Fill The Gap: The Official Podcast of CMT Association

Episode 66: Reading Mixed Markets with James Brodie, CMT

Fri, 05 Jun 2026 12:00:00 -0400

This episode of Fill the Gap features James Brodie, CMT. Throughout the conversation, James emphasizes how technical analysis is fundamentally about risk management, discipline, and controlling behavioral biases, especially the tendency to cut winners too soon and hold losers too long. He also explains how his approach evolved from discretionary trading to more systematic methods, using trend-following for persistent moves and mean-reversion strategies only when price action confirms a reversal.

A major theme of the episode is the importance of watching intermarket relationships—especially in energy, rates, currencies, and commodities — because risks often build in overlooked corners of the market before showing up more broadly. He closes by sharing his current market insights and opportunities, highlighting refined energy products, and a few others, while stressing that regardless of the narrative, the most important signal is still the price itself.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/

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CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.

Learn more at: www.cmtassociation.org

Episode 65: The Technically Driven Portfolio with David Cox, CMT, CFA

Fri, 08 May 2026 08:00:00 -0400

In this episode of Fill the Gap, Tyler Wood, CMT and Dave Lundgren, CMT, CFA interview David Cox, CMT, CFA, Senior Portfolio Manager at Financially INsync, about his evolution into a technically driven investor and how his experience shaped a disciplined, trend-following approach. David also emphasizes the importance of routines, risk management, and acting decisively at market inflection points. He describes it as a "technically driven approach," relying far more on price, volume, relative strength, and market behavior than on narratives or headlines, which he views as often misleading for investors.

The conversation also explores the emotional and practical challenges of managing client money, including handling cash positions, avoiding large drawdowns, and balancing clear rules with discretion rather than fully automating decisions. This episode gives you a glimpse into the inner workings of portfolio management, as well as the mindset of a successful portfolio manager.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 64: Thriving in Volatile Markets with Razan Hilal, CMT

Fri, 24 Apr 2026 12:00:00 -0400

In this episode of Fill the Gap, Tyler Wood, CMT and Dave Lundgren, CMT, CFA interview Razan Hilal, CMT, a Dubai-based global macro market analyst at StoneX. Razan explains how she came to technical analysis through mentors and dealing-room experience, emphasizing the importance of risk management, discipline, and adhering to a structured framework when finding and capitalizing on trade opportunities.

The conversation then connects FX, commodities, and equities through an intermarket lens, focusing on how conflict-driven energy shocks and inflation expectations feed into central bank policy and market behavior. Enjoy this incredible glimpse into global markets with our guest, Razan Hilal, CMT.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 63: Technical Analysis Process with Ted Hicks, CMT, CFP, CKA

Fri, 27 Mar 2026 08:00:00 -0400

In this episode of Fill the Gap, our friend Ted Hicks, CMT, CFP, CKA joins us to talk about his journey from traditional financial planning to a technically driven, rules-based investment process after living through the dot‑com crash and the global financial crisis. Ted explains why those experiences led him to question conventional asset allocation and embrace technical analysis, combining systematic models with discretionary swing trading to better manage risk and client behavior.

The conversation centers on his book, "Evidence‑Based Investing," which aims to clearly explain why many accepted academic assumptions fail in real markets and why process matters more than predictions. Technical analysis works because it focuses on observable market behavior, not explanations, and provides practical tools for navigating inevitable market cycles.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 62: Weight of the Evidence with Keith Lerner, CMT, CFA

Fri, 06 Mar 2026 08:00:00 -0500

In episode 62 of Fill the Gap, hosts Tyler Wood, CMT and Dave Lundgren, CMT, CFA interview Keith Lerner, CMT, CFA, the CIO and Chief Market Strategist at Truist Advisory Services, about his “weight of the evidence” investment framework, which integrates history, economics, fundamentals, and technical analysis to guide portfolio decisions.

Lerner explains how technical analysis serves as a critical accountability tool that can challenge narratives, force humility, and prompt timely portfolio adjustments when market data diverges from expectations. He discusses how the relative importance of different signals changes across market cycles, noting periods—such as sharp volatility events—when technicals deserve greater weight due to uncertainty in fundamentals or macro outcomes.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 61: Anchored VWAP Legend Brian Shannon, CMT

Fri, 27 Feb 2026 08:00:00 -0500

In this episode of Fill the Gap, hosts Tyler Wood, CMT and Dave Lundgren, CMT, CFA speak with veteran trader and educator Brian Shannon, CMT about his swing‑trading approach and the evolution of the Anchored VWAP indicator. Brian explains how Anchored VWAP helps identify who is in control of a market, and why it offers objective insight into market psychology. He gives incredible insight into the creation of the Anchored VWAP, and how he uses it in his analysis. The conversation also covers why Brian favors swing trading over day trading, highlighting the importance of process, risk management, and emotional discipline. Overall, the episode reinforces the idea that price is the most reliable truth in markets and that thoughtful, flexible use of technical tools can improve decision‑making across timeframes and asset classes.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 60: Thoughtful Portfolio Management with Damanick Dantes, CMT

Fri, 30 Jan 2026 12:00:00 -0500

This episode of Fill the Gap features Damanick Dantes, CMT, who discusses his adaptive, quantitative approach to portfolio management, emphasizing the importance of trend, momentum, and dispersion across global asset classes. Damanick shares insights from his entrepreneurial journey, including lessons learned at Babson College and experiences at firms like Fidelity and CoinDesk, which shaped his global perspective and investment philosophy. The conversation explores how his firm dynamically adjusts allocations—such as rotating between Bitcoin and gold—based on evolving correlations and volatility, while stress-testing models to suit different client needs.

We also discuss the challenges of investor education, the importance of clear communication, and the value of building strong client relationships rooted in discipline and transparency. Finally, we touch on current market themes, including global equity rotation, commodity trends, fixed income strategies, and the impact of central bank cycles, all within the context of maintaining a robust, rules-based investment process.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 59: Technical Analysis and Cryptocurrency with Javier Pineda, CMT

Fri, 23 Jan 2026 12:00:00 -0500

This episode of Fill the Gap features Javier Pineda, CMT, an institutional portfolio manager and author, discussing how technical analysis applies to cryptocurrency markets and the evolution of crypto as an asset class. Javier explains the importance of understanding cycles in Bitcoin, including halving events, bull and bear markets, and the concept of dominance, while noting that institutional adoption and macroeconomic factors now play a larger role than before.

The conversation covers the challenges of aggregating volume and pricing data across decentralized and centralized exchanges, as well as the risks and opportunities in altcoins, emphasizing the need to focus on robust projects with strong communities. Finally, Javier addresses concerns about quantum computing threatening blockchain security, reassuring listeners that current technology is far from capable of breaking Bitcoin’s cryptography and that future upgrades can further enhance security.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 58: Profiling Market Strength with Julius de Kempenaer, CMT

Fri, 14 Nov 2025 15:00:00 -0500

In this episode of Fill the Gap, Julius de Kempenaer, CMT shares the story behind the creation of the Relative Rotation Graph (RRG), a data visualization tool that revolutionized how investors analyze relative strength and momentum across sectors and asset classes.

The conversation highlights the importance of not just identifying what to buy, but also knowing what to remove from a portfolio to avoid underperformance. We also discuss the significance of portfolio weighting versus equal weighting when benchmarking performance. The episode concludes with reflections on the ongoing need for education in technical analysis and Julius’s personal journey to finally completing his CMT designation after decades in the industry.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 57: Sunil Garg, CMT

Fri, 31 Oct 2025 13:00:00 -0400

This episode of Fill the Gap features Sunil Garg, CMT, Chief Investment Officer at Lighthouse Canton in Dubai. Sunil discusses the integration of technical and fundamental analysis in global markets, with a particular focus on the current AI-driven bubble and the evolving financial landscape in the UAE and emerging markets.

The conversation highlights how price action often leads fundamentals, the importance of humility in forecasting, and the need to adapt analytical tools to different market regimes. He also emphasizes that while bubbles can present opportunities, investors must remain vigilant for signals—such as earnings misses or changes in market breadth—that could indicate a shift in market conditions.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 56: JC O'Hara, CMT

Fri, 31 Oct 2025 00:00:00 -0400

In this episode of Fill the Gap, JC O'Hara, CMT shares his journey from college to becoming Chief Technical Strategist at Roth Capital Partners, emphasizing the importance of combining technical and fundamental analysis for effective market strategy.

He discusses lessons learned from surviving major financial crises, the value of timing in investing, and how understanding market participants' behavior—such as hedge funds and mutual funds—can provide deeper insights into market trends. The conversation also covers current market conditions, the role of liquidity and credit spreads, and highlights opportunities in emerging sectors like small-cap technology and healthcare, stressing the need for adaptability and continuous learning.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 55: Bob Minter, CMT, CFA, CAIA

Fri, 24 Oct 2025 12:00:00 -0400

This episode of Fill the Gap features Robert "Bob" Minter, CMT, CFA, CAIA, Director of Investment Strategy at Aberdeen Investments. Bob discusses his career path, the importance of combining technical and fundamental analysis in commodities investing, and his practical approach to market signals and risk management.

