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IFTAUPDATE
Corporate Address: International Federation of Technical Analysts, Inc. • Post Office Box 1347 • New York, NY 10009 USA • www.ifta.orgIFTA Business Manager: Ilse Mozga • 157 Adelaide St .West • Suite 314 • Toronto, Ontario, M5H 4E7 Canada • (1) 416.739.7437 • [email protected] Address: Bill Sharp • Valern Investment Management, Inc. • 140 Trafalgar Road • Oakville, Ontario L6J 3G5 Canada • [email protected]
A Newsletter for the Colleagues of the International Federation of Technical AnalystsA Not-For-Profit Professional Organization
Incorporated in 1986
INTERNATIONAL FEDERATION OFTECHNICAL ANALYSTS, INC.
June 2004 • Volume XI • Number 2ArgentinaAsociacion Argentina de Analistas Tecnicos
AustraliaAustralian Technical Analysts Association
www.ataa.com.auBelgiumInstitut d'Analyse Technique Financière - Instituutvoor Technische en Financiële Analyse
BrazilAssociação Nacional dos Analistas Tecnicos
www.anat.com.brCanadaCanadian Society of Technical Analysts
www.csta.orgCyprusCyprus Society of Technical Analysts
EgyptEgyptian Society of Technical Analysts
www.estaegypt.orgFranceAssociation Francaise des Analystes Techniques
www.afate.comGermanyVereinigung der Technischer AnalystenDeutschlands e.V.
www.vtad.deHong KongTechnical Analysts Society (Hong Kong) Limited
www.tashk.com.hkItalySocietà Italiana di Analisi Tecnica
www.siat.orgJapanNippon Technical Analysts Association
www.ntaa.gr.jpJordanJordan Technical Analysts Society
MexicoAsociacion Mexicana de Analistas Tecnicos
NetherlandsVereniging Technische Analisten
New ZealandSociety of Technical Analysts ofNew Zealand Incorporated
www.stanz.co.nzPortugalAssociação dos Investidores Analistas Tecnicosdo Mercado de Capitais
www.atm-associacao.ptRussiaRussian Technical Society
www.mfd.msk.ru/otaSingaporeTechnical Analysts Society (Singapore)
www.tass.org.sgSpainAsociación Española de Analistas Técnicos
www.aeatonline.comSwedenSveriges Tekniska Analytikers Förening
www.staf.nuSwitzerlandSwiss Association of Market Technicians
www.ifta.org/SAMT/UKSociety of Technical Analysts Ltd.
www.sta-uk.orgUSAMarket Technicians Association, Inc.
www.mta.orgUSATechnical Securities Analysts Association ofSan Francisco
www.tsaasf.org
Chairman’s Report to ColleaguesSome recent correspondence has brought to my attention that many Colleagues are
not familiar with the organizational structure and guiding principles that govern theworkings of our Federation.
Perhaps the word federation is inappropriate in describing our“raison d’être,” because in fact we are a union of many nationalSocieties, without any governing powers over them. We are more aconfederation, which the dictionary describes as a compact for mutualsupport and alliance, to jointly pursue a common endeavor in acollegial atmosphere.
The founders of the Federation some 18 years ago, lead mainly bythe Market Technicians Association (New York), the Society of
Technical Analysts (London) and the Nippon Technical Analysts Association (Tokyo),realized that for success of our ideals to occur, governing powers must be entrusted toeach and every one of our constituent Societies through their duly appointedrepresentatives, normally a Society’s Liaison or President.
IFTA’s Constitution was designed to place the burden of responsibility for itsfunctioning on the shoulders of the people it is intended to serve-the members of eachSociety, our colleagues.
Each Society’s representative (Liaison/President) therefore plays a very importantrole in IFTA’s governance. He/she elects the Board of Directors at the Annual GeneralMeeting, votes for changes in the Constitution and By-Laws and approves the directionof the Board’s efforts to fulfill our aims and objectives.
It has been suggested over the course of our history that each Full Member Societyshould be represented on the Board of Directors. Two reservations immediately surfaceto this proposal: (a) the Board might become so large and unwieldy that progress maybe hindered, and (b) some representatives may not have the time or inclination todevote to the Federation’s affairs.
