Letter from the Editor
Well, another year is in the books and unless you were a short-only equities trader, you probably did well. I’m not going to give you the typical year-in-review in the markets because you all have your own charts. Rather, let’s look at where we are as an organization and all we need to know is that we are growing. We’re global. We’re recognized by the regulators. And we’re actually kind of fun. Yes, that fun is in a nerdy sort of way - but through chapter meetings, online presentations and the annual symposium, we do get together quite a bit. Of course, we also hoist a few cold ones after the serious stuff is over. I joined the organization in 1994, if memory serves. At first, I was just an associate member before I became a professional member. At the time, my membership was a bit unusual because I was not officially trading, advising or managing money with technical analysis. Rather, I was the technical analysis product manager for a vendor called Tradecenter, which was owned by Knight-Ridder Financial atTo view this content you must be an active member of the TAN Association.
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What's Inside...
Welcome 2020! But What Did You Learn in 2019?
by Scott G. Richter, CMT, CFA, CHPHappy New Year everyone! Happy New Year to all our members, associates, partners, and friends! Welcome 2020 and all the opportunities it brings! What will 2020 hold for...
Protecting the Security of the TAN exams
by Stanley Dash, CMTAn important aspect of a credentialing program like ours is the security and confidentiality of the exams. This is critical to the value and integrity of our charters, and to the value of our...
New York Chapter Speaker Summary
by Tom Bruni, CMTOn Tuesday, December 17th, the New York Chapter hosted Jeff Hirsch, CEO of Hirsch Holdings Inc., Editor-in-Chief of the Stock Trader’s Almanac, and Chief Market Strategist at Probabilities Fund...
The History of Wall Street
by Bruno DiGiorgiThis is the fourth installment of a rerun of periodic series chronicling the history of the street. The series originally ran in Technically Speaking beginning in September 2000. Here is the second...
Chicago Chapter Speaker Review
by Jim Erdmier, CMTAt one point in the not-so-distant past, the Ceres Café in the Chicago Board of Trade building was the go-to spot for traders, brokers, and other exchange employees. With the trading floors having...
Member Interview – David Keller, CMT
by David Keller, CMTPlease tell us what you do professionally. I’m the Chief Market Strategist for StockCharts.com and I also run an independent research and consulting firm called Sierra Alpha...
Board Nominations Now Open
by Alvin KresslerThe Leadership Development Committee of the Board of Directors at the TAN Association is accepting nominations for Director-at-Large positions for the fiscal year commencing July 1, 2020. The Board...
Benzinga Offers Generous Conference Discount
by Tyler WoodFinancial content aggregator Benzinga is offering a 50% discount on registration prices to TAN Association members who wish to attend Benzinga’s Cannabis Capital Conference in Miami this coming...
Members In The Media
by Marianna TesselloMoney Manager Sets New Financial World Record Kenneth Grant Winans is a successful investment management entrepreneur, renowned author, and an active philanthropist. For three decades, he has...
Membership News
by Marie PenzaMembers on the Move The TAN Association would like to congratulate the following members on their new positions: Barry Powley, CFA, CMT, Associate Portfolio Manager at CastleMoore Inc. John DiRico,...
Happy New Year everyone! Happy New Year to all our members, associates, partners, and friends!
Welcome 2020 and all the opportunities it brings!
What will 2020 hold for you?
Well, it depends materially on what you learned in 2019. If you’ve learned, and have made positive change, you’re likely to advance in 2020. If you haven’t learned much, or already know all there is to be known – then you’re more likely to continue to make the same mistakes, sabotage yourself, and not advance your cause.
I’m a huge fan of postmortem trade analysis. I believe it provides us with a window to our thinking, our behaviors and our biases. If you watch what you do – not so much what you say you do – and analyze it honestly, you’ll be on your way to becoming better in your market activities and more importantly, better in your life activities.
This transformation can be a
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
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 the co-manager...
An important aspect of a credentialing program like ours is the security and confidentiality of the exams. This is critical to the value and integrity of our charters, and to the value of our TAN Association’s assets. While you may think this falls only on the shoulders of current candidates, it really is important for the entire Association community to be mindful of threats to the exams and our assets. Exam and program security, as well as the intellectual property rights of the TAN Association, are at risk from outright infringement – and from members who may “look the other way” when confronted with violations.