Bob talks about how shifting global supply chains, central bank gold buying, and technical indicators like moving averages and sentiment data shape his outlook on commodities such as oil, gold, silver, and agricultural products. He also highlights the value of community and continuous learning within the CMT Association, emphasizing the importance of sharing ideas and improving investment processes.

Recorded October 17, 2025

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 54: Stephen Suttmeier, CMT, CFA

Fri, 17 Oct 2025 12:00:00 -0400

This episode of Fill the Gap features Steve Suttmeier, CMT, CFA, Chief Equity Technical Strategist at Merrill Lynch. Steve shares his journey from aspiring medical student to technical strategist, discussing his experiences at major financial institutions and the evolution of his technical analysis approach.

We explore current market dynamics, including the ongoing mega-cap melt-up, the influence of AI, and the risks of bubbles, with insights into sector rotations, global leadership trends, and the importance of monitoring interest rates and inflation. Steve emphasizes the value of technical signals for navigating market cycles and highlights opportunities in commodities, global ETFs, and emerging leadership themes.

Recorded October 15, 2025

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 53: Rich Ross, CMT

Fri, 01 Aug 2025 15:00:00 -0400

This episode of Fill the Gap features Rich Ross, CMT, Senior Managing Director and Head of Technical Analysis at Evercore ISI. We discuss Rich's career path from Nasdaq market maker to award-winning technician, highlighting his philosophy of making complex concepts simple and practical for investors.

Rich Ross, CMT emphasizes that markets operate on probabilities, not certainties. His process focuses on price action, candlesticks, moving averages, and relative strength, with a trend-following bias but flexibility for tactical opportunities. He notes today’s markets are increasingly influenced by passive flows, quants, and algos, making adaptability essential.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 52: Vincent Randazzo, CMT

Fri, 27 Jun 2025 16:00:00 -0400

In this episode of Fill the Gap, we are joined by Vince Randazzo, CMT. Vincent emphasizes the importance of systematic risk management and the use of breadth indicators to improve upon traditional buy-and-hold strategies by spotting market deterioration, even if an index is making new all time highs. He also highlights the need for financial advisors to justify their fees by providing value beyond passive management, particularly through effective risk mitigation during market downturns.

Vincent has guided portfolio managers and investors through multiple market cycles, developing proprietary market breadth indicators that help minimize losses in downturns while maximizing upside. As founder of ViewRight Advisors, he implements systematic, technically-driven investment processes that consistently outperform traditional strategies while maintaining strict risk parameters.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 51: Exploring Dual Momentum with Gary Antonacci

Mon, 19 May 2025 11:00:00 -0400

Momentum remains one of the most persistent and powerful anomalies in financial markets. In this engaging fireside chat, recorded live at the West Coast Regional Summit in San Francisco, we sit down with Gary Antonacci, the renowned author of Dual Momentum Investing, to explore the evolution, application, and enduring effectiveness of momentum-based investment strategies.

Gary will share his insights on the science behind Dual Momentum, how it enhances traditional trend-following approaches, and the ways investors can apply these principles to achieve superior risk-adjusted returns. Whether you’re a practitioner of systematic investing, a trend-following enthusiast, or simply curious about momentum’s role in portfolio management, this conversation will offer valuable perspectives from one of the field’s leading experts.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 50: Navigating Market Cycles with Dan Wantrobski, CMT

Mon, 21 Apr 2025 16:00:00 -0400

In our milestone 50th episode of Fill the Gap, we are honored to host Dan Wantrobski, CMT, Associate Director of Research at Janney Montgomery Scott. With over two decades of experience as a technical analyst and strategist, Dan offers a profound exploration into the long-term forces shaping today's markets.

Key Discussion Points:

Demographic Dynamics: Dan delves into how shifting population trends influence economic growth, labor markets, and investment opportunities.
Commodity Supercycles: We examine the historical patterns of commodity markets and discuss what current trends suggest about future cycles.
Secular Shifts in Debt Markets: Dan provides insights into the evolving landscape of debt markets, highlighting potential long-term implications for investors.
Technical Analysis in Modern Markets: Drawing from his extensive background, Dan discusses the role of technical analysis in understanding and navigating complex market environments.

Dan's comprehensive perspective, rooted in decades of market analysis, offers valuable guidance for investors seeking to understand the interplay between long-term trends and market behavior.

Tune in to gain a deeper understanding of the macroeconomic factors and technical indicators that are shaping the future of investing.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 49: Pulling Global Markets Together with Laurence Balanco, CMT

Fri, 14 Mar 2025 11:00:00 -0400

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome Laurence Balanco, CMT.

Laurence Balanco, CMT is a Technical Analyst at CLSA Australia Pty Ltd. Lawrence has a broad array of knowledge of all the different markets, and a real unique perspective about pulling all these different markets together. Back in the day he was very a very heavy user of Elliott Wave. Technicians that can do it well can do it well, and he's definitely one of them. In our time with him during this interview, we covered basically every market on the planet.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 48: Wait for the Signal with Duke Jones, CMT

Fri, 21 Feb 2025 11:00:00 -0500

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome Duke Jones, CMT, a Senior Financial Analyst in the Private Banking and Investment Group of Merrill Lynch, where he directs financial research and portfolio allocations for over $4B in assets.

Duke has been quoted in Barron’s, the Wall Street Journal, Bloomberg and the local press. He is a member and former Director of the CMT Association, as well as a member of the CFA Institute and Houston Financial Analyst Society.

This was a fantastic interview. Duke has been in this industry a long time, and he's humble enough to admit that he is still learning lessons, and he's generous enough to share those lessons with our listeners. Keeping it simple, and waiting for the technical signal is critical, especially for portfolio managers. The market knows more than we do, and it's not shy about showing us.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 47: Technicals Tell The Story with Jay Woods, CMT

Fri, 03 Jan 2025 11:00:00 -0500

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome Jay Woods, CMT, the Chief Global Strategist for Freedom Capital Markets.

Prior to joining Freedom, he was the Chief Market Strategist at DriveWealth Institutional. He also served as an Executive Floor Governor at the NYSE, the highest elected position at the Exchange held by only six NYSE members.

Jay spent over 25 years as a Designated Market Maker on the NYSE floor. He started with Spear, Leeds, and Kellogg, then joined Goldman Sachs for 14 years and moved on to IMC after Goldman divested their floor operation. As a DMM, he was responsible for several high-profile IPOs and led trading in some of the most active issues at the NYSE.

Jay gives us insights from his significant experience as a trader on the NYSE floor and as a Designated Market Maker. Our conversation centered heavily on technical analysis being the roadmap to finding and telling the story of a stock. He emphasizes the importance of keeping it simple and not overcomplicating your analysis. Think of the scenarios, where the risk/reward is set up, and keep your analysis as simple as possible. You can use other indicators to justify your story, but don't think there's one that's the holy grail. Be flexible, be nimble, always be ready to change your thesis.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 46: John Kosar, CMT

Fri, 13 Dec 2024 12:00:00 -0500

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome John Kosar, CMT, President and Chief Market Strategist at Asbury Research. After spending most of the first half of his 40-year career on the Chicago Mercantile Exchange trading floor, he has spent much of the second half trying to take emotions out of the equation by becoming as data-driven as possible. John describes some of the indicators and models he and his son, Jack, combine into portfolios of varying risk/reward profiles to meet the needs of different types of investors.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 45: Cynthia Kase, CMT, MFTA

Fri, 06 Dec 2024 12:00:00 -0500

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we sit down with Cynthia Kase, CMT, MFTA, Expert Consultant at Kase and Company, Inc. Cynthia A. Kase, CMT, MFTA, and Dean Rogers, CMT have worked together for nearly a quarter of a century. During that time, they have worked closely to develop trading indicators, custom bars, and complex forecasting models.

During the interview, we discuss the foundational concepts from Kase’s award-winning work, including the background behind Kase’s innovative methodology for forecasting energy and metals commodities futures. These techniques can be applied to all asset classes and are rooted in the use of Kase's unique take on wave analysis, Fibonacci wave projections and retracements, candlestick patterns and momentum signals, and using Monte Carlo simulations to help determine the probability of meeting support and resistance levels.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 44: Tactical Insights with Dan Russo, CMT

Fri, 08 Nov 2024 11:00:00 -0500

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we sit down with Dan Russo, CMT, Portfolio Manager at Potomac Fund Management. Dan shares his tactical approach to navigating today’s markets, emphasizing the critical role of technical analysis in portfolio management.

With over two decades of experience in financial markets, Dan discusses how he integrates trend-following strategies, relative strength analysis, and risk management to deliver results for clients. He provides insights into adapting to evolving market conditions, identifying key opportunities across asset classes, and the importance of staying disciplined in volatile environments.