Consensus seems to favor the existing approach to the Board’s composition towardachieving a delicate balance between dedication and representation; that is, to attractcapable volunteers who possess the enthusiasm and energy to build and operate asuccessful global union of technical analysts. And equally important, we must ensurea broad representation on the Board from our constituent Societies. At the same time,we have to improve our communications efforts with Societies and Colleagues togenerate a sense of transparency and inclusiveness.
A step in this direction will be to devote much more time at each Annual GeneralMeeting for discussions with Society Liaisons/Presidents about their local problemsand successes, and include them in a wide-ranging dialogue on the Federation’s affairs.
In summary, the Board represents you through your local Liaison and/or President.We are elected to act in your best interests to achieve the objectives that you desire.
- Bill Sharp, IFTA Chairman
Bill Sharp
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In MemoriamIFTA Colleagues worldwide will be
saddened to learn that Elli Gifford, along-time member of the Society ofTechnical Analysts (STA), passed awayon April 15th in hospital in Cambridge,England.
Anne Whitby, her long-time friendand business compatriot, reported “thatElli had not been well for some time,but nonetheless it has been a sad shockfor all her many friends.”
Elli attended many of IFTA’s AnnualConferences, was a speaker at several,and was involved with the organizationof both London Conferences in 1989and 2003. She worked tirelessly topromote and build the STA and,through her business endeavors, the artand science of technical analysis.
A donation in Elli’s memory, onbehalf of Colleagues everywhere, willbe made to a charity of her family’schoosing.
White Paper onAccreditation
The Continuation
In September 2003, IFTA’s Accredi-tation Committee (AC) produced anextensive White Paper about its Diplomain International Technical Analysis(DITA). Its purpose was to stimulate awide-ranging consultation about DITAand Member Society examinations. Mostof these Societies responded positivelyto the central themes of the Paper, andconstructive criticism was greatlyappreciated by the Committee.
The outcome of these deliberationswas a late-April weekend gathering stagedin Paris to develop a revitalization of ouraccreditation process. The goal was tocreate the highest standards ofprofessional competence within aframework that would immediatelybenefit our constituent Societies andtheir Members (IFTA Colleagues).
The meeting, sanctioned by theExecutive Committee, was planned andorganized by Claude Mattern (France),AC Committee Chair, with theassistance of John Schofield (HongKong), Education Committee Chair.Also present were two former BoardChairmen – Bruno Estier (Switzerland)
and Hiroshi Okamoto (Japan), currentChairman Bill Sharp (Canada), andrepresentatives from the UnitedKingdom, Germany and Switzerland.Additional participants from the UnitedStates and Japan were unable to attend.Four of the participants are holders ofthe Dip.ITA designation. IFTA’sBusiness Manager, Ilse Mozga, on apersonal visit to Eastern Europe, tooktime to attend as Recording Secretaryfor the meeting.
The event was made possible as a resultof generous financial assistance from PastChairman Okamoto and the NipponTechnical Analysts Association. IFTA isindebted to our Japanese friends for theircontinued support and encouragementin pursuit of the growth and developmentof technical analysis worldwide.
A report from this meeting, entitledthe Paris Plan, with wide-ranging recom-mendations for change in our accredi-tation program will be distributed to yourBoard of Directors and Society Liaisonsand Presidents in the very near future. ■
Out in the FieldThe Case For Standards
Tim Bradley, Ethics Committee
There has been much debate over thepast 12 months on the role of TechnicalAnalysis in the investment decisionmaking process. Indeed, we havewitnessed heated debate over the meredefinition of Technical Analysis. Theimportance of setting definitions andstandards is considered minimal by some,central by others. This argument hasdivided our community, and itsresolution will shape the course of TAfor the immediate future. The EthicsCommittee was recently confronted witha situation that illustrates how the settingof standards can help us cope in ourbusiness lives.
A Colleague in Southeast Asia hadwritten on occasion for a major regionalnewspaper using Technical Analysis ashis centerpiece. After one of his articlesappeared in print in late January 2004,his column was abruptly discontinued.He subsequently contacted the IFTAEthics Committee, seeking redress forthis perceived injustice. We reviewed theoriginal article, the paper’s response, anda scathing letter to the editor written by
a representative of a company mentionedin the article. Our conclusion? There wasenough blame to share for all partiesinvolved. In our reply we have changedall names to protect the innocent,appease my boss and, of course, deflectpotential lawsuits.
