased, which is because signals in bear markets were not taken.

Fig. 2: WMT chart

We started with a basic trend-following strategy using the close and the 200-day SMA for signals. Performance improved by adding three concepts to this strategy. We introduced a little smoothing to the initial signal, added a threshold to qualify signals and added a market regime filter.

Fig. 3: Performance Metrics

There is still more work required to develop a robust trend-following strategy, but this is a start and these concepts can be applied to other trend-following strategies.

Contributor(s)

Arthur Hill, CMT

Arthur Hill, who holds the Chartered Market Technician (CMT) designation, is the Chief Technical Strategist at Trend Investor Pro. He takes a quantitative approach to trading using rule-based strategies that are tested in different market environments. Arthur has written a book defining...

In Memoriam - J. Welles Wilder, Jr.

One of the most influential figures in technical market analysis, John Welles Wilder, Jr., passed away on April 18, 2021 at age 85. The former mechanical engineer and real estate mogul developed what many consider to be the core indicators now available on all charting software and used by nearly every technician today.

These indicators include the Relative Strength Index (RSI), Average True Range (ATR), Average Directional Index (ADX), the Parabolic Stop-and-Reverse (SAR), Reaction Trend System and the Directional Movement Index (DMI), among others. He published them in a ground-breaking book called New Concepts in Technical Trading Systems in 1978. The book is still selling well today.

Wilder founded Trend Research LTD, and its primary subsidiary, The Delta Society. His purpose was to share his discovered “secret of the perfect order behind the markets.” This order, which he called the Delta Phenomenon, is supposedly the basis of all market movement relative to time. Wilder said it was the basis of all technical analysis.

One of his famous quotes was, “Some traders are born with an innate discipline. Most have to learn it the hard way.”

Wilder and his wife Dawn retired and relocated to Christchurch, New Zealand in October 1999.

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...

Technical Analysis Awards

This past month, the Technical Analyst (U.K.) released its 2021 awards celebrating the best in research, data, software and artificial intelligence. Here are just a few of the winners and finalists from our Association, including Aazan Habib, CMT, Technical Analyst of the Year. Congrats to all!

Research & Strategy – Best Equity Research

Finalists: DayByDay • Fairlead Strategies • Macro Risk Advisors • Ned Davis Research • Oppenheimer & Co. • Paradigm Capital • Vermilion Research

​Winner: Oppenheimer & Co., Ari Wald, Head of Technical Analysis

Research & Strategy – Best FX Research

​Finalists: Adcock Analysis • Continuum Economics • Eurobank Cyprus • Everest Fortune Group  • Go-TechniKAL Insight • RBC Capital Markets • Signal Centre

Winner: RBC Capital Markets, George Davis, Chief Technical Strategist

Research & Strategy – Best Multi-Asset Research

Finalists: DayByDay  • Futurestechs • Macro Risk Advisors • Paradigm Capital • Pictet • RBC Capital Markets • Signal Centre

​Winner: Paradigm Capital, Aazan Habib, Technical Analyst

Research & Strategy – Best Institutional Brokerage for Equity Research

Finalists: Macro Risk Advisors • Market Securities • Paradigm Capital

​Winner: Paradigm Capital, Aazan Habib, Technical Analyst

Research & Strategy – Best Specialist Research

​Finalists: Bloomberg • Goldilocks Premium Research • Kingsview Partners • Ned Davis Research • Runway Innovation Hub • Trading Central

​Winner: Goldilocks Premium Research, Gautam Shah, Founder & Chief Strategist

Research & Strategy – Technical Analyst of the Year

Finalists: George Davis (RBC Capital Markets) • Buff Dormeier (Kingsview Partners) •
Aazan Habib (Paradigm Capital) • John Kolovos (Macro Risk Advisors) • Clive Lambert (Futurestechs) • Steve O’Hare (Signal Centre) • Kyriakos Pavlou (Eurobank Cyprus) • Gautam Shah (Goldilocks Premium Research) • Katie Stockton (Fairlead Strategies) • Ari Wald (Oppenheimer & Co.) • Technical Analysis Team (Continuum Economics)

​Winner: Aazan Habib (Paradigm Capital)

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...

Member Interview with Arthur Hill, CMT

Please tell us what you do professionally.