Whether you're a portfolio manager, advisor, or market enthusiast, this episode is packed with practical strategies and actionable advice from a seasoned professional who understands the nuances of tactical asset management.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 43: Navigating Markets with Todd Sohn, CMT

Fri, 25 Oct 2024 11:00:00 -0400

In this episode of Fill the Gap: The Official Podcast of the CMT Association, we welcome Todd Sohn, CMT, a leading ETF strategist and technical market analyst at Strategas. Todd shares his unique perspective on the ever-evolving $10 trillion ETF landscape, which has seen explosive growth in recent years. We explore the rapid rise of actively managed ETFs, now comprising over 8% of total ETF assets—a figure that has doubled in just the past three years.

Join us as Todd dives into actionable insights for managing rapid sector rotation, the critical intersections of thematic investing with trend following, and the importance of sentiment and fund flow data, with notable closures of China-focused ETF products. He also examines how cap-weighted indices and ETF products compound the concentration dilemma and offers his thoughts on how to best manage risk.

Whether you're a seasoned investor or new to ETFs and technical analysis, this episode delivers expert-level guidance for navigating today's complex markets. Tune in for an engaging discussion packed with practical advice, professional anecdotes, and Todd's distinctive approach to solving market puzzles.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 42: Frank Cappelleri, CMT, CFA

Mon, 26 Aug 2024 10:00:00 -0400

In Episode #42 of the CMT Association’s "Fill the Gap" podcast, we sit down with Frank Cappelleri, CMT, CFA, Founder of Capp Thesis LLC. In this engaging conversation, Frank provides his insights into the current market landscape, sharing his perspective on key trends and developments.

We delve into Darvas Boxes, a classic yet powerful tool in technical analysis, and explore how Frank integrates this technique into his broader analytical toolkit. Whether you're a seasoned investor or new to technical analysis, this episode offers valuable perspectives on navigating today’s markets and enhancing your trading strategy. Don't miss this opportunity to gain expert advice from one of the leading voices in technical analysis.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 41: Navigating Strategic Global Bond Portfolios with Brian Decker, CMT

Wed, 10 Jul 2024 17:00:00 -0400

Join us on Fill the Gap for a deep dive into the world of global fixed income portfolio management with Brian Decker, CMT, a distinguished market strategist from Wellington Management in Boston. A seasoned market expert with a background in rates trading, thematic investing, and market analysis, Brian brings a wealth of experience in navigating the complexities of cross-asset dynamics with a specific emphasis on global bond portfolios.

In this episode, he unveils his analytical process, which integrates advanced and highly differentiated methodologies such as Market Profile, DeMark studies, and the Elliott Wave Principle across multiple timeframes. These frameworks not only enhance his understanding of whether markets are trending or correcting but also inform his alternative view on where markets may diverge from his thesis. The mosaic of tools enable him to uncover opportunities with a breadth of concurrent evidence and quantify shorter-term volatility against longer objective risk/reward objectives.

From macroeconomic insights to tactical money management decisions around timing and position sizing, Brian's approach offers listeners a unique perspective on optimizing portfolio performance across diverse regions of the globe. Whether you're a seasoned investor seeking to refine your strategy or someone new to fixed income markets, Brian's expertise promises to provide invaluable insights that can elevate your investment decisions. Tune in to Fill the Gap Episode #41 and gain a deeper understanding of strategic global bond portfolio management with one of the industry's leading practitioners.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 40: Janine Guenther, CMT, CFA

Sat, 01 Jun 2024 22:00:00 -0400

In the podcast interview for CMT Association's Fill The Gap, Janine Guenther, CMT, CFA, a seasoned financial professional based in Vancouver, shared her extensive expertise at the intersection of technical analysis and fundamental research. With a background that includes roles at prominent financial institutions and a deep commitment to the CMT and CFA designations, Guenther provided a nuanced perspective on navigating today's complex market dynamics.

Throughout the hour-long discussion, Guenther emphasized her holistic approach to investment analysis, integrating technical indicators with rigorous fundamental research. Drawing on her experience from roles at BMO Capital Markets and CIBC World Markets, she highlighted actionable strategies for identifying market trends and opportunities. Guenther also addressed the role of behavioral finance in shaping market movements, illustrating how understanding investor psychology can enhance trading strategies.

Listeners gained insights into her methodology for evaluating stocks and sectors, leveraging both quantitative and qualitative factors to drive investment decisions. Guenther's commitment to risk management and portfolio protection resonated throughout the interview, underscoring the importance of disciplined approaches in volatile markets.

Her expertise and dedication to advancing financial analysis, evident through her contributions to the CMT Association and CFA Institute, provided a rich backdrop to the podcast, offering professionals and enthusiasts alike valuable perspectives on effective investment strategies in today's ever-evolving financial landscape.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 39: Mark Newton, CMT

Wed, 01 May 2024 11:00:00 -0400

Mark Newton, CMT, a distinguished market analyst and strategist at Fundstrat Global Advisors, brought his wealth of experience and analytical prowess to the forefront in a compelling podcast interview on the CMT Association's Fill The Gap series. With a career spanning significant roles at firms like Morgan Stanley Wealth Management and Greywolf Execution Partners, Mark has honed his expertise in technical analysis and market strategy over decades.

During the podcast, Mark delved into a comprehensive analysis of current market trends, leveraging his deep understanding of economic data and its impact on investor sentiment. He emphasized the critical importance of employing a diverse range of technical tools to effectively navigate volatile market conditions, drawing on specific strategies that have proven effective in recent market cycles.

Mark's insights extended beyond technical analysis, as he addressed audience questions regarding sector rotation dynamics and emerging market opportunities. His nuanced understanding of market dynamics and strategic thinking provided invaluable perspectives for both seasoned professionals and novice investors tuning in.

Mark Newton's contributions to the field of technical analysis, coupled with his practical insights gleaned from his extensive career, made the podcast interview a definitive resource for anyone looking to enhance their understanding of current market dynamics and refine their investment strategies.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 38: Live from CMT 2024 Summit Dubai with FRANK TEIXEIRA, CMT, CFA & DAVID LUNDGREN, CMT, CFA

Fri, 26 Apr 2024 12:00:00 -0400

This episode of Fill the Gap features a live Fireside Chat with special guests Frank Teixeira, CMT, CFA & David Lundgren, CMT, CFA moderated by Tyler Wood, CMT. Recorded at the CMT 2024 Summit in Dubai, UAE on February 29, 2024 inside the Museum of the Future.

In this special live release of Fill the Gap, Frank Teixeira, CMT, CFA, and David Lundgren, CMT CFA will share insights from decades of institutional portfolio management experience on how Wall St. utilizes technical analysis to understand market behavior, fund flows, positioning, price action, and the character and direction of public markets.

This fireside chat on Trend-Following Perspectives brought the 2024 CMT Summit to a conclusion with a deep dive and unique perspective on the use of technical analysis in institutional portfolio management. Moderated by Tyler Wood, CMT, these former colleagues explore what it takes to be an effective contrarian investor, how to communicate technical concepts to a broad audience, and how the discipline has evolved. Stylistically different, both gentlemen continue to thrive through multiple market cycles. Whether as a systematic or more discretionary portfolio manager, trend-following is at the core of their investment approach.

We hope you enjoy episode #38 of Fill the Gap and garner evergreen lessons of this “simple but not easy” style of investing.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 37: Live from CMT Midwinter Retreat with Robert J Farrell and Walter Deemer

Tue, 26 Mar 2024 08:00:00 -0400

This episode of Fill the Gap features a live Fireside Chat with special guests Robert J. Farrell and Walter Deemer moderated by Frank Teixeira, CMT, CFA. Recorded at the CMT 2024 Midwinter Retreat in Tampa, FL on February 1, 2024.

This live episode of Fill the Gap breaks from our normal format with a rare glimpse at a conversation between two Wall St. Legends. Their conversation delivers a broad perspective on the industry’s use of technical analysis throughout the illustrious 50 year careers as colleagues, clients, and friends.

One of Institutional Investors most highly decorated research analysts and first President of The Market Technicians Association (now CMT Association), Robert J. Farrell will share insights on how he implemented the toolkit of technical analysis to understand market behavior, fund flows, positioning, price action and the character and direction of public markets.

Joined by Walter Deemer, who got his start into finance on Bob’s famed Merrill Lynch research team before moving to the buyside at George Tsai’s Manhattan Fund during the “go-go years” of the late 1960s. Walt then led technical research at Putnam in Boston during the Nifty Fifty era in the early 1970s alongside other technical giants Bill Doane at Fidelity Investments and Bill Diianni at Wellington Management. These colleagues explore what it takes to be an effective contrarian investor, how to communicate technical concepts to a broad audience, and how the discipline has evolved.

Enjoy Episode #37 of Fill the Gap with special guest host Frank Teixeira, CMT, CFA!

