Nov. 04 MTA TS web - Henry Pruden

November 2004 • Volume 33 • Number 5 

The Monthly Newsletter of the Market Technicians Association, Inc. 

The Hidden Order Within Stock Prices 

W. Clay Allen, 

CFA earned a 

Bachelor’s of Science 

degree in General 

Engineering 

from the University 

of Oklahoma in 

1963. His computer 

programming efforts 

started in 1962 on 

the university mainframes. 

Clay’s investment 

career began immediately upon his 

graduation from college. Later, he completed an 

MBA from the University of Denver in 1968, with 

an emphasis in Finance and Economics, and 

earned his Chartered Financial Analyst designation 

in 1971. 

Clay has worked in investment analysis and 

Portfolio Management since 1964. In his first position, 

he worked in a large regional bank trust 

department, managing common funds and large 

institutional accounts including the City and 

County of Denver Employees Retirement Fund. 

After that, he worked for 3 years as a long range 

planner and economist for a large regional bank 

holding company. 

From 1980 until 1998, he provided institutional 

investment research services to major institutional 

investors nationally as a broker for NYSE member 

firms. These research activities included P&F 

analysis as well as fundamental value modeling, 

relative strength studies and portfolio simulations. 

During this time, from 1991, Clay was a VP at a 

national brokerage firm, with duties as an institutional 

broker in the Englewood, Colorado office. 

He left that position to focus fully on the development 

of Market Dynamics System software in 

June 1998. This software is a complete relative 

strength point & figure charting service. 

To stay focused on the latest research related 

to investment management , Clay has taught Economics 

and Investments at University of Denver; 

Colorado School of Banking at University of Colorado, 

Boulder; Regis College MBA program, Denver, 

Colorado; and American Institute of Banking, 

Denver, Colorado. 

Analytical Framework 

For more than twenty-five years, Clay’s work 

has focused on the 3-point P&F method of tracking 

securities prices and interest rates. He began 

by using chart services purchased from others, 

augmented by some P&F charts that he updated 

by hand on a daily basis. He maintained 300 to 

500 P&F charts daily for over 25 years. 

As data services became come more readily 

available and reliable, he has developed computer 

programs to facilitate the analysis of stock price 

movements utilizing P&F methods. This work includes 

P&F applications to relative strength, foreign 

market indices, industry groups and other 

price filtering methods similar to basic 3-point P&F 

charting. P&F can be successfully applied to interest 

rates or currencies. Clay has found a box 

size of 5-basis points to work well with interest 

rates. 

It is his opinion that buying decisions for longterm 

investors should be about 80% fundamental 

and 20% technical. When reviewing fundamentals, 

Clay looks for companies with a high return 

on total capital (ROTC). In his experience, the top 

20% of the S&P 500 will show ROTC greater 

than 15%. He likes to see companies with debt 

representing less than 40% of the capital, and the 

underlying business should be growing as measured 

by revenue. He also analyzes cash flow to 

ensure that a real company stands behind the stock. 

To review a stock’s technical position, Clay 

looks at the P&F relative strength chart. These 

charts are constructed using a ratio of the stock’s 

price to the S&P 500. A standard 3-point reversal 

of this ratio graphically depicts a stock’s relative 

performance. To be considered for purchase, relative 

strength should be above a 45-degree bullish 

support line sloping upward to the right from a 

recent pivot low and on a triple top buy signal. 

P&F relative strength graphs differ significantly 

from other relative strength methods. Typically, 

relative strength ratios are calculated over a universe 

of stocks, and the ratios are then sorted into 

percentiles. An example of this technique is the 

widely known RS Rank found in Investor’s Business 

Daily. The graphic technique favored by Clay 

is easier to calculate and is highly responsive to 

changes in the stock’s price. 

Interestingly, if one is willing to ignore fundamentals, 

Clay has identified a useful technique to 

take advantage of the parabolic movements commonly 

seen in fad stocks. These stocks, such as 

Internet stocks in the late-1990s, can deliver gains 

of 4-5% per month on the upside. When the relative 

strength is more than 25 boxes above the 45- 

degree bullish support line, traders should employ 

close stops or take profits. While this technique 

does not guarantee a trader will avoid the crash 

which inevitably follows the fad, it does lessen 

the risk. 

In his work, selling decisions should be 80% 

technical. The P&F relative strength chart will 

provide a performance alarm when relative 

strength is below a 45-degree bearish resistance 

line sloping downward to the right from a recent 

pivot high and on a triple bottom sell signal. Clay 

treats these alarms as an alert to dig deeper into 

the company. Even if he can find nothing in the 

financial statements, he recognizes that the market 

is usually right and will sell if performance 

remains below the resistance line for an extended 

period of time. 

Clay has found inspiration in the work of 

Charles Ellis’ article, “The Loser’s Game” published 

in the July/August 1975 Financial Analyst’s 

Journal (http://www.aimrpubs.org/faj/issues/ 

v51n1/pdf/f0510095a.pdf). Ellis pointed out “almost 

all of the really big trouble that you’re going 

to experience in the next year is in your portfolio 

right now...” Ellis demonstrates that the markets 

moved from a winner’s game, where one wins by 

playing better than his or her opponent, to a loser’s 

game, where one wins by making fewer mistakes 

than his opponent. Selling underperformers is one 

of the easiest ways for a portfolio manager to decrease 

their number of mistakes. 

Clay’s career covers many different market 

conditions and interest rate environments. Economic 

conditions have varied from stagflation to 

recession to boom and world political conditions 

have moved from hot wars to cold wars and inbetween. 

Throughout these periods the P&F charts have 

proven to be an invaluable guide in the evaluation 

of these trends and their reversals. He believes 

very strongly that markets function because of 

change - not in spite of it. These macro changes 

create fundamental changes in the economy and 

continued on page 3 

WHAT’S INSIDE 

NYSE Update ________________________ 3 

Member Profile: Hank Pruden, Ph.D. _____ 4 

E.S.C. Coppock_______________________ 5 

Interpreting Coppock Curves ____________ 6 

Introduction to Your Personal Home Page _ 8 

Southern California Chapter is back ______ 8 

MTA Calendar of Events _______________ 9 

An MTA Retreat in San Diego ___________ 9 

MTA Retreat Agenda & Reg. Form ____ 10-11

www.mta.org 

T E C H N I C A L L Y 

S P E A K I N G 

Market Technicians Association, Inc. 

74 Main Street • 3rd Floor 

Woodbridge, NJ 07095 

Phone: 732/596-9399 

Fax: 732/596-9392 

E-mail: info@mta.org 

MTA Executive Director 

John Kirby 

jk@mta.org 

MTA Administrative Staff 

Shelley Lebeck 

shelley@mta.org 

Tom MacMahon 

tom@mta.org 

Marie Penza 

marie@mta.org 

Cassandra Townes 

cassandra@mta.org 

Technically Speaking Editor 

Mike Carr, CMT 

editor@mta.org 

Change of Address 

Make changes on your personal home 

page of the MTA website, or e-mail the 

MTA office (admin@mta.org) 

Website 

www.mta.org 

Market Professionals Managing Risk 

Incorporated 1973 

This newsletter is produced by the Market Technicians Association, 

Inc., 74 Main Street, 3rd Floor, Woodbridge, NJ 

07095. All comments and editorial material do not necessarily 

reflect the organization’s opinion nor does it constitute an 

endorsement by the Market Technicians Association, Inc., or 

any of its officers, of products or services mentioned. Sources 

are believed to be reliable at time of publication, but not guaranteed. 