I run TrendInvestorPro.com, a website that provides a broad market timing model, trend-following strategies and mean-reversion setups based on technical analysis and quantitative insights. I also contribute written and video content to StockCharts.com, and developed the TrendInvestorPro Indicator Edge Plugin for StockCharts ACP.

How did you get there?

I have been using classical technical analysis techniques to define the trend and find tradable setups for eons. In 2016, I crossed over to the dark side and started quantifying signals and strategies using Amibroker. These quantitative insights helped me become more systematic and objective with my analysis and strategy development. The resulting analysis is shared on TrendInvestorPro, which I started in October 2019.

Who was an early mentor in your career?

Even though we never met or talked, I would consider Marty Zweig as a mentor. I read Winning on Wall Street, subscribed to The Zweig Report and followed him on Wall Street Week for years. He was very pragmatic and objective. Three important things I learned: the trend is your friend, don’t fight the tape and don’t fight the Fed.

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

Schwager on Futures: Technical Analysis, by Jack D. Schwager. This is a very comprehensive book written from a trader’s perspective. It not only covers the basics of technical analysis, but also goes into real world situations (losses) and trading system development. I still periodically refer to the rules and observations section at the end. My favorite: Always pay more attention to market action and evolving patterns than to objectives and support/resistance levels.

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

Hanging out with the family, tennis and scuba diving.

What brought you to the CMT Association?

I joined the CMT Association to learn from other professionals and to obtain the CMT designation.

What it the most useful benefit of membership for you?

Connecting with and learning from members, be it at the Symposium, through the CMT Association website or social media.

Contributor(s)

Arthur Hill, CMT

Arthur Hill, who holds the Chartered Market Technician (CMT) designation, is the Chief Technical Strategist at Trend Investor Pro. He takes a quantitative approach to trading using rule-based strategies that are tested in different market environments. Arthur has written a book defining...

Remembering Jim Forte

Reprinted from the TSAAF website:

The Technical Securities Analysts Association of San Francisco sadly reports that Jim Forte, active board member and past president of the association, passed away recently from complications from a long-term illness. Jim personified everything that makes the TSAA-SF the special educational and collegial organization that it is. Jim was generous with his time as an officer, board member and presenter for the organization. He gave freely of his immense historical market knowledge as an educator and mentor to others. Jim was a regular speaker at the December Market Roundup luncheons where he made incredible presentations employing Elliott Wave, Wyckoff and traditional technical analysis methods to make market forecasts that were entertaining and eerily accurate.

Despite his health issues, Jim was active, engaged and cheerful in TSAA-SF activities. He lived a full and dynamic life personally and professionally. He was a TSAA-SF member for over 35 years. Jim will be dearly missed. He is survived by his wife of many years, Shanti.
Jim’s classic 1994 Journal of Technical Analysis article ‘Anatomy of a Trading Range’ has been posted on the TSAAF website for members and guests. Click 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...

Fill the Gap: The Official Podcast of the CMT Association

Episode 5: Frank Teixeira – Streaming Now

Partner, Portfolio Manager, and Director of Technical Research at Wellington Management for over 20 years, Frank Teixeira brings his unmatched insight to addressing what it takes to navigate institutional pools of capital through multiple market cycles. Episode #5 of Fill the Gap delivers a firsthand account of the often-opaque world of professional money management.

Exploring the difference between the emotional “pain management” that many investors practice, and a repeatable process of risk management, Frank shares personal successes and challenges that are sometime surprising, refreshingly candid, and always instructive. Without the theoretical jargon of cognitive behavior or trading psychology, listeners will hear the visceral account of how we as investors learn lessons – good or bad – from every experience in the markets. “Be aware of what lesson you are learning,” advises Frank, and remove words like “regret” from your lexicon.

This podcast features several charts which reflect Frank’s work, referenced in the course of conversation. To better understand the concepts covered, we recommend you download the supplemental chart resources using this link: https://go.staging.cmtassociation.org/ftge5

Subscribe and listen to the podcast at https://cmtassociation.buzzsprout.com/

Tune in on your favorite listening service – each monthly episode will be released on the first Friday of the month and will be available on Apple, Spotify, Google Podcasts and wherever podcasts are found.

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...

The Mother of all Sector Rotation Strategies

Note – this article appeared on “From the Blog” by Lucena Research, now known as Neuravest, in August 2020.