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 36: Gina Martin Adams, CMT, CFA

Fri, 05 Jan 2024 15:00:00 -0500

Kick off the new year with a big picture look at the global macro backdrop for investors. In Episode 36 we are fortunate to glean insights from Gina Martin Adams, CMT, CFA who shared with us how distortions in the economy driven by the global pandemic are still playing out with bizarre consequences.

Gina Martin Adams, CMT, CFA, is the Global Head of Portfolio Strategy and Chief Equity Strategist for Bloomberg Intelligence, a unique research platform that provides context on markets, industries, companies, and government policy, available on the Bloomberg Professional Service at BI.

Gina provides top-down perspective on the equity market, sectors and industries with a multi-disciplined approach that utilizes fundamental, quantitative and technical analysis. She is a familiar face to many on Bloomberg News, and has been recognized for portfolio strategy, technical strategy and economics in Institutional Investors’ All-America Research survey.

Enjoy this interview with one of the top minds in global equity strategy and understand how technical analysis adds clarity to in a most unpredictable investment landscape.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 35: Buff Dormeier, CMT

Mon, 18 Dec 2023 10:00:00 -0500

It's time to turn up the Volume! Our special guest this month is one of the most prolific contributors to the technical analysis body of knowledge today and arguably the world's foremost expert on volume analysis. Buff Dormeier, CMT asserts that volume - when used correctly - is the most important factor in any portfolio manager's toolkit.

We dig deep into the intricacies of volume data and how it informs the message of the market vis a vis price. We got a glimpse of the painstaking efforts Buff takes to decompose the reported data sets and reconstruct cap-weighted and dollar-weighted volume for his analysis at the index, sector and single security levels. But most importantly, Buff shared how he thinks about managing investments not just with offense and defensive strategy, but with "special teams" to capture the explosive moves at key market turning points. You've probably guessed, but volume is the key factor in making those all-important decisions.

Our favorite quote from one of Buff's recent presentations was: "If Price action is the DNA of the market, then volume is the RNA of Price" which helps decode and activate the critical information we can glean from price action.

Enjoy Episode #35 of Fill the Gap with award winning author, magnanimous advocate, and Chief Technical Analyst at Kingsview Investment Partners, Buff Dormeier, CMT.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 34: John Kolovos, CMT, CFA

Sat, 18 Nov 2023 13:00:00 -0500

The barrier to entry for online "fin-Influencers" is incredibly low, but responsible professional technical analysis covers an immense body of knowledge. In this episode, we dig into the complexity behind John's technical mosaic and the multi-factor models he uses. Yet, the simplicity with which he communicates market conditions and portfolio construction to his institutional clients cannot be overstated.

While understanding "the health of the market" allows portfolio managers to responsibly take on risk for clients while maintaining situational awareness of market fragility, ignoring intermarket relationships and bottom-up trends leaves precious alpha off the table and presents career risk. Considering the ~60% rally of US equities off the LTCM low in 1998 to the peak in March of 2000, a lack of breadth is not reason enough to avoid market risk.

The long and winding road of John's career on Wall St. allowed him to learn from many notable practitioners from his early days at Lehman Brothers to more recently as a buy-side technical strategist at Fidelity (FMR). He outlines a fascinating genealogy of technical analysts in his "family tree," which he takes great inspiration from and aspires to pay forward that is rooted in Robert J. Farell's Merrill Lynch technical research group. John is a huge advocate for technical analysis, where he is an adjunct university professor and an executive board member of the CMT Association.

Enjoy this insightful, informative, and hilarious episode of Fill the Gap with John Kolovos, CMT, CFA!

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 33: Jonathan Krinsky, CMT

Thu, 12 Oct 2023 11:00:00 -0400

Jonathan Krinsky, who holds the Chartered Market Technician (CMT) designation, is a Managing Director and Chief Market Technician at BTIG. Before joining BTIG, Mr. Krinsky was the Chief Market Technician at Bay Crest Partners, MKM Partners and Miller Tabak & Company. Earlier in his career, he held a role within the Equity and Derivatives Sales & Trading Group at Miller Tabak & Company.

Jonathan provides clients with actionable technical commentary on U.S. and global equities, commodities, interest rates and currencies. Jonathan looks at the market on a global basis, taking into account inter-market relationships, sentiment and seasonality, in addition to traditional technical indicators based on price.

Jonathan is a regular contributor on Financial Sense, Bloomberg, CNBC, Seeking Alpha, and MarketWatch. He graduated from Penn State University.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 32: Ari Wald, CMT, CFA

Mon, 11 Sep 2023 10:00:00 -0400

Will value catch up to growth’s steady trend, or will growth fall from its leadership perch? Can Europe finally accelerate after breaking through its year-2000 peak? Can Energy finally become an investable sector again? Find answers to this and much more in the latest interview from Fill the Gap!

Ari Wald, CMT, CFA joins us in Episode #32 where we explore the detailed and comprehensive market research behind Oppenheimer’s head of Technical Analysis. Before getting into markets, Ari walks through the “genealogy” of his career with influences from mentors like Andrew Burkly, Charlie Blood, and Sam Burns. These Wall St. veterans shaped Ari’s research process from contrarian views looking for turning points and mean reversion in every chart, to the trend-following outlook anchored on the momentum factor which he delivers today.

Throughout Ari’s career the toolkit has been consistent and the focus on objective, quantifiable tools has been the hallmark. From Brown Brothers Harriman to Wolfe Research and now Oppenheimer, Ari has added tremendous value to his institutional clients and to the CMT Community worldwide. Most importantly, his thorough bottom-up review of thousands of securities combined with a historical appreciation for economic cycles and big picture view on the state of the investable environment provide clients with a repeatable disciplined process they can rely on.

Enjoy the latest interview with your co-hosts David Lundgren, CMT, CFA and Tyler Wood, CMT.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 31: Clint Sorenson, CMT, CFA

Mon, 14 Aug 2023 09:00:00 -0400

How do the tenets of trend following apply to private equity and venture capital? What does Eminem’s final rap battle in 8Mile have to do with client communications strategies? How could macro volatility be a helpful landscape for active investors over the coming 18 months? Find answers to these and so much more in the latest episode #31 of Fill the Gap!

This month’s featured guest is past CMT board member, author, OCIO, asset allocator and voracious lifelong learner, Clint Sorenson, CMT, CFA. Clint is a Co-Founder of WealthShield LLC and has long been dedicated to innovating and accelerating the investment landscape. His unique system leverages proprietary quantitative strategies, by fusing together behavioral finance, fundamental and technical analysis.

This month’s fast-paced conversation covers a ton of ground, so buckle up and sharpen your pencils for an interview that will impact your way of thinking about every aspect of your investment strategy!

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 30: Jamie Coutts, CMT

Fri, 21 Jul 2023 01:00:00 -0400

Technical Analysts know that "timing is everything." This month's interview could not come at a better moment as the global discussion around cryptocurrencies, decentralized finance and digital assets again takes center stage. Our longtime friend, past CMT Association Board Member, and exceptional market analyst Jamie Coutts, CMT, CFTe is the Crypto Market Analyst for Bloomberg Intelligence. His knowledge of market structure, on-chain analytics and macro context for this emerging asset class is unparalleled.

Whether you are a maximalist, a dabbler, or even for those vehemently opposed to cryptocurrencies, the context provided by Jamie in this interview is critical knowledge for all financial professionals. With the launch of BlackRock's new Bitcoin ETF, Citadel's new crypto exchange, a steady clip of regulatory announcements, and institutional adoption/adaptation on the rise crypto is again at the forefront of national and global conversations. Stay informed. Fill the Gap in your knowledge of the space.

Enjoy episode #30 of Fill the Gap with special guest Jamie Coutts, CMT, CFTe.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 29: Craig Johnson, CMT, CFA

Mon, 26 Jun 2023 09:00:00 -0400

Craig Johnson, CMT, CFA joins Fill the Gap for Episode #29 where we explore the detailed and comprehensive technical process the Piper Sandler technical research team takes every month to produce informed investors.

Craig issued a contrarian bullish call on the S&P 500 going into 2023 based solely on the information provided by the markets. Using classic trend analysis, his team simply highlighted the series of higher highs and higher lows appearing in the equity index. But their process is revealed in the 300+ pages of the “Informed Investor” research report which delivers in-depth analysis of sectors, industry subgroups and a healthy appreciation for relative strength.

Craig has a deep appreciation for the analysts who preceded him at Piper Sandler including Steve Leuthold who sadly passed in March, 2023, and Ed Nikoski who Craig worked with closely before his retirement. There is a strong technical analysis community in Minnesota which now includes Ralph Acampora, CMT. However, he reflects on the advantage of being outside New York where independent thinking and contrarian viewpoint can flourish based solely on the message of the market.

This episode also explores some remarkable alternatives to home heating in the depths of Minnesota’s sub-zero winters! Enjoy this conversation with Chief Technical Strategist and former president of CMT Association, Craig Johnson, CMT, CFA.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 28: Live from NYC with Jerry Parker

Tue, 02 May 2023 10:00:00 -0400

Fill the Gap LIVE: Tenets of Trendfollowing

This fireside chat was broadcast live from midtown Manhattan on April 28, 2023 as episode #28 of Fill the Gap: the Official Podcast of CMT Association.

