This month, instead of A Letter from the Executive Director, we have decided to provide you with an update on the MTA financials from our Treasurer, Julia E. Bussie, CMT.

As Treasurer, I am pleased to report that the financial condition of the MTA is excellent. Membership continues to grow as does interest in the TAN Program. Our annual budget is developed and monitored through the joint efforts of our Executive Director, Tom Silveri, our able and enthusiastic Bookkeeper, Elliott Capon and the input of the Finance Committee – Brad Herndon, Harold Parker, Tom McClellan and myself. The budget is then approved by the Board of Directors.

Fiscal year 2007 which ended June 30 finished with a surplus of $274,000, exceeding our budget forecasts. Annual expenses for 2007, at $1.2 million, were up slightly from 2006 due to costs associated with the move back to NYC and additional salary expenses. Major expenses

The competition for the 2008 Charles H. Dow Award is open. The award for excellence and creativity in technical analysis has been presented since 1994, and today it is the most important writing competition in the field.

The last day to submit papers is February 1, 2008. The Board of Directors has approved a $2,000 cash prize. The standards for writing content and style have been raised.

The winning author will be invited to discuss the paper at a national MTA seminar or at a monthly meeting of an MTA regional chapter. The paper or a summary may be published in the MTA’s Journal of Technical Analysis, in Technically Speaking, and the MTA website. The author of the runner-up paper may receive a certificate.

The guidelines are posted on the MTA’s Web site under Activities. Address inquiries to DowAward@ mta.org.

Recipients of the Charles H. Dow Award have been:

• 1994 Charles D. Kirkpatrick, II, CMT,

Technical analysis is generally applied to common stocks, market averages, debt instruments and futures markets. An overlooked investment, preferred stocks, is rediscovered in this book, and the author demonstrates that technical analysis works in these issues. This book, which may be the first book dedicated to preferred stocks published since the 1930s, is a worthwhile read for investment managers and advisors looking for new ideas to generate returns in their income investing accounts.

Winans noticed that the number of listed bonds was declining at a time when conservative investors were facing a bear market and increasing downside stock market volatility. From 1988 through 2005, the number of NYSE-listed bonds declined by 88%, the number of retirees was increasing, and concerns about stock market returns worried many investors after the declines of 2000-2002. Offsetting these

Here are some updates on MTA happenings…

• Traders’ Library and the MTA have reached an agreement and have created a special website that offers all MTA Members and Affiliates our recommended reading list at the lowest possible rate! To visit this site please got to www.invest-store.com/mta.
• Several new job openings have been posted in the MTA Job Bank. To view these new postings, please log into the website and click on Job Bank located on the Member Homepage. If you are interested in posting a job, please contact Tim Licitra at tim@mta.org.
• CMT Institute (CMTi) is open for registration!! For more information on the CMTi, please visit the CMT Institute page. To register online, please go to the “Events” section of the “Shopping Cart” and follow the prompts. If you would like more information on the CMTi, please contact Tim Licitra at Tim@mta.org or 646-652-3300.
• If you have recently had your work published in