Our candidates agree to the following when sitting for a test:
This exam is confidential and proprietary and is protected by trade secret and other intellectual property laws. It is made available to you, the examinee, solely for the purpose of becoming accredited in the technical area
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Stanley Dash, CMT
Stanley Dash is the TAN Program Director at the TAN Association, a global credentialing body. In this role, Mr. Dash works with subject matter experts, candidates, and the Association's members to maintain and improve the curriculum, the test experience, and the value of the...
On Tuesday, December 17th, the New York Chapter hosted Jeff Hirsch, CEO of Hirsch Holdings Inc., Editor-in-Chief of the Stock Trader’s Almanac, and Chief Market Strategist at Probabilities Fund Management LLC. His presentation was titled “The Only ‘Free Lunch’ on Wall Street; Trading the January Effect & Santa Claus Rally,” and discussed a variety of strategies that combine seasonal tendencies and other technical/fundamental factors.
Jeff started his presentation with the quotes, “Those who study market history are bound to profit from it!” and “Use history as a guide, not gospel.” This helped frame the night’s discussion by reminding us that a study of market history is important and useful, but it cannot be our only tool because we don’t live in an “average” world.
The next slide addressed the Almanac research process, which outlined the factors considered: fundamental and technical analysis; market internals and sentiment; monetary and government policy; current trends and
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Tom Bruni, CMT
Tom Bruni, CMT is a Technical Analyst at All Star Charts and the founder of BruniCharting. In May 2016 Tom graduated Magna Cum Laude from Molloy College's Business Honors Program where he spent the majority of his four years exploring career paths in the fields of Accounting and...
This is the fourth installment of a rerun of periodic series chronicling the history of the street. The series originally ran in Technically Speaking beginning in September 2000.
Here is the second Manhattan melodrama for your consideration. The first (December 2019) was a story of an out-of-towner who had his only form of transportation burned to the ground, was forced to live in the streets, and then was sued for negligence. The second is a story of a fast-talking city slicker who sells real estate he doesn’t own to gullible foreigners. Common stories? Both take place in the 1600’s!
The date is 1626. A little over a decade had passed since Adrian Block built huts on Broadway and misplaced his ship’s anchor. The Dutch, then heavily involved in the fur trade, decided they needed a permanent colony in the Americas. Manhattan Island, a common stopping point along the trade route, seemed the
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Bruno DiGiorgi
At one point in the not-so-distant past, the Ceres Café in the Chicago Board of Trade building was the go-to spot for traders, brokers, and other exchange employees. With the trading floors having mostly closed down, much of the old crowd is gone. To be sure, there are still many traders and other finance professionals who frequent the joint. For example, about once a month you can find a group of CMTs and event guests talking shop over drinks and appetizers. While the Chicago chapter of the TAN Association usually heads to Ceres after a guest speaker, the annual holiday party was a little different.
When you walk into Ceres, you might encounter a sharply-dressed Greek gentleman who warmly welcomes you to the restaurant he manages. You might not
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Jim Erdmier, CMT
Jim Erdmier, who holds a Chartered Market Technician (CMT) designation, has been trading privately and institutionally for 10 years in equities, FX, and futures. He is pursuing a degree in Finance and Computer Science at DePaul University. Jim is Co-Chair of the Chicago Chapter...
Please tell us what you do professionally.
I’m the Chief Market Strategist for StockCharts.com and I also run an independent research and consulting firm called Sierra Alpha Research. I work with financial advisors and institutional investors to manage risk using technical analysis, behavioral finance, and data visualization.
How did you get there?
I studied music and psychology at Ohio State and after graduation I took an entry level position at Bloomberg in New York. I was surprised to discover that technical analysis was a perfect fit for my courses of study, with the mathematics and creativity from music and the sentiment and behavioral insights of psychology. I moved to Boston in 2008 to run the Technical Research Department at Fidelity, and soon after was elected President of the MTA (now TAN Association). At the end of 2016, I left Fidelity and launched my own firm in late 2017. I’m so thankful to
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

David Keller, CMT
David Keller, CMT is Chief Market Strategist at StockCharts.com, where he helps investors minimize behavioral biases through technical analysis. He is a frequent host on StockCharts TV, and he relates mindfulness techniques to investor decision making in his blog, The Mindful...
The Leadership Development Committee of the Board of Directors at the TAN Association is accepting nominations for Director-at-Large positions for the fiscal year commencing July 1, 2020. The Board is seeking to build a pipeline of future leaders by identifying members who can help move our association forward. Directors-at-Large serve a 3-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 TAN Association, nominees should exhibit the following characteristics:
PASSIONATE
Have a passion for technical analysis and furthering the mission of the TAN 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, as well as attend the Annual Symposium and other events during the year
PREPARED
Eager to pursue a deep understanding of the organization, its structures, and
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Alvin Kressler
Alvin Kressler is Executive Director & CEO of the TAN Association. Alvin was previously Director of Research and Corporate Access at Bloomberg Tradebook. Before joining Bloomberg, he was the Executive Director of The New York Society of Security Analysts (NYSSA). At over...
Financial content aggregator Benzinga is offering a 50% discount on registration prices to TAN Association members who wish to attend Benzinga’s Cannabis Capital Conference in Miami this coming February 24-25th.
The Cannabis Capital Conference is Benzinga’s solution to a lack of access to reputable investors and capital for cannabis entrepreneurs. No other conference offers the level of access and seamlessness of interaction between a variety of cannabis enterprises and the investors whose capital will help transform those enterprises into high-value operations.
Benzinga, a leading financial media outlet with extensive coverage of the cannabis space, frequently breaks exclusive coverage on celebrity cannabis entrepreneurs and commentary from leading political and business figures. Their team has offered our membership a generous discount on registration with use of the code CMT, in addition to their standing offer of free admission for financiers representing family offices or institutional investors.
Part of the newer generation of financial media, Benzinga
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Tyler Wood
Tyler Wood is the Managing Director of Global Business Development at the TAN Association. In collaboration with TAN Association members and charterholders, Tyler has presented the tools of technical analysis around the world to investment firms, regulators, exchanges, and...
Money Manager Sets New Financial World Record
Kenneth Grant Winans is a successful investment management entrepreneur, renowned author, and an active philanthropist. For three decades, he has conducted landmark investment research and designed creative investment strategies while serving as a portfolio manager, investment analyst, and financial writer; his four investment books have won 45 honors in international competitions, setting the new world record for the Most Awards Won in Major Book Competitions for a Finance/Business Author (in the English Language), according to the World Record Academy.
This accomplishment has also received a Certificate of Commendation from Senator Dianne Feinstein.
Mr. Winans, President, Founder & Chief Investment Officer of Winans Investments, a capital management & research firm, was recently selected as “Top Money Manager of the Decade” by the International Association of Top Professionals (IAOTP) for his outstanding leadership and commitment to the industry.
Since 2012, Winans Investments has ranked among the “Best of Best” financial
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Marianna Tessello
Marianna Tessello serves as the TAN Association's web
Members on the Move
The TAN Association would like to congratulate the following members on their new positions:
Barry Powley, CFA, CMT, Associate Portfolio Manager at CastleMoore Inc.
John DiRico, CAIA, CMT, Associate at BlackRock
Greg Schnell, CMT, MFTA, Chief Technical Strategist at GregSchnell.com
Updating Your Profile
Have you recently joined the TAN Association and did not provide your address? Please login to the website and enter your address as we use this information to determine which and how many test centers are needed to serve members taking exams. The information is also used to produce reports on those exams.
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
Registration for the June 2020 test administration opened on December 27, 2019; be sure to register early and take advantage of early registration prices. The TAN Level
To view this content you must be an active member of the TAN Association.
Not a member? Join the TAN Association and unlock access to hundreds of hours of written and video technical analysis content, including the Journal of Technical Analysis and the Video Archives. Learn more about Membership here.
Contributor(s)

Marie Penza
Marie Penza serves as the Director of Member Services for the CMT
New Educational Content This Month
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August 26, 2020
The CMT Experience
Presenter(s): Tyler Wood, Dave Lundgren, CMT, CFA
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August 26, 2020
Reading the Current Market in Light of History’s Lessons
Presenter(s): Ryan Detrick, CMT
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August 12, 2020
How to Spot Major Trend Reversals with Elliott Waves and Socionomics: Examples from Asia’s Ongoing Secular Bull Market
Presenter(s): Mark Galasiewski