One of the famed Turtle Traders groomed under Richard Dennis, Jerry Parker has continued to thrive through multiple market cycles as a systematic trend-following manager and CEO of Chesapeake Capital. Co-host of Fill the Gap, David Lundgren explores Jerry’s time-tested approach to trend following, and what it takes to succeed, both as a portfolio manager and business owner, using this “simple but not easy” style of investing.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 27: Mark Deriet, CMT, CFA

Fri, 24 Mar 2023 01:00:00 -0400

This month we discuss the rangebound markets and rotational landscape through the lens of technical tools, quantitative screens and multiple timeframes with Institutional Equity Research Analyst, Mark Deriet CMT, CMT.

"Paper > Rocks," stoicism and many many charts await listeners of this March episode of Fill the Gap! Be sure to download the chart-pack from the show notes here: https://cmtassociation.org/podcast/fill-the-gap-episode-twenty-seven-with-mark-deriet-cmt-cfa/

Mark Deriet, CMT, CFA, MA Economics | Analyst, Institutional Equity Research | Quantitative & Technical Analysis | Cormark Securities Inc.

Mark Deriet is the Quantitative and Technical Analyst for Cormark Securities Inc (previously Sprott Securities)., a leading Canadian independent investment dealer. Mark is the recipient of the Brendan Wood TopGun award for Technical Analysis for more than 15 consecutive years.

Mark served over 10 years on the buyside combining both fundamental and quant/technical analysis into his investment process. In this role Mark was able to interface with many technical research analysts incorporating tools and concepts into his top-down approach.

Having earned both the CFA and CMT designations, Mark appreciates the pros and cons of both disciplines. Investing primarily in Europe and emerging markets, Mark developed screening tools to isolate leaders and laggards across the vast array of securities within his mandate.

Over the past 17 years, Mark has served in a sell-side role at Cormark. Representing their first foray into the technical and quantitative research arena. While in his current role at Cormark, Mark developed research products including top-down macro indicators to identify opportunities in sectors, industry groups and among various factors as well as bottom-up stock screens.

When not chasing fresh powder in Whistler, Mark’s next endeavor is to launch a fund based on his proprietary quantitative momentum models later this year.

Education: B.Comm, University of Toronto, 1993; M.A. Economics, University of Ottawa, 1995; Chartered Financial Analyst, Association for Investment Management and Research, 1998; Chartered Market Technician, CMT, 2004.

Experience: In the investment business since 1996; with Sprott Securities, now Cormark since 2006. Previously with Scotia Cassels Investment Counsel since 1999.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 26: Vernon Bice, CMT

Tue, 21 Feb 2023 10:00:00 -0500

Vernon Bice, CMT joins Fill the Gap this month!

Vernon Bice, CMT is a Portfolio Manager at Lord Abbett, where he is responsible for contributing to the management for the firm’s micro-cap growth, small cap growth, mid cap growth and large cap growth strategies. He plays a key role in technical analysis, drawing on his deep experience to provide insights to the portfolio management team. Mr. Bice joined Lord Abbett in 2011. His prior experience includes serving as Portfolio Analyst at Bank of America; Research Analyst at BNY Institutional Asset Management; and Investment Associate at UBS. He has worked in the financial services industry since 2001.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 25: Patrick Kent, CMT, CFA

Mon, 23 Jan 2023 09:00:00 -0500

Fill the Gap is kicking off the new year in 2023 with a black belt, lead singing, portfolio manager to discuss ways of delivering idiosyncratic risk by thinking differently than the rest of the industry about money management.

Enjoy this conversation with Patrick Kent, CMT, CFA - Deputy head of equity opportunities, Portfolio Manager at Newton Investment Management Group. We discuss the ways in which technical concepts and tools that provide context for idea generation, parameters around position sizing, and helps the entire team prioritize their analysis based on where the market is confirming or denying their fundamental thesis.

Patrick Kent, CMT, CFA is head of the small mid cap equity research team and the lead portfolio manager for the US Opportunistic Equity strategies. Patrick joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group.
Before joining Newton, Patrick was a senior portfolio manager at Mellon Investments Corporation (a BNY Mellon group company). Earlier in his career, Patrick was an analyst and portfolio manager at Wellington. There, he co-managed the firms global all-cap impact investing strategy. Prior to Wellington, Patrick was an equity analyst with Alydar Capital, CR Intrinsic Investors and Schroders. He also spent four years with The Boston Company Asset Management, a BNY Mellon group company, on the Opportunistic Equity team.

Patrick has a BA from Bowdoin College and an MBA from Babson Colleges Franklin W. Olin Graduate School of Business. He received his CFA designation in 2001 and is a member of the CFA Institute and the CFA Society Boston. Patrick holds the Chartered Market Technician CMT designation and is a member of the CMT Association.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 24: Tim Hayes, CMT

Fri, 16 Dec 2022 00:00:00 -0500

Why do we all believe technical indicators should be quantified? Why do we follow a top-down approach to market analysis? Why do practitioners follow a "weight of the evidence" approach? This month's guest is the author of seminal work in the field which cemented principles followed by technical analysts worldwide.

Timothy W. Hayes, CMT, is NDR’s Chief Global Investment Strategist. He has been with the firm since 1986. Tim directs NDR’s global asset allocation services, develops strategy and major investment themes, and establishes NDR’s weightings for global asset allocation, presenting his views on the cyclical and secular outlook globally. Tim’s recommendations, strategies, and timely market commentaries and studies are featured in Global Strategy publications, which focus on global allocation and the most significant global developments. Tim has been featured many times on CNBC and Bloomberg TV, and his market views are often quoted in The Wall Street Journal and other financial media in the U.S. and internationally. He is author of The Research-Driven Investor, published in November 2000, and he has contributed to several other books.

In 1996, the Chartered Market Technicians (CMT) Association awarded Tim the Charles H. Dow Award for groundbreaking research, recognizing an outstanding original work that best expounds on the principles of technical analysis.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 23: Atul Suri & David Lundgren CMT, CFA | Live from the APAC Summit 2022

Thu, 17 Nov 2022 23:00:00 -0500

Fill The Gap Live: Investment Management Trends at an Inflection Point
Interview recorded Live at CMT APAC Summit 2022 in Mumbai India on Nov 5, 2022

In this live installment of Fill the Gap, the official podcast of the CMT Association, global money management veterans share how they use technical analysis in their trend following investment process for market outperformance over the long run.

With front row seats to the evolution of equity markets for more than three decades, Atul Suri and David Lundgren, CMT, CFA have learned many lessons managing returns over multiple market cycles. They will discuss the strategies used in their respective funds and unpack the objectives of trend following including how to identify, engage, and stay in trending securities by utilizing the tools of technical analysis.

As an investment style, trend following has existed for a very long time. Some 200 years ago, the classical economist David Ricardo’s imperative to “cut short your losses” and “let your profits run on” suggested an attention to trends. Early in the last century, the legendary American trader Jesse Livermore stated explicitly that the “big money was not in the individual fluctuations but in … sizing up the entire market and its trend.”

Understanding that the market is efficient, but also trends, confirms how technical analysis can help investors uncover attractive investment opportunities. Leading, coincident, and lagging indicators of trend change as well as Relative Strength will give the audience a clear perspective on how they might incorporate technical analysis into their own investment process.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 22: John Lewis, CMT

Wed, 12 Oct 2022 01:00:00 -0400

The timing of this months episode is uncanny. Investors around the globe are faced with a challenging market environment across all asset classes. Our guest this month was famously quoted as saying: "There isn't any alpha to be had in strategies that you always feel good investing in. Being uncomfortable at times is a necessary evil." Lessons about sticking to your process really stood out in this month's interview. And, what can be trite comments on social media have a much deeper impact coming from a veteran portfolio manager navigating markets with such a significant asset base.

John Lewis, CMT is a Senior Portfolio Manager at Nasdaq Dorsey Wright. In this role, Mr. Lewis is responsible for the investment strategies used in various different indices and models.

Since joining Nasdaq Dorsey Wright in 2002, Mr. Lewis has developed strategies for the firm’s Systematic Relative Strength series of separate accounts, the Technical Leaders Index methodology, global asset allocation strategies, and multiple series of UITs. His work is technically driven and focuses on relative strength and momentum as the main factors in the investment process.

One of the foremost experts on relative strength investing, Mr. Lewis has authored several original research papers on the subject. He is a Chartered Market Technician (CMT) and a member of the Market Technician’s Association and the American Association of Professional Technical Analysts.

Mr. Lewis earned an M.B.A. in Finance from the University of Southern California and a B.A. from the University of San Diego. He began his career in the investment industry in 1994. He is married and has two children.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 21: Jurrien Timmer, CMT

Thu, 22 Sep 2022 22:00:00 -0400

"Global Macro Analysis is like four dimensional chess." says Jurrien Timmer, CMT "It's intellectually thrilling!" If the recent market environment has been less intellectually thrilling and more emotionally draining, then this episode is for you! Starting from the bond desk at a large Dutch bank nearly forty years ago, Mr. Timmer has learned a few things that will absolutely change the way you think about investing...

