Since 1994, the MTA has presented the Charles H. Dow Award for excellence and creativity in technical analysis. The papers honored with the Award have represented the richness and depth of technical analysis.

In this year’s award-winning paper, the authors demonstrate a relatively simple market timing strategy that produced absolute performance and risk-adjusted returns that significantly outperform a buy and hold strategy of the market throughout multiple market cycles. This strategy is based on the principles of intermarket analysis and maintains constant exposure to the stock market. The authors show that their technique has worked in various market regimes and would have been profitable in periods of rising or falling interest rates, bullish and bearish stock markets and economic expansion and recession.

Specifically, Bilello and Gayed present a simple trading strategy called the Beta Rotation Strategy:

When a price ratio (or the relative strength) of the Utilities sector to the broad

Editor’s note: this is a reprint of the comments Dr. Jerry Blythe delivered at the MTA Annual Gala dinner when presenting the Memorial Award to Karen Granville, Joe’s widow.

I want to thank the MTA for the opportunity to honor a great man, Joe Granville, a pioneer who devoted his life to technical analysis, with a career spanning nearly 70 years and touching at one time or another most of us in this room.

He is receiving this year’s Memorial Award for a lifetime of service to the field. His wife Karen is here today to receive the award on his behalf.

What can we learn from this man’s life? Many of us knew Joe as brilliant, flamboyant and always a showman and entertainer, but there are many things about this man’s life you may not know.

I would begin with his hard work and generosity. Joe was a tireless worker, spending countless hours

How would you describe your job?

Though my official title is Senior Technical Analyst, I would actually describe my job as one-third analyst, one-third educator, and one-third reporter. The most obvious aspect of my job is to analyze the market and present actionable short-term trade ideas to our clients. I also spend a significant amount of my time educating traders on different strategies through daily articles and webinars so that they can identify trading opportunities independently. The third portion of my job entails reporting on major news
releases and market developments both on social media and within our platform, enabling our traders to make decisions based on the most up-todate information.

What led you to look at the particular markets you specialize in?

Of course, working at FOREX.com, I focus primarily on the foreign exchange market. The primary factor that initially drew me to currency market is the vast liquidity it offers, with