The Market Technicians Association, Inc., and its officers, 

assume no responsibility for errors or omissions. 

Copyright © 2004 Market Technicians Association, Inc. 

All rights are reserved. 

From the Editor’s Desk 

“All the profits come from the outliers.” 

- paraphrased wisdom from longtime 

MTA member Mike Epstein 

For the second time in four months, Clay 

Allen appears on the cover of Technically 

Speaking. In August, we presented the results 

of his study on the distribution of returns for 

S&P 500 stocks. In that article, he proved the 

wisdom of active market participants and demonstrated 

that the outliers do indeed account 

for the overwhelming majority of a portfolio’s 

profits. This month we look at his work in 

more detail. 

The basis of Clay’s work is long-term relative 

strength P&F charts. In an interesting twist 

of fate, Clay references an article by Charles 

Ellis which was published in the Financial 

Analysts Journal and reprinted in their 50th 

anniversary issue. A URL is provided so that 

you can read that article. Also available at that 

web page is an article by Harold. M. Gartley 

entitled “Relative Velocity Statistics: Their 

Application in Portfolio Analysis” (http:// 

www.aimrpubs.org/faj/issues/v51n1/pdf/ 

f0510018a.pdf). 

It might be interesting for a CMT candidate 

to explore the similarities in the work of 

Gartley and Allen. Gartley, the recipient of the 

MTA Annual Award in 1981, brought a unique 

insight into the use of relative strength nearly 

60 years ago. Clay Allen also offers a unique 

insight into relative strength and in doing so 

makes a truly significant contribution to technical 

analysis. 

Also in this issue, we have an in-depth profile 

of Dr. Hank Pruden. Hank’s longstanding 

focus on Wyckoff analysis is unquestionably a 

significant contribution to our field. For those 

unfamiliar with his work, we are fortunate that 

he has been published so frequently in the Journal 

of Technical Analysis and its predecessor, 

the MTA’s Journal of Technical Analysis. 

I’m certain you’ll enjoy the short biography 

of Sedge Coppock based upon the research 

of George Schade and John Carder and I’m 

sure you’ll be able to apply the article discussing 

the interpretation of Coppock Curves along 

with some examples provided by John Carder. 

We hope that you’ll enjoy this issue, and 

find it to be useful. 

Cordially, 


Technically Speaking Editor 

From the President’s Desk 

To the MTA Membership: 

November, 

Fred Meissner 

and 

Thanksgiving, is fast approaching, 

and with it the 

holidays and the end of the 

year. The MTA has a number 

of things going on 

throughout the next few 

months, where people can 

participate. 

There are various 

teaching opportunities for 

CMTs in the university system where the MTA 

Educational Foundation is offering classes. 

Teaching these classes, or any classes, is one 

of the things that I most enjoy – I will be teaching 

a few classes as a guest speaker in Texas. 

Exposing the students to our craft, and conveying 

the excitement of Technical Analysis 

is so rewarding! Any CMT who has done this 

will confirm this, and you can contact the office 

to volunteer in your area. 

We are going to be trying some new seminar 

ideas out in 2005, one of which is the Retreat 

in San Diego which I think looks to be 

really exciting. These intensive workshops 

promise to be jam packed with ideas and analytical 

tools and methods people can use right 

away to give perspective on the markets. I am 

looking forward to attending some of these 

workshops myself. I have seen the San Diego 

location and it is conducive to relaxation for 

families as well – this should be a great opportunity 

to learn and mingle with your MTA 

friends. We look forward to seeing you all 

there! 

John Kirby mentioned the Body of Knowledge 

work recently completed by Linda Montgomery 

of the Chauncey Group and dedicated 

volunteers. I would like to publicly thank her, 

and the volunteers! We could not have done it 

without you! 

Have a great November! 

Sincerely, 

M. Frederick Meissner, CMT 

MTA President 

2 

N O V E M B E R 2 0 0 4



www.mta.org 

John R. Kirby 

NYSE Update 

Here we go, one more 

time around the track. The 

group referred in my email 

address book as the “April 

task force” has worked 

tirelessly over the past six 

months to make your case 

for parity with the CFA 

designation to the NYSE 

and the NASD. 

On October 18, 2004 

another letter went out to 

the regulators from Stuart Kaswell our Washington 

DC attorney. It presented the test specifications 

that were the result of the recent job 

analysis that was done by the Chauncey group 

and those were compared to the preexisting 

specifications that have existed with some 

changes since 1988. This letter confirms the 

credibility and the efficacy of the CMT designation 

since its’ founding, and how it has 

changed to meet the needs of the field. 

My article is cut short this issue because I 

am accompanying the MTA contingent going 

to the IFTA meeting in Madrid in early November. 

Larry Berman is making a report to the 

IFTA on the activities of MTA in 03-04. If 

you would like a copy of that report along with 

the latest letter to the NYSE NASD, please let 

me know. I’ll send it along to you. I’ll report 

to you on IFTA when we return. 

Cordially, 

John R. Kirby, 

Executive Director 

MTA Office E-mail Directory 

Inquiries Directory 

General Questions 

info@mta.org 

Membership Information admin@mta.org 

CMT Information 

cmt@mta.org 

Technically Speaking editor@mta.org 

Journal of Technical Analysis journal@mta.org 

People Directory 

John Kirby 

jk@mta.org 

Shelley Lebeck 

shelley@mta.org 

Tom MacMahon 

tom@mta.org 

Jeanne Farrelly 

jeanne@mta.org 

Marie Penza 

marie@mta.org 

Cassandra Townes 

cassandra@mta.org 

Barbara Gomperts 

Bgomperts@aol.com 

Len MacDonell 

lmacdonell@mta.org 

Fred Meissner 

president@mta.org 

Hidden Order - continued from page 1 

the fortunes of companies that lead to changes in 

price trends over the long term. Three-point P&F 

charting has proven to be an effective tool to help 

track these long term trends throughout his experience. 

He has also found that at any given time, approximately 

20% of stocks are in strong uptrends, 

20% in strong downtrends, and 60% in trading 

ranges. Although this general principle holds in 

all market environments, in bear markets, the number 

in uptrends may be lower and in bull markets, 

the number in strong uptrends can be significantly 

higher than 20%. This principle held up in a period 

of rising prices measured by the 12 months 

ending June 2004. As detailed in the August 2004 

issue of Technically Speaking (http:// 

www.mta.org/membership/newsletter/ 

pdfserver.cfm?filename=xMTA0408.pdf), at least 

67 stocks underperformed the S&P 500 by more 

than 20 percentage points. 

Clay Allen has a written an easy to understand 

book explaining every aspect of his portfolio management 

philosophy. For more information, please 

go to www.clayallen.com. Extensive educational 

material about P&F charting is also available at 

that web site. The Market Dynamics Tutorial is a 

free downloadable PDF document that is over 300 

pages long and is designed for professional longterm 

investors. 