Be sure to join Eric Davidson, CMT and JP Gravitt from Neuravest as they discuss Using Alternative Data to Produce Superior Investment Results on June 23rd. Register here.

Background: Passive, low-cost investment products such as ETFs have been a boon for large financial institutions, endowments and index funds. These vehicles have worked quite well for most investors since the end of the financial crisis in 2008. With the enormous excess liquidity recently injected into the market and a high concentration in popular constituents, many are becoming weary of their long-only exposure vulnerability to unexpected market moves. At the same time, those contrarians who bet against the market are still licking their wounds and are becoming reluctant to short even the most ridiculously valued stocks.

In today’s writeup I’d like to present a new strategy we’ve developed exclusively for our partners at Crimson Black Capital SP, an emerging hedge fund out of the United Kingdom. Sector Hedge is a completely algorithmic investment approach geared to exploit this unique market opportunity with a long/short twist.

Model – Sectors Hedged: Sectors Hedged is a long/short, cash neutral sector rotation strategy designed to work within the major sectors of the US economy. In addition to seven of the most dominant US economic sectors, two additional asset classes have been added, namely; Value and Growth stocks.

The core holdings of the strategy are based on dominant “winners” in certain popular ETFs representing the underlying sectors and asset classes.

This multi-strategy model portfolio combines multiple individual long/short models, each representing a sector or asset class. The strategy’s goal is to generate positive returns in any market regime while avoiding large drawdowns during heightened market volatility. The Sectors Hedged strategy is predicated on the notion that, over time, the US equity market flows cyclically between sectors and asset types.

Image 1: Backtest performance of sector hedge long/short strategy against the S&P 500 as a benchmark. Performance for 1X leverage net of transaction costs and slippage. Backtest simulation results. Past performance is not indicative of future returns.

There are two layers to the portfolio construction:

  1. Construct an independent long/short cash neutral portfolio for each of the seven sectors and two asset classes:
  • TechnologyLong/Short
  • Industrial Long/Short
  • Healthcare Long/Short
  • Energy Long/Short
  • Consumers Long/Short
  • Financials Long/Short
  • Materials Long/Short
  • Growth Long/Short
  • Value Long/Short

Image 2: Backtest performance of one of the sectors. Technology core holdings with a short only hedge forms a technology centric long/short strategy. Benchmarked against the S&P 500. Performance for 1X leverage net of transaction costs and slippage. Backtest simulation results. Past performance is not indicative of future returns.

  1. Optimize the allocation of the fund’s net liquidation value (NLV) between the individual sub-strategies aiming to achieve maximum Sharpe ratio.

The optimizer treats each sector-level long/short model as a single synthetic asset on which it optimizes its allocation between the sectors via Markowitz’s mean-variance optimization.

By selecting a subset of the above sector strategies and properly allocating the fund’s cash between them for a target risk, the strategy was able to achieve impressive historical risk-adjusted returns.

The idea is to move cash between holdings in order to exploit sector momentum while maintaining minimum exposure to market surprises. The individual sector portfolios are re-balanced biweekly to minimize turnover while still ensuring responsiveness to current market conditions and that net exposure remains at 0 (equally weighted 50% long and 50% short).

How was each sector/asset portfolio constructed?

We conduct the following for each of the sectors/asset types:

  • Using Lucena’s proprietary portfolio replication technology, we identify the most influential constituents per each sector/asset class.
  • Utilizing Lucena’s portfolio optimization technology, we optimally allocate the portfolio’s cash between the underlying technology for a maximum long-only return.
  • We then incorporate Lucena’s hedging technology to identify short only constituents with specific uncorrelated characteristics to the core holdings. The short-only selection is a subset of a prequalified universe of short candidates filtered in advance using Lucena’s Event Study technology.
  • Lucena’s order execution engine ensures that all transactions meet liquidity constraint requirements specific to the size of the assets deployed.

How does the portfolio select which sectors/asset types to include and how to allocate between them?

Now that we have seven individual sector long/short portfolios and two additional asset type long/short portfolios, we look to assemble the final portfolio. We perform a mean-variance optimization (based on Markowitz’s Nobel-winning portfolio theory and its approach to portfolio construction using the efficient frontier). We assume each long/short strategy represents a synthetic single security’s historical time series. Subsequently, we create a portfolio of up to nine synthetic securities and use it as input to the mean variance optimizer.