As director of Global Macro at Fidelity Investments, Jurrien Timmer, CMT is part of Fidelity’s Global Asset Allocation (GAA) group, where he specializes in asset allocation and global macro strategy. Additionally, he is responsible for analyzing market trends and synthesizing investment perspectives across Asset Management to generate market strategy insights for the media, as well as for Fidelity’s clients.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 20: David Keller, CMT

Thu, 04 Aug 2022 21:00:00 -0400

Most market participants have learned that the markets are driven by Fear and Greed. This month’s guest challenges that assumption with the idea that financial markets are ruled strictly by fear alone… Fear of loss, fear of missing out, fear of being wrong. Knowing that humans are not purely rational has helped academic research in the field of Behavioral Finance adapt theories to what technical analysis has proven to work in practice.

This month’s esteemed guest has an encyclopedic knowledge of the tools as detailed in the compilation he edited in 2007 for Bloomberg Press: Breakthroughs in Technical Analysis: New Thinking from the World’s Top Minds, as well as a deep understanding of applied behavioral finance. Through his blog The Mindful Investor, Dave explores disciplined routine decision making under conditions of uncertainty.

As host of The Final Bar on StockCharts TV and serving as Chief Market Strategist at StockCharts.com, Dave remains closely attuned to today’s market dynamics. This interview discusses the current state of equity markets and the responsible approach investors must take to navigate periods of regime shift.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 19: Katie Stockton, CMT

Wed, 06 Jul 2022 17:00:00 -0400

Renowned technical analyst Katie Stockton, CMT is Founder and Managing Partner of Fairlead Strategies, LLC, an independent research firm. Additionally this year, she became lead portfolio manager of the Fairlead Tactical Sector ETF - $TACK. Her conservative and unbiased approach to markets has helped clients navigate volatility for 25 years and she has now translated that discipline into an investable strategy.

This month’s interview was really a masterclass in how to responsibly analyze markets – top down, multi-timeframes, quantifiable measures, bottom-up corroboration on sectors and individual securities all in a repeatable process. Dynamite takeaways for our listeners in every role of the investment industry. This month’s conversation takes listeners on a journey across three sets of market indicators: trend following, mean reverting and market internals. With each measure there is exact science in the computations of market statistics, but also nuance in how to interpret their message in the context of multiple timeframes and larger market regime shifts. Beyond the commonly used technical tools, Katie also employs ichimoku clouds and the TD Sequential and TD Combo tools from highly decorated market timer, Tom DeMark.

Listeners will understand the use of these and many other tools in the context of Katie’s systematic approach to analysis and money management. To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge19

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 18: Rusty Vanneman, CMT, CFA

Fri, 10 Jun 2022 10:00:00 -0400

Thirty year veteran of the financial markets, decorated investment manager, leader of investment teams, and communicator of investment strategies joins us this month for a chat amongst old friends.

Classmates at Babson and former colleagues at both Thomson Financial and Fidelity Investments, Dave and Rusty can practically end each other’s sentences, so this month’s discussion and debate takes us in many directions, including:

Why do investors of high-performing portfolio managers fail to achieve the same returns as the fund?
Why is communication of the strategy so critically important, and how can it be done better?
Does “Value” work? And, what fundamental drivers help value shares outperform in inflationary regimes?
Why is this Radiohead tune Rusty’s chosen walkout song?
Competitive Stationary Rowing is a real thing?

Rusty is a host of Orion’s The Weighing Machine podcast and authored the book “Higher Calling: A Guide to Helping Investors Achieve Their Goals.” He also serves as the Chief Investment Strategist for Orion Advisor Solutions.

Rusty was such a fun guest to interview because he is always candid, full of energy, and has delivered excellence in every stage of his career. Currently, Rusty delivers relevant market-and platform-related content that supports deeper, more engaging conversations with advisors and investors. He is passionate about educating investors to help deliver more favorable outcomes. And as a successful fund manager himself, Rusty excels in identifying new investment offerings to meet growing marketplace demand.

To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge18

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Special Symposium Episode: Bill Miller IV, CMT, CFA

Tue, 24 May 2022 01:00:00 -0400

How does the heir to an iconic value manager find their path into the CMT Program? Where does technical analysis fit into the investment process of Miller Value Partners? What are the limitations of seeing the investing landscape through only one lens?

Bringing the CMT Association’s official podcast to the stage of the 49th Annual Symposium Dave Lundgren found answers to all of these questions and more in this fireside chat with Bill Miller IV, CMT, CFA. This wide-ranging discussion covered the process, tools, and approach of Miller Value Partners. Specifically, the use of momentum overlays, support and resistance levels, and core principles of investor irrationality and market trends.

Breaking apart the portfolio management process into security selection, portfolio construction, and trade risk management, Bill IV shared how technical analysis became an integral part of their investment process at Miller Value Partners as a complementary framework to fundamental valuation.

Enjoy this special release with our special guest Bill Miller IV, CMT, CFA!
For complete podcast resources, visit: https://go.cmtassociation.org/ftge17Sym

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 17: Laura Martin, CMT, CFA

Fri, 06 May 2022 01:00:00 -0400

Timing is everything in the world of technical analysis, and this month we had the distinct honor of bringing the exceptionally talented Laura Martin, CMT, CFA onto Fill the Gap the very day that $NFLX dropped through the floor.

Darling of the "stay at home" trade Netflix had buy ratings from 39 other sector analysts. Laura made a massive contrarian call based on her combined technical and fundamental understanding of the markets and her covered stocks.

This powerful endorsement of the technical toolkit covers the "micro" applications to individual securities, but also Laura's attention to the "macro" environment since enrolling in the CMT Program nearly a decade ago. Intermarket relationships and historical studies have taken a front seat in 2022 as the paradigm of growth-focused investing has shifted.

For complete podcast resources, visit: https://go.cmtassociation.org/ftge17

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 16: JC Parets, CMT

Wed, 06 Apr 2022 13:00:00 -0400

This month’s guest on Fill the Gap is a household name in the field of technical analysis – one of the most widely read market commentators of this generation and a role model to aspiring financial professionals around the globe. JC Parets, CMT is what you might call “an All-Star.” He has spent years within the community learning from the men and women of Wall St who discovered, engineered, and created the tools and methods we use today.

When he is not crushing grapes at Chateau Fibonacci or watching the Miami Dolphins crush rivals, JC and his many colleagues at All-Star Charts are ripping through thousands of charts to see the markets from every perspective. Their comprehensive cross-asset multi-timeframe perspective is at the forefront of what JC brings to the interview this month.

In the April episode of Fill the Gap, JC will discuss the emerging data sources made available on-chain and how DeFi terminology is the only difference between these new market internals and the data we’ve seen from traditional equity and futures exchanges for decades.

To kick off this month’s episode, we’ve brought the architect of the annual CMT Symposium for the past decade – Bill Kelleher, CMT, CFA who shares a bit about this year’s phenomenal conference, the impact this member community had on his own career, and some fond memories of a young JC Parets discussing the early days of FinTwit with Wall St. legends at the Symposium in 2013.

Enjoy episode #16 with our special guest JC Parets, CMT!
For complete podcast resources, visit: https://go.cmtassociation.org/ftge16

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 15: Ian McMillan, CMT

Fri, 11 Mar 2022 10:00:00 -0500

Ian McMillan, CMT, and his colleagues run an RIA in a less-than-traditional approach... They use technical analysis to participate in trends and limit downside risk. For clients who are used to being stuck in a diversified portfolio of passive holdings, the education process can be a paradigm shift.

In the March episode of Fill the Gap, Ian will discuss the challenges of non-trending markets, and the coaching his firm does with clients. Starting with the simple concept of a moving average cross, clients begin to understand the philosophy of trend following.

Ian does not mince words. Gamecocks 2023! And, markets are not efficient. Emotions and cognitive biases lead to poor investment decisions. The flip side of this is that they also create opportunities for those that have mastered investing without emotion. Ian’s podcast co-host and investing partner David Zarling, CMT developed a money management approach for identifying market leadership, risks, and price trends that was designed to consistently participate in themes of strength.

When he is not managing client money, tweeting market observations @the_chart_life, or leading the effort for financial literacy (https://whatisastockbook.com/), Ian is talking with David on their Podcast: The Weekly Trend.

Ian McMillan, CMT has been in the wealth management/RIA arena for 11 years. He currently serves as Market Technician at Client First Tax & Wealth Advisors. Prior to his role at Client First, Ian was a Senior Analyst based out of the Washington DC area. Ian spends a portion of his time consulting with other firms in the area as to how they can best incorporate Technical Analysis into their own practices and portfolio management strategies.