The cover of the book depicts a histogram of 

price changes. In the book, detailed data on Best 

Buy is presented. Over a one-year period, the stock 

rose 54% of the time and declined on 46% of 

trading days. The histogram shows a bell shaped 

curve slightly skewed to the right. The average 

daily gain of 0.33% made this stock a big winner, 

despite the seemingly random nature of daily price 

movements. 

Turning to a P&F chart of relative strength, 

Clay is able to illustrate the hidden order of price 

movements within a stock. The random data of 

the histogram is transformed into an orderly progression 

of higher highs and lower lows on the 

P&F chart. This methodology can be employed to 

remove the short-term noise from the price pattern, 

while retaining the characteristics of the 

longer term trend. 

Articles Wanted 

Next month, we will publish a biography 

of Charles Dow. Any work related to Dow 

Theory would be greatly appreciated. Articles 

on Dow Theory should be submitted by November 

10th. 

In January, R. N. Elliott will be featured in 

Technically Speaking. Articles related to Elliott 

Wave applications should be submitted 

by December 10th. 

MTA 2005 Annual Seminar 

MAY 19-22, 2005 

HOTEL PENNSYLVANIA, NEW YORK CITY 

Complete details will available by December 1. Registration 

will begin in January. There will be new additions to 

the traditional format. Watch this newsletter for seminar 

information as it becomes available. 

Technical Analysis Courses at 

New York Institute of Finance 

Advanced Technical Analysis Workshop 

November 29 

5:45 pm-8:15 pm 

Monday, 4 Evenings Introductory 

NYIF HQ 

TECH3001 

Inst.: John Palicka, CMT $1,250 

CPE Credits: 12.0 

Instructional Method: Group-Live 

Focus on traditional technical tools of charting. 

Learn to choose among technical approaches 

to produce the most productive trades, given any 

investment horizon. Emphasis placed on what information 

is needed to pass the CMT Level I Exam 

Course suggested for portfolio managers, traders 

(especially principal traders), academics wishing 

to expand their knowledge in behavioral finance. 

Prerequisites: Technical Analysis I or equivalent 

knowledge. 

Accreditation Report on Latest 

CMT Exam Results 

The Accreditation Committee reports the following 

passing rates for the May 2004 exams: 

CMT 1: 75% 

CMT 2: 58% 

CMT 3: 27% 

While the exam content has not changed significantly 

in the last few years, these pass rates compare 

to an average pass rate since 2001* for: 

CMT 1: 78% 

CMT 2: 69% 

CMT 3: 63% 

*2001 is the last year for which pass rates are available, 

also it is the first year that a CMT 3 exam was offered. 

Members On The Move 

Board member John Kosar has a new email 

address: 

kosar@dls.net 

Ethics & Standards Committee Chair, Neal 

Genda, CMT, also has a new e-mail address: 

neal.genda@cnb.com 

N O V E M B E R 2 0 0 4 3

www.mta.org 


Member Profile: Henry (Hank) O. Pruden, Ph.D. 


Hank Pruden is an internationally-known 

educator 

and speculator. He is a 

professor in the School of 

Business at Golden Gate 

University in San Francisco, 

California where he 

has been teaching for 20 

years. Hank is more than a 

theoretician; having actively traded his own account 

for the past 26 years he has placed real 

equity at risk based upon the theories he teaches. 

His personal involvement in the market ensures 

that what he teaches is practical for the trader, and 

not only abstract academic theory. 

He is also the Executive Director of the Institute 

of Technical Market Analysis (ITMA). At 

Golden Gate he developed the accredited courses 

in technical market analysis in 1976. Since then 

the curriculum has expanded to include advanced 

topics in technical analysis and trading. In his 

courses Hank emphasizes the psychology of trading 

as well as the use of technical analysis methods. 

He has published extensively in both areas. 

Hank has mentored individuals and institutional 

traders in the field of technical analysis for many 

years. He is currently on the Board of Directors of 

the Technical Securities Analysts Association of 

San Francisco and is past president of that association. 

Hank was also on the Board of Directors 

of the MTA and has served as Vice Chair of the 

Americas with IFTA. For eleven years Hank was 

the editor of MTA Journal, the premier publication 

of technical analysts. From 1982 to 1993 he 

was a member of the Board of Trustees of Golden 

Gate University. 

Hank completed his Ph.D. (with honors), at 

Lundquist College of Business, University of Oregon. 

He also holds an MBA from the Haas School 

of Business, University of California, Berkeley 

and a Bachelor’s of Science degree from California 

State University, Chico. 

Professor Pruden, currently on a year-long sabbatical 

from Golden Gate University, is a visiting 

professor/visiting scholar at Euromed-Marseille 

Ecole de Management in Marseille, France. In 

collaboration with other professors at Euromed- 

Marsaille, Hank has co-authored two articles. With 

Dr. Bernard Belletante, Hank published a realtime 

test of the Wyckoff method projecting a new 

bull move in the DJIA in the IFTA Journal. The 

Journal of Technical Analysis published his work 

with Dr. Bernard Paranque and Dr. Walter Baets. 

While in France, Hank is acting as a roving 

ambassador of education for IFTA. He is working 

to develop courses and introduce technical analysis 

into colleges and universities and to assist individual 

technical societies with their educational 

offerings at the operational level. His objective is 

to identify what needs to be taught at these schools 

and how it should be taught in each of the individual 

countries, accounting for cultural differences. 

Hank will be traveling throughout Europe 

and the Middle East in the coming months to meet 

these objectives. 

The roving ambassadorship is similar to a role 

Hank has fulfilled since 2000 in South and Central 

America ‘s financial communities. He helped 

to launch the Brazilian Technical Society and has 

been a keynote speaker in Brazil, Argentina and 

Mexico. Bilingual in Spanish, Hank has been able 

to address complex and sensitive financial and 

intercultural issues without the confusion or misunderstanding 

of translation 

Educational Philosophy 

For over a quarter of a century, Hank has taught 

technical analysis at the university level. A popular 

scholar, he has won multiple “best teacher and 

best scholar” awards based upon his ability to be 

easily understood by motivated beginners in finance 

and by experienced professional investors. 

Exposure to investment professionals during that 

time resulted in feedback as to what works best, 

resulting in continuous improvements in the curriculum. 

Getting students to progress from the 

definition level of instruction to application of 

theory has proven to be the greatest educational 

challenge during that time. 

Hank discovered that the same approaches cannot 

be applied at both beginning and advanced 

levels. Over the years Hank has taken his own 

academic theories and secondary research to develop 

the innovative, workable model, the AC- 

TION SEQUENCE METHOD for building the 

skills and knowledge of intermediate learners of 

technical analysis. (The ACTION SEQUENCE is 

fully explained in the Journal of Technical Analysis 

article, “System States of Pedagogy and the 

Action Sequence Model” (Issue 58, Summer-Autumn 

2002). While the Action Sequence Model 

may be very roughly thought of as paper trading, 

the model includes extensive feedback and replays 

the original sequence incorporating lessons learned 

from the previous experience. Hank emphasizes 

that the replay portion of the model is critical. In 

this way, the student is being trained to react appropriately 

to future market circumstances. As a 

consequence of the efforts of Hank and his 

colleague’s in the San Francisco financial community, 

Golden Gate University has the only academically 

accredited graduate certificate program 

in technical market analysis in the world. 

