Walter Deemer has been a Technical Analyst for 57 years, after starting his career at Merrill Lynch working for legendary Technician Bob Farrell. He is a founding member and past president of the CMT Association and coined the phrase, “When the time comes to buy, you won’t want to!”,which is the title of one of the books he’s authored. We’re lucky to have someone on the podcast who was in the business at a time when interest rates were NOT in a downtrend! In this episode, Walter talks to us about what it was like charting in the 1960s and 70s and what sentiment was like as we entered the 1980s and one of the greatest economic expansions in America history. “Watch their feet, not their mouths”, is what Walter Deemer says when he encourages us to look at what investors are doing, rather than their opinions. This was a great conversation where we discuss what he calls our “Shoulda Fund” and what the Breakaway Momentum Strategy (breadth thrusts) means to him. I really enjoyed this one!
I’ve been a fan of Tony Dwyer’s work for a long time. Those of you who know me see me approach the market from a top/down global macro and intermarket perspective. Tony starts his process in a similar way at Cannacord Genuity and Dwyerstrategy.com. When we’re talking about the next direction for stocks, we both focus on other assets like credit to help identify big trends. We look at the behavior of commodity and currency markets to make decisions in equities. I thought this was a really fun conversation. I particularly enjoyed Tony’s comparisons to 1995 and what was going on then with respect to the President’s public issues, interest rates, precious metals and the US Dollar. This podcast could have gone on forever if we let it, but we kept it short and concise so we could get to the point quickly.
This is a podcast about Technical Analysis and its practitioners. I think we’ve done a good job of bringing in some of the top technicians in the business, and in some cases, some of the best that ever did it. My goal when I first started this was to talk to people who bring different perspectives on the subject and on the markets in general. We’ve had Portfolio Managers, Analysts, Traders, Authors and Psychologists come on regularly over the past few years. Today I am thrilled to invite Riley Rosenberger to the podcast to get his point of view on Technical Analysis and what it feels like to start a career as a trader. Riley interned for us last year after spending some time training with SMB Capital in New York City. “Riley The Intern”, as he’s known in some circles, brings a unique perspective that we haven’t heard on this podcast before. When he first decided that he wanted to learn about trading, his High School teacher in Colorado told him to think about doing something else. She said he didn’t have the pedigree for that. I love that he ignored her and I love even more that every time I see him, he has a new book in his hand. He’s always learning and constantly goes out of his way to get ahead. I appreciate that and I really think you’ll enjoy this conversation. I certainly did!
This is a mashup of 3 live conversations I had with market experts at the CMT Symposium last month. Andrew Thrasher joins us to talk about market breadth. David Keller and I discuss how hard it is for people, especially market participants, to say “I don’t know”. And Rob Koyfman, the founder of Koyfin Charts, explains how investors all over the world are using his groundbreaking data analytics tools.
This week we have a special guest on the podcast: Eddy Elfenbein of Crossing Wall Street and PM for the $CWS Exchange Traded Fund. This is a show about Technical Analysis so I think it’s important to also include some of the masters of Fundamental Analysis to tell us how they find charts and technicals helpful in their process. Eddy is one of the original Financial Bloggers and I have a ton of respect for him and his work. He is a pioneer in both social media and portfolio management. I love how he explains his appreciation for Intermarket Analysis and Relative Strength as useful tools throughout his process. As many of you know, these two are near and dear to my heart so it’s cool to see the Fundamental community embracing them in similar ways. This was a fun conversation!
Jon Najarian has been trading options since the early 80s when he first entered the Chicago pits. I’ve always had an appreciation for the way Jon looks at the behavior of market participants through the options market, particularly the largest institutional players. By monitoring the volume size of these trades, he pays close attention to what the biggest participants are doing, often times trading alongside the “smart money”. I think his perspective on this specific area of the market adds a ton of value to our conversations about Technical Analysis. In this episode, we discuss the new higher volatility regime in U.S. Stocks, what to expect moving forward and a few areas in the market where Jon is seeing unusual options activity. Since we’re lucky enough to have “Dr J” on the podcast, we had to ask him about the Chicago Bears, what the trading life in the city of Chicago was like, how things have changed through Technology and even a few words on Bitcoin and Crypto Currencies. I really enjoyed this conversation with someone whose work I have really admired for a long time.