Ian graduated from the University of South Carolina in 2010 with a Bachelor’s Degree in Finance. Ian then pursued his MBA at The Citadel, with a concentration in Asset Allocation.

Enjoy episode #15 with our special guest Ian McMillan, CMT

To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge15

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 14: Meb Faber, CMT

Fri, 11 Feb 2022 01:00:00 -0500

When not skiing Lake Louise or surfing off the California coast, this month’s guest is helping investors catch the next big wave in the markets. For our listeners not already familiar, Mebane Faber, CMT is the:

- Author of 5 books and editor of 2 compilations

- Creator of the Idea Farm – a market research library

- Host of the Meb Faber Show, one of the most widely received podcasts on financial topics

- Scores of white papers

- and hundreds of blog posts

As the co-founder and the Chief Investment Officer of Cambria Investment Management, Faber is the manager of Cambria’s ETFs and separate accounts. This month’s discussion covers all the tools and processes that drive the investment practice of Cambria including, the guiding pillars of value and momentum. Known for advocating for diversified, multi-asset portfolios, this interview tugs at the challenges of global investing and the home bias that has worked to the advantage of American investors during the past decade. As regimes shift, however, leadership may shift again to ex-US equity markets and alternative assets within the commodities space.

Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology. This background undeniably shaped his investing practice with a firm grounding in the scientific method. Meb is an ardent researcher exploring the persistent anomalies of the market and continuing to discover and explore the nuances of multiple strategies in practice.

For complete resources visit: https://cmtassociation.org/podcast/fill-the-gap-episode-fourteen-with-special-guest-mebane-faber-cmt/

Enjoy episode #14 with our special guest Meb Faber, CMT

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 13: Jim Bianco, CMT

Fri, 07 Jan 2022 01:00:00 -0500

Is the Fed raising rates in 2022? What will happen to equities? What is an NFT and why should I care? How can I hedge my portfolio against inflation?

Answers to each of these questions and many more are covered in this month's interview. In the kickoff to season #2 of Fill the Gap, we are joined by one of the best macro strategists on the street – and a man who came close to being a Fed Governor himself!

James Bianco, CMT is President of Bianco Research, L.L.C., an Arbor Research & Trading, LLC affiliate based in Chicago. Since November 1990, he has been a highly sought-after Fixed Income Strategist and macro market analyst. A longstanding member of the CMT Association and a familiar face in financial news media, Jim’s commentaries are primarily devoted to fixed income markets, and he places special emphasis on the money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors.

Other topics he has researched include the effects of commodity prices on bond yields, how the ratio of the equity market’s capitalization as a percentage of the nominal gross domestic product affects price performance of the stock market, the role government regulation plays in determining inflation, how market performance affects mutual fund investors, the role politics plays in setting interest rates and measuring the stock and bond markets from a total return perspective.

In this episode, we cover all of Jim’s specialties and take a look at the emerging asset class with a clear-eyed description of decentralized finance, the protocols underlying altcoins in the cryptocurrency market, and the proliferation of NFTs.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 12: John Bollinger, CMT, CFA

Fri, 10 Dec 2021 00:00:00 -0500

What are the first principles of the market?

Listeners this month will embark on a journey of original research. By examining the life and career of John Bollinger, CMT, CFA we will better understand how to identify the foundational elements of any market and begin the investigative process that leads to robust, durable investment processes.

Stripping away assumptions, and digging into how indicators are calculated, how data is structured and represented, and what actually drives price will aid traders and investors worldwide in developing their own process and edge.

Fill the Gap covers a lot of ground this month, including:

Why volatility is an opportunity
Why delivering consistent returns is far more important than picking market tops and bottoms
How Bollinger Bands and companion indicators were developed and why
Why optimization misleads system developers toward continuously fragile investment strategies

John is a lifelong student of the markets who has observed how structural changes and the advent of new investment vehicles have changed trading for each new generation – from the launch of options to the early days of cryptocurrency trading. From this perspective, he emphasizes how important it is to go back to the original source material and the forgotten legends of the markets who had a more intimate relationship with their trading as all their computation, calculation, and charting was done by hand.

This final episode of Season One is a launchpad for further investigation into the markets, demonstrating how thinking like a scientist will help all investors identify tools that provide an edge to the First Principles of the Markets.

To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge12.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 11: Irusha Peiris, CMT

Fri, 05 Nov 2021 00:00:00 -0400

For our penultimate season one episode of Fill the Gap, we are very fortunate to feature an in-depth conversation with Irusha Peiris, CMT.

Not only has Irusha been practicing the CAN SLIM methodology made famous by William J. O'Neil in his bestselling book, How to Make Money in Stocks, for over two decades; he has also been working within the O'Neil companies since 2009. As a CMT charterholder, portfolio manager at O'Neil Global Advisors, weekly contributor on IBD's must-listen weekly podcast Investing with IBD, and former Director for O'Neil's excellent Market Smith web-based equity research product, Irusha brings a wealth of experience and perspective to this highly informative discussion.

Our conversation spans topics that range from staying focused on picking "game-changing stocks" to the importance of patience and discipline; from always staying humble, to how to manage the pesky mental challenge of constant portfolio drawdowns, and so much more.

As a life sciences student in Boston, Irusha was given the fateful advice to only get into medicine if he was 100% sure it was what he wanted. Certain that he wasn't that certain, he decided to shift his focus to the stock market, where he truly found his passion - and we are grateful that he did.

To better understand the concepts covered and market commentary included in this episode, we recommend reviewing the supplemental resources available on the CMT Association website using this link: go.cmtassociation.org/ftge11.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 10: Larry Berman, CMT, CFA

Fri, 08 Oct 2021 00:00:00 -0400

Can technical analysis complement value investing? Yes, indeed.

Fundamental practitioners are often grouped into value or growth styles of investing, while within the technical community the corollary styles are momentum vs mean reversion. In Episode #10, we speak with Canada’s foremost market expert Larry Berman, CMT, CFA who shares a compelling perspective on using technical analysis tools to position his funds toward undervalued securities.

Dogmatic believers in any style can consider this quote from the episode:

“There is no right or wrong in what we do. It’s just how you do it.

And results are results.” – Larry M. Berman, CMT, CFA

Fill the Gap covers a lot of ground this month, including:

•How fund managers can think about risk and objective outside the box,

•Details on a multi-factor diffusion model that combines technical, fundamental, and cyclical factors

•The behavioral implications of questions like “is China investable?”

•Why “Thinking in Bets” is all any practitioner can do in a market of infinite uncertainties

Larry gives concrete examples of how to use a multi-timeframe perspective to locate mean reversion opportunities, and explains how technical analysis can help investors avoid “value traps.”

Mr. Berman appears weekly on BNN’s Berman’s Call where he blends fundamentals with expert technical analysis to help Bloomberg viewers uncover opportunities in the marketplace. He is a Co-Founder of ETF Capital Management and The Independent Investor Institute — an organization dedicated to providing unbiased education to Canadian investors. With nearly twenty-five years of investment industry experience, Larry is an accomplished money manager across the equity, commodity, foreign exchange, and fixed income markets.

To better understand the concepts covered and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge10

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 9: Chris Verrone, CMT

Fri, 10 Sep 2021 00:00:00 -0400

Consistently ranked among the top macro analysts on Wall Street in the annual All-America Research Survey by Institutional Investor magazine, Chris is known to most in this business as one of the hardest-working technical analysts on the street. Episode #9 of Fill the Gap focuses on the distillation process of Mr. Verrone, whose comprehensive and exhaustive coverage of securities markets seeks to highlight what is cogent and compelling.

The sheer magnitude of his charts is impressive, but the precision of the message is what makes Chris and his team’s work so invaluable to clients. Mr. Verrone is a partner of Strategas and is the head of the Firm’s Technical Strategy & Macro Research team. His regularly-published research highlights actionable investment opportunities across the equity, commodity, foreign exchange, and fixed income markets. Whether you are a publishing analyst, a portfolio manager, or an enthusiast of markets, Chris’s insights will help you develop your own method for separating signal from noise. Learn why – despite all of the datasets, geopolitical information, and fundamental narratives available – price is the final arbiter of investment decisions.

To better understand the concepts covered and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge9

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 8: Pamela Yoon, CMT

Fri, 06 Aug 2021 00:00:00 -0400

The August episode of Fill the Gap shines a light on the vitality of technical analysis not often on display in broader financial media. Learn how client advisors use technical analysis to improve portfolio risk management, strengthen the investment process and supplement client education in this engaging conversation with Pamela Yoon, CMT, CIM, Vice-President & Portfolio Manager at RBC Dominion Securities in Vancouver, British Columbia, Canada.

An investment management veteran with 28 years of experience, Pam has guided a wide range of investors through many bull and bear markets. We discuss her process in detail to better understand how she manages concentrated, high-conviction global portfolios, while always controlling risk . As a tactical portfolio manager, Pam blends a unique mix of technical tools and analytical methods into her process. The conversation also touches on how cognitive neuroscience literature relates directly to the contrarian positioning often required by disciplined active managers who respond to the evidence of market price.