Analytical Framework 

Being a teacher, Hank is able to define complex 

issues in simple terms. Applying this skill to 

trading, he found that traders like to use analogies 

to explain their world and to help them capture a 

deeper understanding of what it takes to be a complete, 

high performer. A favorite field from which 

to draw analogies is competitive athletics. One 

attractive analogy for the three part skills of the 

complete trader is the “triple threat” notion in football. 

In the early 1950s, TIME magazine ran a cover 

story on the then Princeton University All-American 

Dick Kazmier. The cover story was titled “A 

Triple Threat from a Single Wing.” Princeton’s 

football team operated out of a “single wing” formation. 

Kazmier personified the complete football 

player of his era: he was outstanding at the 

run, the pass and the kick. These three complementary 

talents, combined into one individual, 

made Kazmier an awesome competitor and an All- 

American performer. Applying this analogy to 

trading, Hank found that the 3-in-1 Trader must 

seek to develop a “triple threat” skill set. It is not 

running, passing and kicking, but rather: 

1. Systems building 

2. Pattern recognition 

3. Mental state management 

These three decision frameworks, illustrated 

in Figure 1, interact with each other and build on 

each other in a natural order of progression. A 

behavioral finance framework for system building 

provides the structure for integrating and interpreting 

indicators organized along the key dimensions 

of price, time, volume, and sentiment. 

A pattern recognition scheme for discretionary 

trading, such as the Wyckoff Method of chart reading 

and of technical analysis furnishes the trader 

with an almost ideal set of laws and principles 

that the trader can use as general guidelines to 

interpret chart patterns and to take action. A model 

of trader psychology for mental state control is 

needed for success in system or discretionary trading. 

Hank’s collaborative research with Dr. Van 

K. Tharp led to “The Ten Tasks of Top Trading,” 

a series of discrete contexts for selecting appropriate 

mental states and providing a logical and 

comprehensive sequence of tasks for the successful 

trader to follow. Pertinent papers can be found 

at http://www.hankpruden.com/tentasks.pdf 

Hank relies primarily on the Wyckoff Method 

of technical analysis. He likens this approach to 

Woody Hayes’ football philosophy at Ohio State 

- “three yards and a cloud of dust.” Although neither 

approach is fancy, both are effective and both 

produce winners. 

Richard Wyckoff was a trader in the early-tomid 

1900’s. He tried to understand the logic be- 

4 

N O V E M B E R 2 0 0 4

hind market action. Like Hank Pruden, Wyckoff 

was able to explain complex issue in understandable 

terms, such as “Are you riding a dead horse? 

Get off and get a live one.” (from Fourteen Methods 

of Operating in the Stocks Market, 1909/24, 

as quoted by John Bollinger, CFA, CMT in Capital 

Growth Topics, May 18, 2001) 

By studying the actions of Jesse Livermore, 

James Keen, J.P. Morgan, and other stock operators 

of his day, Wyckoff developed a trading system 

which sought to explain the boom and bust 

cycle in stocks. The Wyckoff Method uses price 

charts and volume studies to analyze and forecast 

the stock market. It also takes into account investor 

psychology and provides insight into why professional 

traders buy and sell stocks. Wyckoff 

emphasized the placement of stops and the importance 

of controlling the risk of any particular 

trade. Successful implementation of his model allowed 

Wyckoff to own a mansion in the Hamptons. 

A successful trader from Lebanon introduced 

Hank to this approach. After much study and practice, 

he realized this approach made a lot of sense 

to him, and it has been at the core of his analysis 

ever since. Hank also finds that teaching reinforces 

the concepts of the Wyckoff Method, and 

he has also found that most students who study 

this method are able to profitably employ it, given 

sufficient study and practice. 

Hank has also sought to expand upon 

Wyckoff’s work. To this end, he has added some 

definition to several concepts. As an example, he 

has refined a checklist to identify market turning 

points during periods of consolidation. He has also 

added to the body of knowledge by creating a 

checklist to assess whether or not that consolidation 

will lead to a resumption of the prior trend. 

To obtain an overview of this investment tactic, 

readers may refer to Hank’s articles, “Wyckoff 

Laws: A Market Test” in the 2004 issue of the 

IFTA Journal and “Wyckoff Tests: Nine Classic 

Tests and Nine New Tests” which appeared in the 

Spring-Summer 2000 issue of the MTA Journal. 

This article is available at http:// 

www.hankpruden.com/nineclassic.pdf 

Hank also has been working with Cusp Theory 

to study market behavior. In the Winter-Spring 

2004 issue of The Journal of Technical Analysis, 

Hank co-authors an article entitled, “Interpreting 

Data from an Experiment on Irrational Exuberance: 

Applying a Cusp Catastrophe Model and 

Technical Analysis Rules” which explains this 

effort. His co-authors Paranque and Baets are at 

the Euromed-Marseille Ecole de Management. 

Cusp Theory is useful to explain the tools of 

technical analysis, and may provide the mathematical 

tools to explain why the Wyckoff Method 

works. In the experiment described in the Journal 

article, Hank and his co-researchers observed that 

a collective irrationality drove members of the 

group. Others chose not to participate in a clearly 

overvalued market, and thus had no chance of 

winning. However, disinterested, outside observers 

would have been able to spot the awaiting 

calamity just by watching the price patterns 



emerge. While technical analysis captures the patterns 

of human behavior, Cusp Theory explains 

that behavior. Hank feels that this may be among 

the greatest contributions of Cusp Theory – reinforcing 

the fact that despite a human tendency to 

seek complex answers, simple information such 

as trendlines may be highly predictive of future 

price movements. 

Current Views 

At this time, Hank believes that the major trend 

indicators, such as classic Dow Theory and 200- 

day moving averages of the major indices, are the 

keys to understanding the current market. His 

Wyckoff analysis gave major signs of accumulation 

followed by the start of a cyclic bull market 

in 2002-2003. Adding cyclic analysis to the equation, 

he finds that we are in a dominant bull trend 

with expectable corrections until a top is reached, 

most likely in 2005. In “Wyckoff Laws: A Market 

Test,” published in the 2004 issue of the IFTA 

Journal, Hank and Professor Belletante of 

Euromed-Marseille projected a target of 14,400 

on the DJIA, expected to occur in 2005. Thereafter, 

as he explained in a May-June 2004 presentation 

in Mexico City, he anticipates a trading-range 

market reminiscent of the 1970s. 

Closing Advice 

Hank firmly believes that in knowledge, there 

is power. Those seeking to master technical analysis 

need to attain basic knowledge and practical 

skills of the field before risking their assets. Investors 

at all levels often underestimate the level 

of skill required in this profession. Hank encourages 

newcomers to read the books written by John 

Murphy and Martin Pring as a starting point. He 

also considers Edwin LeFevre’s classic “Reminiscences 

of a Stock Operator” to be required reading. 

Experiential learning is also valuable in this 

field; well guided experience can save a great deal 

of time and losses for new traders. 