Image 3: Correlation matrix between the seven sectors’ historical performance. These correlations are used as covariance inputs for the MPT optimizer.

Final results and execution guidelines

This multi-layered optimization hedging approach, at the individual sector level and between sectors, results in a low volatility historical performance. We can see this low volatility profile manifested by a max drawdown of 7.27% for the strategy, compared to 33.92% for the S&P 500 over the same timeframe (see backtest performance chart in Image 1). As such, we can lever the portfolio 3X, maximizing performance while still preserving lower volatility against the market. In addition, in order to protect the portfolio from unexpected market moves, we applied a sector-level stop loss. This sector stop loss exits both long and short sub-sector constituents simultaneously. This approach is superior to having a stop loss at the individual security level because it enables us to maintain the long/short balance with close to zero net exposure.

Image 4: Backtest performance of sector hedge long/short strategy with 3X leverage against the S&P 500. Performance is net of transaction costs and slippage.Backtest simulation results. Past performance is not indicative of future returns.

If you wish to learn more about the technology employed or about about Crimson Black Capital SP, please feel free to reach out.

Disclaimer: Crimson Black Capital SP is managed by Falcon Investment Management. Falcon Investment Management Ltd, is authorized and regulated by the Financial Conduct Authority (FCA). Registered in England and Wales with registered number 09277206 and FCA registered number FRN 673552. The price and value of the investments referred to in this presentation and the income from such investments may fluctuate, and investors may realize losses on these investments, including a loss of principal. Past performance is not indicative or a guarantee of future performance. The information contained in this presentation and any attachments is for information purposes, and should not be regarded as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be in violation of any local laws. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of specific investors.

Contributor(s)

Erez Katz

Erez Katz is the Co-Founder CEO Neuravest Research, formerly known as Lucerna Research.  Neuravest Research is a quantitative analysis and statistical machine learning company that serves hedge funds, wealth advisors and advanced high net-worth investors. Erez is an accomplished serial entrepreneur and...

Membership News

Members on the Move

The CMT Association would like to congratulate the following members on their new positions:

  • Scott Richter, CFA, CMT, CHP, Investment Designee/Expert for the Ohio Highway Patrol Retirement System
  • Sean Ring, CMT, Editor at Paradigm Press
  • Regan Firdosh Homavazir, CMT for starting a new position as Head Of Equity Research at IndusInd Bank
  • Sean Dillon, CMT, CFTe, Senior Vice President of Investment Strategy at Congress Wealth Management, LLC

CMT

The June 2021 test administration starts on June 3rd, and now is the time to make sure that you are prepared for your scheduled appointment.

If you are taking the exam at a test center, plan to arrive at least 30 minutes before your scheduled appointment to allow for check-in procedures. For remote proctoring, also allow yourself time to check that any firewalls or antivirus protections have been temporarily disabled, and to download the exam. If you need to verify your appointment, please go to Prometric.com and select Confirm.

You will also need present an ID both at the test center and for remote proctoring; IDs can be a valid passport, a driver’s license, employee ID card or state ID card. IDs should be current and valid with a signature and photograph. The name on your ID must match the name you used to register for the exam.

Don’t be late for your appointment, as you will not be allowed to take the exam.

At the test center, Prometric will provide paper and pencil upon request; for remote proctoring, have a pencil and blank sheets of paper at your desk. There is a calculator on the exam that can be used for calculations.

CMT Level II & III each have a scheduled break of 10 minutes and candidates will not be able to go back to Part I of the exam; during additional unscheduled breaks, the countdown of the exam will continue.

If you have any questions regarding the day of the exam, please send them to admin@cmtassociation.org and good luck with the exam!

The CMT Association would like to congratulate the following members who received their CMT Designation in April 2021.

  • Mohamed Barrage
  • Irene Cheung
  • Peter Dobson
  • Patrick Dunuwila
  • Omar Matthew Karim
  • Jose Henrique Lacerda
  • Jeffrey Lobdell
  • Sheldon McIntyre
  • Ravindra Rao
  • David Raymond
  • Richard Scheetz
  • Rachel Smith
  • Michael Zampitella

Contributor(s)

Marie Penza

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