To see Pam’s favorite chart that appears in every new client meeting, and learn more about this month’s guest, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge8.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 7: Andreas Clenow, CMT

Fri, 09 Jul 2021 00:00:00 -0400

Chief Investment Officer of Zurich-based Acies Asset Management, critically acclaimed author, and systematic trend-following expert Andreas Clenow, CMT brings decades of asset management experience to the podcast this month. Episode #7 of Fill the Gap focuses on the process and precision of strategy development and so much more.

Challenging the very definitions of commonly held terms in the investment industry, Andreas brought wit and candor to this interview while engaging honestly with the debate around systematic vs discretionary money management. We encourage all of our listeners to check their assumptions as Andreas helped define these approaches through terms such as mechanical and unsupervised.

Digging into the common pitfalls of the business, Andreas spoke authentically about lessons he has learned personally as a trader, fund manager, strategy developer, and allocator of hedge funds across all asset classes. Perhaps most important for listeners this month is the concept that managers will inevitably find periods where their strategy is out of style with the market, but as Andreas says “You can lose money by following your rules, or by breaking your rules. One is just much easier to explain to investors.”

A lifelong learner and investigator of markets, Andreas is forever exploring new concepts and approaches. Have you ever built a trading strategy completely void of historical price data? Want to better understand the commercial business of trading strategies as product development? Longing to read a novelized account of the dark underbelly of Swiss financiers? We explore all of this and more with Andreas Clenow, CMT in episode #7 of Fill the Gap!

To better understand the concepts covered, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge7

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 6: Ralph Acampora, CMT

Fri, 11 Jun 2021 00:00:00 -0400

The Godfather of Technical Analysis, Ralph Acampora, CMT joins Fill the Gap for a conversation about the history of markets, and market technicians. As the co-founder of the “MTA” in the late 1960s, Ralph’s passion for the discipline of technical market analysis has not waned a bit in his 50-year career on Wall Street.

Discussing long-term secular market trends and periods of extended market expansion, Ralph shares that we may be in a fifth “Mega Market” cycle. Comparing historical periods of great economic expansion, Ralph coined the term to describe post-war market rallies in his book “The Fourth Mega Market” which he penned in the 1990s. As the world slowly begins to emerge from the COVID pandemic, the massive injection of funding for research to fight the virus will likely be commercialized in the period ahead, helping extend a global bull market over the coming years.

Ralph opens up about his lifelong passion for historical study, his experience computing indicators and plotting charts by hand in the windowless “War Rooms” of the 1960s and 70s, and gaining direct advice from veteran technical analysts such as Ralph Rotnem and Ken Ward in his early career. These were the giants upon whose shoulders the technical community was built. Ralph references his personal Chart Museum, as well as other moments when the CMT Association library played a key role in expanding global finance knowledge.

Ralph’s riveting stories about his accidental start in finance, as well as the contributions he’s made to the discipline of technical analysis over the last five decades, provide critical insight and context for market technicians operating in today’s digital-first environment. To better understand the concepts he references, we recommend you review the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge6

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 5: Frank Teixeira, CMT, CFA

Fri, 07 May 2021 00:00:00 -0400

Partner, Portfolio Manager, and Director of Technical Research at Wellington Management for over 20 years, Frank Teixeira brings his unmatched insight to addressing what it takes to navigate institutional pools of capital through multiple market cycles. Episode #5 of Fill the Gap delivers a first-hand account of the often-opaque world of professional money management.

Exploring the difference between the emotional “pain management” that many investors practice, and a repeatable process of risk management, Frank shares personal successes and challenges that are at times surprising, but always refreshingly candid and instructive . Without the theoretical jargon of cognitive behavior or trading psychology, listeners will hear the visceral account of how we as investors learn lessons – good or bad – from every experience in the markets. “Be aware of what lesson you are learning” advises Frank, and remove words like “regret” from the lexicon.

For veteran asset managers who have the passion to continue refining their process, or anyone considering a career in finance, this episode of Fill the Gap provides essential insight into the discipline of trend-following and momentum investing.

This podcast features several charts which reflect Frank’s work, referenced in the course of conversation. To better understand the concepts covered, we recommend you download the supplemental chart resources using this link: go.cmtassociation.org/ftge5

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 4: Jeff deGraaf, CMT, CFA

Fri, 09 Apr 2021 00:00:00 -0400

As the discipline of technical analysis has evolved so have the practitioners. Episode #4 of Fill the Gap features one of Wall Street’s current icons of market research – Jeff deGraaf, CMT, CFA who is the founder and Chairman of Renaissance Macro Research LLC. In this interview, Jeff dives deep into the quantifiable data-driven approach he and the RenMac team leverage towards understanding markets. Jeff reveals some of the spurious pitfalls of data science, how RenMac separates signal from noise, and why their team always returns to price before making any investment recommendation.

Jeff has been one of Wall Street’s most influential macro-based analysts over the last 20-years, consistently ranked by I.I. magazine since 2002, and a member of Institutional Investor’s exclusive Research Hall of Fame. Prior to founding RenMac, Jeff cut his teeth at Merrill Lynch in the 1990s, then Lehman Brothers for 10 years where he served on the firm’s investment policy committee as a Managing Director. In early 2007, Jeff moved to ISI as an Executive Managing Director, also serving on the firm’s management committee and heading the firm’s investment policy committee.

This podcast refers to several important charts which reflect the work of Jeff’s team. To better understand the concepts covered it is recommended that you download the chart pack using this link: go.cmtassociation.org/ftge4

If you’d like to go deeper there are several video clips to help guide your experience using the same link: go.cmtassociation.org/ftge4

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 3: Walter Deemer, CMT

Fri, 05 Mar 2021 00:00:00 -0500

As exchanges handle nearly 17 billion shares a day, the VIX remains elevated and intermittently spikes, market breadth surges to include cyclical sectors and small-cap stocks, and the S&P maintains a choppy advance all within 5% of all-time highs, Walter Deemer shares his current and historical view over more than 50 years on Wall St. on the latest installment of Fill the Gap.

Walter’s endless wit was perhaps perfected in the crucible of Wall St. institutions such as Bob Farrell’s market research group at Merrill Lynch, Jerry Tsai’s Manhattan Fund through the “go-go” years, at Putnam Investments in Boston or during the nearly 40 years he spent advising institutional money managers as an independent technical analyst.

As we investors attempt to navigate the markets during a period of excessive speculation in 2021, Walter Deemer’s perspective is invaluable. Listen for the laughs and the lessons as Walter discusses what has changed about market breadth signals, what follows periods of excessive speculation, the emotional state required of investors, and his contributions as a founding member and past president of the CMT Association.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 2: Louise Yamada, CMT

Fri, 05 Feb 2021 00:00:00 -0500

Perhaps one of the most inspiring entrances into the world of Wall St., Louise Yamada, CMT joins Fill the Gap for a riveting discussion of macro trends as market volatility peaks and we witness the madness of crowds.

In this fascinating episode, hosts Tyler Wood and David Lundgren chat with Louise about her incredible career at Smith Barney (Citigroup) working with Alan Shaw, CMT, Ralph Acampora, CMT and many others, as well as the past 15 years directing her own research firm, Louise Yamada Technical Research Advisors (LYA).

Louise discusses the major themes that have shaped her invaluable research for clients over multiple cycles, including the real inflation not captured by current measurements and the sensitivity of various sectors and industry groups to the effects of inflation. With a global lens for secular trends, Louise offers insights on the relative performance breakout of Emerging Markets equities and the specific impacts of implementing next generation technology in frontier and developing economies.

Reviewing Louise’s prescient book Market Magic, this episode delves into the unique insights taken from long-term trend analysis, demographic impacts, and historical corollaries. Listeners will even get a lesson in the natural laws of physics that apply to the world economy. Get to know a perennial leader in the Institutional Investor polls, the CMT Association’s Lifetime Achievement recipient of 2016, and a truly gifted market analyst – Louise Yamada, CMT.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.

Episode 1: Robert J. Farrell

Fri, 08 Jan 2021 00:00:00 -0500

In Fill the Gap's inaugural episode, hosts Tyler Wood and David Lundgren chat with guest Robert J. Farrell about his incredible career touching on diverse influences including Graham and Dodd, William Dunkak, and the myriad of talented analysts who joined his team at Merrill Lynch. Bob discusses the circuitous path that shaped his approach to markets, but also the environment that led to the formation of the Market Technicians Association (CMT Association) and his stewardship as the first President.

Digging deeper into the process and tools of Bob’s analysis, he discusses that despite how much markets have changed structurally in his 60+ years on the street, the discipline of technical analysis as it pertains to understanding the behavior of the market and the objectivity to take a contrarian view still leads to better investment decisions. Bob provides key insights on historical corollaries that have fallen apart, elements of market data that no longer provide the signal they once did, and the personal attributes that lead to a successful career in the investment business.

Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast.