MTA Members and Affiliates:

This past month has been a very exciting time for me personally and for the MTA Headquarters Staff as we conduct reviews on what is working, what needs to be done and most importantly what our vision is for the future. We are making progress on all fronts. Let me address just three areas this month:

I. Headquarter Staff & Library Location

Ever since the 9/11/01 disaster, the MTA has desired to return to the NYC location. We are pleased to announce that the Board of the MTA has approved that return, a site selection has been made that will service the needs of the MTA and its Members, and we expect to be housed in NYC by the start of 2007. We strongly believe the NYC presence will increase our visibility to our Members, of our library materials, calibration with affiliated sponsors, etc., and will help promote our

An interview with Josh Rosen, CMT, a New York Stock Exchange Specialist with Kellogg Group, conducted by Molly Schilling.

We continue our conversation with Josh Rosen, a Specialist on the floor of the New York Stock Exchange. We are at the famous Bobby Van Restaurant on Wall Street.

Molly Schilling: What do you think of the proposed merger between The New York Stock Exchange and Euronext?

Josh Rosen: You know I have to say this, I’m still wrapping my arms around hybrid and the new technological advances at The New York Stock Exchange. John Thain came in here, and I don’t know if he was always a fan of the listed marketplace, but I do know that he has become a huge proponent of it now. Here’s a guy coming in from Goldman Sacks, takes a look and says I’m a technology guy. And then after actually seeing the type of price discovery

The Charles H. Dow Award for excellence and creativity in technical analysis has been presented since 1994. The papers honored with the award have represented the richness and depth of technical analysis. Having been involved with the Dow Award since first presented, I believe it is the most important recognition in the field of technical analysis.

The competition for the 2007 Dow Award is open. The last day to submit papers for consideration will be February 28, 2007.

The guidelines have been reviewed and revised. Two major changes have been made. The standards for judging a paper have been raised to require accepted models of testing and robust research, and for the first time, a cash prize of $1,000 will accompany the award.

The winning author will also be invited to discuss the paper at a national MTA seminar or at a monthly meeting of an MTA chapter. The winning paper or a

Systems traders have long been known to employ profitable trend following strategies in the futures markets. Applying those concepts to stock trading has proven to be difficult, although the idea of trend following in stock markets dates back at least the days of Charles Dow. In a new book, Kedrick Brown, a former vice president at Knight Equity Markets, LP, redefines trend trading and offers readers a lot to think about, and readers of Technically Speaking will find a large number of testable ideas.

Brown reviews the basic tenets of Dow Theory, and summarizes the underlying idea as, “Dow Theory thus assumes that it is only worth owning stocks during confirmed bull markets in the major indices, and that one should be out of stocks otherwise.” He also offers a straightforward definition of a trend following trading strategy as, “Any preplanned, rule-based strategy