For the past seven years, Hank has been in 

demand worldwide, addressing professional societies 

and portfolio managers in Japan, Australia, 

Sweden, Singapore, Iceland, Italy, the Netherlands, 

Denmark, Germany and Canada. He also counsels 

investors in his offices in San Francisco and 

in their home countries. For more information 

about Hank’s work, please see www.hank 

pruden.com 

Hank welcomes the opportunity to discuss introducing 

technical analysis into European and 

Middle Eastern universities. While working in 

Paris over the next year, he is available to meet 

with representatives of the academic community 

or any IFTA society to discuss appropriate tactics. 

Articles Wanted 

Send your articles to editor@mta.org 

Sedge Coppock at the MTA 

Annual Seminar, May 1989, 

Naples, FL. Photo by Bill Doane 

www.mta.org 

Edwin Sedgwick Chittenden 

Coppock 

George Schade, CMT & John Carder, CMT 

When Sedge 

Coppock received the 

MTA Annual Award 

in 1989, those fortunate 

enough to be in 

the audience that 

evening at the Registry 

Resort in Naples, 

Florida were treated 

to a moving and 

memorable event. 

Mr. Coppock’s acceptance 

speech was 

so insightful and educational 

that after more than an hour, the audience 

still demanded more and he was asked to return 

and continue the lecture, which he did, the next 

morning at 9 a.m. He was then 83 years old, and 

five months later he passed away. 

Coppock founded the Trendex Research Group 

in San Antonio, Texas. He published the weekly 

Stock Market Trendex, Texas Trader’s Relative 

Strength Trendex, Mutual Funds Performance 

Trendex, and the Commodity Trendex. 

His work has been described by one observer 

as “analyzing the patterns of human emotions in 

the stock market.” Coppock himself called his 

work “Emotional Indexing.” By “figuring people’s 

behaviors into economic trends,” Coppock identified 

“future stock market winners.” 

Coppock is best known for his studies on relative 

strength and the indicator originally known 

as Coppock’s “Very Long Term Investor’s Buying 

Guide” but today known for short as “VLT 

Momentum.” It is also know as the Coppock 

Curve, or more correctly reflecting the terminology 

he employed in a Barron’s article, the Coppock 

Guide. 

Relative Strength 

In 1957, Coppock wrote a monograph titled 

Practical Relative Strength Charting (republished 

in Investors Intelligence Encyclopedia of Stock 

Market Techniques, 1971). His work was based 

upon the Dow Jones 65-Stock Composite as the 

comparative index, and he used 8-week and 30- 

week moving averages (Coppock thought the use 

of 10-week MA was “intellectual laziness”). He 

found relative strength to be especially useful for 

intermediate and long term trading. 

Coppock possessed a rare ability to distill the 

complexity of his work into plain English. Relative 

strength “shows with great clarity which of 

the securities in question possesses the greater investment 

attraction,” and among its attributes are: 

“It permits dispassionate selection through making 

possible factual comparisons. It reveals at a glance 

the character of the current trend performance of a 

security. It shows when a trend that has persisted 

for a certain time is reaching exhaustion. It shows 

N O V E M B E R 2 0 0 4 5

www.mta.org 



the start of new trends. It permits the long term 

investor to select future market leaders at the start 

of a major general market trend reversal.” 

Again demonstrating an ability to clearly explain 

his work, Coppock found that the RS line 

above its 18-week MA was bullish, under its 18- 

week MA was bearish. Renowned market analyst 

Marc Chaikin has confirmed this finding. 

VLT Momentum 

Coppock introduced his VLT Investor’s Buying 

Guide in an October 1962 Barron’s article. He 

wrote that this indicator was “A simple technique 

for evaluating emotional influences on the stock 

market...” and presented a “...picture of the emotional 

factor.” According to Coppock, “Time and 

change are the basic elements of a technique for 

evaluating trends influenced by emotional action.” 

To calculate the Coppock Guide: 

1. Calculate 11- and 14-month relative momentum. 

Relative momentum is the ratio of the 

current value to the old value. For example, 

11-month relative momentum is given by: 

RM11 = AverageCurrentAverageCurrent-11 

2. Average the 11- and 14-month relative momentums 

to obtain an average momentum. 

3. Smooth the average momentum with a 10- 

month front weighted moving average 

(FWMA). To do this, first multiply the current 

average momentum by 10, the previous average 

momentum by 9, the prior average momentum 

by 8, etc. Add the ten products and 

divide that sum by the sum of the weights, 

10+9+8+...+2+1, or 55. 

In words, the Coppock Guide is a front 

weighted moving average of average momentum. 

Because of the front weighting, the Coppock Guide 

reacts faster than a smoothed momentum indicator. 

Because of the moving average (and because 

it is applied to an average of two momentums), it 

does not whipsaw as much as momentum. 

Coppock used monthly closing prices, but he 

encouraged variations such as using average 

monthly prices, weekly data or a broader composite 

index. Steve Leuthold, in a 1988 MTA Journal 

article, found that closing prices work as well, or 

better, than average monthly prices. 

The Coppock Guide is designed to identify the 

commencement of bull markets. Interpretation of 

this indicator, according to Coppock, was “extremely 

simple.” He felt that investors should “Do 

major long-term buying of strong stocks when the 

curve first turns upward from a position below the 

zero line.” It “is best to think of the curve as a 

very-long-term buying guide. Its formula was devised 

for that type of use.” Coppock cautioned the 

VLT “is of no value whatever to an in-and-out 

trader.” The indicator is suitable for use on any 

major market index or average. 

Coppock found that the indicator had never 

failed since 1949. Steve Leuthold went back to 

1897, with excellent results, finding only one signal 

failure in August, 1931, but that failure disappears 

when average monthly prices are used for 

the calculation. In 1988, Leuthold wrote, “This 

technique has an almost perfect record in identifying 

low risk long term buying points. It doesn’t 

provide signals very often (only 12 since 1949), 

but when it does, it pays to pay attention.” 

This article is based upon the research of George A. 

Schade, Jr., CMT, and John Carder, CMT. Parts of it 

have been extracted from Topline’s Encyclopedia of 

Historical Charts, Volume 16 - Coppock Curves 

Interpreting Coppock Curves 

John Carder, CMT 

Edwin Sedgwick Chittenden (Sedge) Coppock 

published the formula for the Coppock Curve (or 

Coppock Guide) in Barron’s in 1962. He applied 

a front-weighted smoothing to an average of two 

momentums to produce an oscillator that was designed 

to identify significant bottoms in the stock 

market. It has proven to be remarkably resistant 

to whipsaws, and is fairly easy to use. 

Buy and Sell Signals 

In practice, there are two commonly accepted 

ways of interpreting a Coppock Curve. 

1. The first is to trade on reversals from extremes. 

When the indicator was published in Barron’s, 

it was intended to generate buy signals in the 

6 

N O V E M B E R 2 0 0 4



www.mta.org 

losing their money. As prices fall, they fear further 

losses, and sell stocks, accelerating the decline, 

and creating the spike bottom. Stock market 

tops tend to be much more gradual affairs. As 

stocks get more overvalued, companies are only 

too happy to satisfy demand by issuing more paper. 

The supply of stocks gradually overwhelms 

demand. 

Commodity markets 

Commodity markets tend to have the opposite 

behavior, with spike tops and rounding bottoms. 

Consequently, the Coppock Curve is better at identifying 

tops in commodities than bottoms. In commodity 

markets, the fear is that of commodity buyers 

(who typically produce added-value products 

from the commodity). Those buyers fear that they 

won’t be able to obtain sufficient supplies - a shortage. 

A cereal manufacturer would much rather 

pay more for corn than not have enough corn to 

make corn flakes. An oil refiner marks up the cost 

of crude when selling gasoline. The refiner would 

rather pay more for crude and charge more for 

gasoline than shut down the refinery. 

Currency markets 

Currencies tend to fall in the middle, since 

they’re symmetrical markets. Buyers and sellers 

are the same groups, they just have different nationalities. 

Consequently, reversals tend to be 

sharp, but the parabolic blow-offs of commodities 

and waterfall declines of stocks are not typical 

of currency markets. The Coppock Curve can 

be an excellent indicator for currencies, signaling 

both buys and sells. Because currency markets 

don’t often reach the one-sided, emotional extremes 

of stock and commodity markets, reversals 

in currency markets signaled by the Coppock 

Curve may not be as enduring as those in other 

markets. 

This article has been reprinted from Topline’s 

Encyclopedia of Historical Charts, Volume 16 

- Coppock Curves (http://www.chartguy.com/ 

Encyclopedia/volume16listing.htm) with the 

permission of John Carder, CMT. For more 

information, please go http:// 

www.chartguy.com/default.htm 

S&P 500 only, and the suggested signal was an 

upturn in the Coppock Curve from an extreme 

low. John Carder recalls that Tim Hayes suggested 

waiting for a decline of 0.065 after a 

peak above 1.15 to generate a sell signal. This 

combines elements of both methods, requiring 

a reversal from an extreme of sufficient magnitude. 

By waiting for a 0.065 decline, it also 

postpones the sell signal, improving performance 

in the stock market. Hayes’ suggestion 

appeared in his article, “The Coppock Guide,” 

in the March 1993 issue of Technical Analysis 

of Stocks and Commodities. 

2. The second interpretation involves divergence 

analysis. The initial thrust off of a low in the 

stock market is often accompanied by the highest 

Coppock Curve reading (peak momentum). 

Subsequent advances tend to be accompanied 

by diminishing momentum (lower peaks on the 

Coppock Curve). That combination of a higher 

peak in price accompanied by a lower peak in 

the Coppock Curve creates a bearish divergence. 

Those signals warn of a weakening, aging 

advance, but often precede the ultimate top. 

Coppock Curves and Sentiment in 

Different Markets 

Stock markets 

E.S. Coppock designed the indicator to identify 

significant lows in the stock market. The 

Coppock Curve is very good at discriminating 

between bear market rallies and true bottoms in 

the stock market. Stock markets tend to make spike 

bottoms and rounding tops. That is a result of the 

fact that fear is a stronger emotion than greed. At 

the end of a bear market in stocks, investors fear 

Late Breaking News 

Ross Leinweber, CMT 

Jason Goepfert of Sundial Capital Research, 

Inc. in Minnesota was selected by the judging 

panel on October 19th as the winner of the 

2004 Charles H. Dow Award. 

His paper is entitled, “Mutual Fund Cash 

Reserves, the Risk Free Rate, and Stock Market 

Performance.” 

A copy of his paper is available in pdf format 

on the MTA website: www.mta.org 

N O V E M B E R 2 0 0 4 7

www.mta.org 



M T A B U S I N E S S 

Introduction to Your MTA Personal Home Page 

Tom MacMahon 

We would like to see more members and 

affiliates becoming familiar with their personal 

home page on the MTA website. Therefore, 

over the next several issues, we will be 

introducing the various functions and features 

of one of the most valuable pieces of real 

estate which you personally own. 

First of all, to log in to your personal home 

page, go to our website: www.mta.org 

Listed in the illustration are 4 key areas on 

your personal home page: 

Your Personal Records 

All your personal information is available 

for you to review and update 

Your Menu Choices 

Every program offered by the MTA is available 

for you can take advantage 

Current Events 

Links to information about regional meetings, 

webcasts and special presentations are 

one click away! 

News & Announcements 

All the latest initiatives and information 

about what is happening in the MTA. 

Try out your personal home page right now 

and see for yourself just how much you can 

gain by using this incredible tool. 

Each month additional features will be discussed... 

stay tuned. 

MTA Southern California Chapter 

The Southern California Chapter of the MTA 

is back in business! Thanks go to Kirstin Hetzer 

for taking on the task of getting things back on 

track. If you are a Southern California member/ 

affiliate or there on business, please make plans 

to attend and show your support. 

DATE: Tuesday, November 16, 2004 

TIME: 

5:30 p.m. cocktails (cash bar) 

6:30 p.m. dinner 

7:00 p.m. Guest Speaker, 

Fred Meissner and technician roundtable 

LOCATION: 

Spagatini’s Italian Grill and Jazz Club, 

Seal Beach (405 Freeway, Seal Beach 

Boulevard) 

COST: 

$45 per person/MTA member/affiliate, 

$55 per person non MTA 

RSVP REQUIRED: 

Kristin Hetzer, 562/495-5580, 

kvph@cox.net 

OR Phil Caruso, 805/658-7938 

pay at the door 

8 

N O V E M B E R 2 0 0 4



www.mta.org 

MTA Calendar of Events 

2004-2005 

November 9: Boston Chapter Meeting 

Contact: Chuck Dukas, chuck@trend 

advisor.com 

November 10 

Technically Speaking submissions due to 

market.strategist@wyowbi.com 

November 11: Cincinnati Chapter Meeting 

Contact: Ron Brandt, 513/622-5421, 

traderon@aol.com 

November 14: Minneapolis Chapter Meeting 

Contact: Pat McGrath, 612/671-9809, 

tradinpat@hotmail.com 

November 15: New York Chapter Meeting 

Contact: Cassandra Townes, admin@mta.org 

November 16: Los Angeles (reopened chapter) 

Contact: Kristin Hutzer, kvph@cox.net 

November 17: Chicago Chapter Meeting 

Contact: Ross Leinweber, rleinweber@ 

lakeshoretrading.com 

2005 

January 21-22: Mid-Winter Retreat 

The MTA is introducing an annual mid-year 

Retreat at the Sheraton San Diego Hotel & 

Marina, San Diego, CA. Complete details 

will be available on pages 9-11. 

March 11: MTA @ MIT 

Marriott Cambridge Hotel, Cambridge, MA 

details in the December issue of Technically 

Speaking. 

May 19-22: MTA Annual Seminar 

Hotel Pennsylvania, New York City. 

Complete details will be available by the first 

of the year. 

For the latest information on chapter meeting 

times and locations, log into www.mta.org/ 

membership/meetings/ 

MTA Board Minutes 

Minutes from MTA Board of Directors meetings 

are available from your personal home page 

of the website, click on Meeting Minutes from 

left hand menu. 

Complete Retreat Brochure available: www.mta.org/seminars 

Market Technicians Association, Inc. 

You are cordially invited to the 

MTA Mid-Winter Retreat 

21-22 January 2005, San Diego, CA 

Please join us at this unique coming together 

of the best minds in technical analysis. 

MTA members and affiliates, IFTA colleagues 

and other professionals will gather 

to share research, data and new ideas in a 

relaxed and creative atmosphere. The best 

of the best in our business will reflect on the 

progress made in technical analysis over the 

last few years as well as exchange their latest 

insights into new developments in the 

field. 

The Retreat experience will be a concentrated 

distilling of the very best technical 

thinking available anywhere. New and classical 

technical tools and approaches will be 

examined in depth through years of experience 

and accumulated wisdom. Total participation 

on the part of every attendee will 

be ensured through the skills of the facilitators. 

Each facilitator will be an experienced 

technician dedicated to furthering the understanding 

and use of technical analysis in their 

area of specialization. 

This may be your once-in-a-lifetime opportunity 

to sit down and discuss all the 

apsects of technical analysis with the best in 

our industry. 

RSVP by December 23 

www.mta.org/seminars 

SM 

An MTA Retreat at a 

perfect San Diego retreat.... 

For the Mid-Winter Retreat, the MTA 

has chosen the Sheraton San Diego Hotel & 

Marina on Harbor Island in San Diego, CA. 

It is the perfect setting – this hotel puts the 

“treat” in Retreat. 

MTA Retreat 2005: where MTA Members/Affiliates 

and IFTA Colleagues will 

come together to have the opportunity to 

interact with each other, to rekindle longtime 

relationships and to share groundbreaking 

ideas with their colleagues – all in 

a relaxed, informal atmosphere. These ideas 

will be the core of the Retreat experience 

and each attendee will be encouraged to participate 

in all discussions. The format will 

be highly interactive and extremely participatory 

– sessions facilitated by experts in 

the subject area being discussed – sharing 

the latest, the newest and the most-advanced 

techniques. 

Attendance will be limited to the first 

100 who register ... with only 25 attending 

each session. There will be 8 subjects from 

which to choose and each attendee will be 

able to participate in 4 sessions – 2 on Friday 

and Saturday. These choices must be 

pre-registered. 

Fees (see fees section on the registration 

form on page 5) for the weekend include 

hotel room for Thursday and Friday nights, 

breakfast and lunch on Friday and Saturday 

and a cocktail reception on Friday evening. 

There is a rate for those who live in the San 

Diego area and do not require a hotel room. 

Spouses and guests are cordially invited to 

attend all the meal functions at a special 

rate. Attendees are invited to arrive early 

and stay later at the Retreat room rate – check 

the appropriate box on the Registration Form 

and reservations will be made. 

Complete details are available on 

www.mta.org/seminars. Agenda and Registration 

Form on Pages 10-11. 

N O V E M B E R 2 0 0 4 9

www.mta.org 

Richard Russell 

T E C H N I C A L L Y S P E A K I N G 

Agenda - MTA Mid-Winter Retreat2005 

THURSDAY, 20 JANUARY 

3:00 6:00 Registration 

Jordan Kotick, CMT 

Phil Roth, CMT 

Gabe Wisdom 

Chris Ruspi, CMT 

John Bollinger, CFA, CMT 

Ken Tower, CMT 

Jeanette Young, CFP, CMT 

Rick Bensignor 

Mike Epstein 

FRIDAY, 21 JANUARY 

7:30 9:00 Registration 

7:30 8:45 Breakfast 

9:00 11:30 Four Sessions - choose one 

Managing Portfolios Using Technical Analysis: A discussion of the principals for using TA in the real world 

Facilitator: Christopher M. Ruspi CMT, President, Applied Financial Wisdom 

Tom DeMark Models – does trading success come from using his work scientifically, artistically or both? 

Facilitator: Rick Bensignor, Chief Technical Strategist, Morgan Stanley 

Point & Figure Charting – ancient methods in modern markets 

Facilitator: Kenneth Tower, CMT, Chief Market Strategist, CyberTrader, Inc. 

Sentiment Indicators – why investors make bottoms and traders make tops 

Facilitator: Philip Roth, CMT, Chief Technical Analyst, Miller Tabak + Co. 

11:30 1:30 Lunch and speaker: John Bollinger, CFA, CMT, BollingerBands.com 


Modern Portfolio Theory & Technical Analysis – technical analysis goes to college 

Facilitator: Mike Epstein, Visiting Scholar, MIT Laboratory for Financial Engineering 

Elliott Wave Theory – navigating the markets 

Facilitator: Jordan Kotick, CMT, Head of Technical Analysis, Barclays Capital 

Advanced Trading Techniques – how losses are turned into gains and how to spread futures 

Facilitator: Jeanette Young, CFP, CMT, Floor Broker/Trader, New York Board of Trade 

Presidential Politics and the Markets – the 4-year cycle lives 

Facilitator: Gabriel Wisdom, Managing Director, American Money Management LLC 

5:00 6:30 Reception 

SATURDAY, 22 JANUARY 

7:30 8:45 Breakfast 


Modern Portfolio Theory & Technical Analysis – technical analysis goes to college 

Facilitator: Mike Epstein, Visiting Scholar, MIT Laboratory for Financial Engineering 

Elliott Wave Theory – navigating the markets 

Facilitator: Jordan Kotick, CMT, Head of Technical Analysis, Barclays Capital 

Advanced Trading Techniques – how losses are turned into gains and how to spread futures 

Facilitator: Jeanette Young, CFP, CMT, Floor Broker/Trader, New York Board of Trade 

Presidential Politics and the Markets – the 4-year cycle lives 

Facilitator: Gabriel Wisdom, Managing Director, American Money Management LLC 

11:30 1:30 Lunch and speaker: Richard Russell, Dow Theory Letter 


Managing Portfolios Using Technical Analysis: A discussion of the principals for using TA in the real world 

Facilitator: Christopher M. Ruspi CMT, President, Applied Financial Wisdom 

Tom DeMark Models – does trading success come from using his work scientifically, artistically or both? 

Facilitator: Rick Bensignor, Chief Technical Strategist, Morgan Stanley 

Point & Figure Charting – ancient methods in modern markets 

Facilitator: Kenneth Tower, CMT, Chief Market Strategist, CyberTrader, Inc. 

Sentiment Indicators – why investors make bottoms and traders make tops 

Facilitator: Philip Roth, CMT, Chief Technical Analyst, Miller Tabak + Co. 

10 

N O V E M B E R 2 0 0 4

Please register T E C H online: N I C A L L Y S www.mta.org/seminars 

P E A K I N G 

Retreat Registration Form 

MTA Mid-Winter Retreat • San Diego, CA • 21 - 22 January 2005 

www.mta.org 

First Name 

Last Name 

Company 

Street Address 

City 

Post Code/Zip Code 

Office Phone 

Office Fax 

State/Province 

Country 

Office E-mail 

Home E-mail 

Please pre-register for the following 

Friday Morning Session Friday Afternoon Session Saturday Morning Session Saturday Afternoon Session 

■ TA in Portfolio Management ■ TA & Modern Portfolio Theory ■ TA & Modern Portfolio Theory ■ TA in Portfolio Management 

■ Tom DeMark Models ■ Elliott Wave Theory ■ Elliott Wave Theory ■ Tom DeMark Models 

■ Point & Figure Charting ■ Advanced Trading Techniques ■ Advanced Trading Techniques ■ Point & Figure Charting 

■ Sentiment Indicators ■ Politics and the Markets ■ Politics and the Markets ■ Sentiment Indicators 

Fees 

■ $US 950 MTA Member/Affiliate or IFTA Colleague (Retreat, meals, hotel) 

■ $US 1,150 Non-MTA Member/Affiliate or Non-IFTA Colleague (Retreat, meals, hotel) 

■ $US 750 MTA Member/Affiliate or IFTA Colleague – No Hotel (Retreat, meals) 

■ $US 950 Non-MTA Member/Affiliate or IFTA Colleague – No Hotel (Retreat, meals) 

■ $US 175 Spouse/Guest 

■ $US 209 Room Rate for extra nights (Wednesday, Saturday, Sunday) X _________ nights 

Arrival Date: ______________________________ Departure Date: ___________________________ 

Room Style: ■ King bed ■ 2 Double beds 

Smoking: ■ Smoking ■ Non-Smoking 

DEADLINES 

● The Retreat is limited to the first 100 registrants only. 

● Retreat registration closes Thursday, December 23. 

● 

● 

Cancellation / Refund Policy 

All cancellation requests must be made in writing 

to the Hansen Management office. 

No refund if cancelled after December 23. Before 

December 23 refund subject to another attendee 

filling your space. 

Payment 

Please debit my: ■ VISA ■ MasterCard ■ American Express 

Card Number: 

$US Total Amount: 

Exp. Date: 

Name on Card: 

Billing Address: 

City: 

Country: 

State/Province: 

Zip/Postal Code: 

■ Check Payment. Amount $______________ Please enclose along with your registration form and payment (payable to Hansen Management in U.S.$ on a U.S. bank) and 

mail to Hansen Management, 151 Herricks Road, Suite 101, Garden City Park, NY 11040 

Air Reservations: MTA has a discount plan through American Airlines. Please call: 800-433-1790 to make your reservation and mention code: 4415AJ to receive the discounted 

price. 

Car Rental: Discount arrangements have been made with Avis Car Rental. Call 1-800-331-1600 or online at www.avis.com/AvisWeb/html/meetings/go.html?2838 and use the 

AWD #D087878 to receive the discounted rate. Rates include unlimited free mileage and rates are available from January 13-30th. 

Questions about the seminar are answered by e-mailing retreat@mta.org 

N O V E M B E R 2 0 0 4 11

www.mta.org 



MTA Regional Chapters Need Your Help 

If you are visiting any of these chapter areas over the next several months and might be willing to make a presentation to the local group, 

please contact the regional chapter chair as noted to work something out. Some are long-standing chapters, some are trying to get 

started, but ALL of them are in need of speakers now and then. 

Atlanta Tim Snavely 404/926-5473 tim_snavely@rhco.com 

Austin Sean Mackie 512/517-6506 sean_mackie@amat.com 

Baltimore Bernard Kavanagh 410/454-4078 bjkavanagh@leggmason.com 

Boston Chuck Dukas 508/366-6102 chuck@trendadvisor.com 

Chicago Ross Leinweber 847/849-8236 Rleinweber@lakeshoretrading.com 

Cincinnati Ron Brandt 513/622-5421 traderon@aol.com 

DC/Northern Virginia Cary Greenspan 703/442-9225 greenspanc@aol.com 

Denver Lyle Dokken 970/226-4707 klyledokken@yahoo.com 

Houston Randi Shea randi@prismtrading.com 

Las Vegas Dennis Costarakis 702/733-9030 dennis.costarakis@agedwards.com 

Minneapolis Pat McGrath 612/671-9809 tradinpat@hotmail.com 

New York City Jeanette Young optnqueen@aol.com 

Portland, Oregon Leonard H. Smith lensmith@teleport.com (Under Construction) 

San Antonio Duke Jones 210/213-7813 duke.jones@sectorrotationfund.com 

San Diego Julia Bussie 858/350-8101 jebussie@aol.com 

Virginia/SE Dave Clemens 757/229-6111 DRClemens@LeggMason.com 

If you have any questions about the regional chapters, please contact the Regions Chairperson, Tim Snavely, 404/926-5473; tim_snavely@rhco.com 

Board of Directors 

Director: President 

Frederick Meissner, Jr., CMT 

404/875-3733 

fmeissner@mta.org 

Director: Vice President 

Jordan Kotick, CMT 

212/412-1137 

jordan.kotick@barcap.com 

Director: Treasurer 

John Kosar, CMT 

847/304-1511, fax 847/304-1749 

kosar@dls.net 

Director: Secretary 

David Clemens, CMT 

757/239-6111, Fax: 757/239-6535 

dave.clemens@cox.net 

Director: Past President 

Ralph Acampora, CMT 

212/778-2273, Fax: 212/778-1208 

ralph_acampora@prusec.com 

Directors: 

Mike Epstein 

617/253-3784 

mepstein@mit.edu 

MTA 2004-2006 Board of Directors and Committee Chairs 

Philip Roth, CMT 

212/370-0040, Fax: 212/697-7106 

proth@millertabak.com 

Michael Kahn 

516/647-7466 

michaelkahn@lycos.com 

Jon S. (Duke) Jones, CMT 

210/213-7813 

duke.jones@sectorrotationfund.com 

Committee Chairs 

Academic Liaison, Journal 

Charles Kirkpatrick II, CMT 

970/884-0821, Fax: 970/884-0823 

kirkco@capecod.net 

Accreditation 

Les Williams, CMT 

817/571-8332, Fax: 817/571-5889 

capitalmgt@hotmail.com 

Admissions 

Andrew Bekoff 

646/576-2748, Fax: 646/576-2755 

abekoff@bloomberg.net 

Body of Knowledge 

Frederick Meissner, Jr., CMT 

404/875-3733 

fmeissner@mta.org 

Education, Library, and 

Distance Learning 

Philip Roth, CMT 

212/370-0040, Fax: 212/697-7106 

proth@millertabak.com 

Ethics & Standards 

Neal Genda, CMT 

310/888-6416, Fax: 310/888-6388 

neal.genda@cnb.com 

Foundation 

Mike Epstein 

617/876-5615 

mepstein@mit.edu 

IFTA Liaison 

Larry Berman, CFA, CMT 

416/594-8067 

larry.berman@cibc.ca 

Internship 

Mark Eidem, CMT 

415/296-7831 

alaskatrader78@yahoo.com 

Marketing 

Membership 

Newsletter 


307/632-3027 

editor@mta.org 

Placement 

Programs (NY) 

Jeanette Young, CMT 

optnqueen@aol.com 

Regions 

Timothy Snavely, CMT 

404/926-5473, Fax: 404/926-5946 

tim_snavely@rhco.com 

Rules 

Charles Comer, CMT 

516/883-9375, Fax: 516/883-9371 

chascomer@mindspring.com 

Seminar 

David Clemens, CMT 

757/229-6111, Fax: 757/229-6535 

dave.clemens@cox.net 

CMT is a service mark of the 

Market Technicians Association, Inc.

Nov. 04 MTA TS web - Henry Pruden

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