Our Response:
There is no clear-cut right and wrong.Not checking the facts fully on Z Corp(the company whose wrath the articleincited), and blindly lobbing bombs issomewhat antagonistic. The Colleaguereally ought to have made clear that hewas speaking mainly about securitiesother than the stock (ZZZZ) of Z Corp.Still, he mentions that ZZZZ remains inan uptrend, but then keeps alluding topossible danger ahead. Kind of muddled.The response from the company is ill-informed (“Let us leave the ‘head andshoulders’ in the bathroom to combatdandruff rather than as a tool for invest-ment”), but it isn’t overtly offensive. Iwould think that both issues, theColleague’s misstatements and Z Corp’sreply, could have been handled with arebuttal. I am surprised at the lack of aforum for both parties to reach anunderstanding, and perhaps we couldbe of assistance there. This certainly lookslike both sides owe an apology. I amguessing that relations with Z Corp aremore important to the newspaper(advertising revenues) than relations withour Colleague.
The episode provides an interestinglesson on how we need to have a littlejournalistic skill if we are going to utilizethat medium. Our Colleague opened thedoor by straying into fundamentalanalysis and making open-endedstatements that simply invited criticism.This certainly weakened any subsequentvalid TA arguments he might have made,because five months later he indeedproved to be correct on the stock priceforecast. The shame of it is that bycreating so many potholes, he hasseriously eroded the platform from whichhe might have argued his case. This doesnot excuse the flippant remarks from thecompany and does invite a little primeras a rebuke. I think any reply to thecompany should include what Z Corp inan uptrend could mean. In fact, I’d saythat any rebuttal should include technicalresearch and justification for an opinion
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of Z Corp in both directions, and somebasic behavioral science.
The real moral here is how necessary adefinition and standards are. We are theminority in the investment analysisuniverse. There is not a lot of belief inwhat we do relative to the fundamentalside of the ledger. When granted a forumin a public medium, we need to stick togood scientific and journalistic practices.We need to separate what is groundedTA from what is merely conjecture. Factchecking and adhering to all basicjournalism tenets is an absolute must. Isuspect the Colleague’s loss of a forumhad more to do with his straying frombasic journalism principles. He put thepaper in an awkward position. Z Corp’sstock is down 35% since the writing ofhis column. If he had adhered both tojournalistic and IFTA ethical standards,how loudly could he argue his case now?This was a potentially huge win for him,but was unfortunately squandered. Weneed basic tenets defined, to point to,with which to defend ourselves. All fieldsof study have them, how can we not? ■
Definition of TechnicalAnalysis: Why ?
Claude Mattern, Dip. ITA (AFATE), IFTAAccreditation Committee Chair
I would like to thank all of you whohave provided their definition, or haveargued for or against a definition. This isthe only way to improve.
In the last issue of the Update, Iproposed a methodology on how todefine Technical Analysis. This time Iwould like to share with you my thoughtsabout why we should be definingtechnical analysis in the first place.
Looking at the main arguments putforward by those who consider adefinition of technical analysis useless,we notice that they follow one or anotherof three lines of thought:■ we don’t need to define it, because we
know what we are doing■ we don’t want to define it, because
doing so would limit our knowledgeand impose constraints
■ we can’t define it, because knowledgeis relative and is changing constantly(this contention being in contradictionwith the first)
I shall now discuss those three points,with their challenges for technical analysis.
A Technical Analyst Knows What S/He is Doing
Is it always true? The technician’sknowledge has been accumulated byreading books, talking with othertechnicians, and thinking about what todo. This knowledge, however, is con-ditional on the books read, the peopleconsulted, or the way our technicalanalyst looks at the world. This, it wouldbe more appropriated to say, “A technicalanalysis should know what s/he is doing.”
The typical problem is that “there areas many definitions of technical analysisas there are technicians.” This is anotherway of saying, “don’t trust those guys,they don’t know what they are doing.”
But let’s assume we know what we aredoing. A technical analysis definition isnot aimed at us, but to non-technicians,of course. The “public” needs increas-ingly clear definitions. Last year,Financial Analysts had to define theirknowledge in court, which had to decidewhether Credit Analysts are or are notFinancial Analysts. More regulations andexaminations based on definitions areimplemented in the financial world everyday. Even considering a Code of Ethicsfor Technical Analysts requires adefinition of technical analysis, otherwisethere will be no foundation to the Codeof Ethics. Various societies include adefinition of technical analysis in theirconstitutions. These are not uniform,which might appear strange to the“public.” IFTA’s Constitution does notinclude a definition. But it ought to.
However, it would be absurd to have adefinition of technical analysis imposedby non-technicians. This is the risk weface by not defining our knowledge.Because we know what we are doing, we,the technical analysts, have to define forthe public what technical analysis is.
A Definition Limits Our Knowledge
Indeed, a definition draws a borderlinebetween different bodies of knowledge(and concepts). But this is the only wayto reach a consensus. Eighty percent ofall conflicts are rooted in misunder-standings about concepts. Of course, todefine our knowledge is a very hard task.But it is the only way to appropriate ourknowledge, and to exist.
We have to understand what we aretalking about: Firstly, technical analysisis completely different from technicalanalyst. A technical analyst uses technicalanalysis knowledge, but s/he might alsodraw on other knowledge. On the otherhand, technical analysis might also beused by non-technicians. To be clear tothe “public,” we have to go beyond thissyncretism and not confuse subject andobject. Secondly, we need to understandother bodies of knowledge (Funda-mentals, Quants, etc), what they do, how,and where their limits are. Thirdly, weneed to know at what point we arecrossing the border.
Cycle, Intermarket, BehavioralFinance, to name just a few of thefashionable approaches, are shared byeconomists, quants and technicians. Forinstance, there are more Intermarketpapers written by economists than bytechnicians. To economists, ourknowledge about Intermarket seems verypoor, or even confused.
But a border is not static, in space.This is our task, as technicians, to explorewhat there is beyond the border. Thisimplies, per se, that we know where theborder is. Beyond, there are twopossibilities: The space is unknown, andwe have to discover new knowledge (i.e.,Ralph Elliott). Or, the space is alreadyoccupied, implying one of two situations.If we need that knowledge, we borrow it(i.e., cycle) or we have to prove thisknowledge is ours to begin with. If wecannot define our knowledge, there willalways be confusion in the public mind.
In summary, a definition is not a con-straint. It allows us to expand, discover,share or appropriate new knowledge.
The Only Constant is Change
Indeed, knowledge is by definitionrelative. It changes in time. There is ofcourse no absolute knowledge, foreverfixed. But, on the other hand, knowledgeis not completely relative either.
Saying that “knowledge is relative”(because always changing) is logicallyabsurd. The proposition “knowledge isrelative” is an absolute affirmation, whichis in contradiction with itself.“Knowledge is relative” is a dogmaticproposition, which implies that there isat least one piece of knowledge that isnot relative, namely the truth that “know-ledge is relative.” On the other hand, if
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the proposition that “knowledge is rela-tive” is false, then there are things (andknowledge) that do not change over time.
When defining technical analysis weneed to find out what is sufficientlypermanent to serve as a definition. The“skeptics” are saying, why should wespend our time defining something thathas changed even while we were thinking?But if the concept of technical analysischanges over time, we have to take thatinto account, and understand what partof it changes, and what part remainsstable. This can only be done by analyzingthe history of technical analysis.
To write a definition is not an easytask, as already mentioned in the previousarticle. It must be clear, to make thepublic understand that we know whatwe are talking about. It must be simple;if it is too complicated, it will beconfusing. It must be strong enough tohold without changing in time and inspace too often. And all that must bedone in less than twenty common wordsthat can be easily memorized.
I guess some will continue to considerthis task impossible and ask why weshould engage in it. But just becausesomething is difficult, does not mean itis useless. ■
Data ProtectionLarry Berman, CFA, CMT, Data Committee Chair
It is increasingly difficult to getcomprehensive historical sector data ata reasonable price. If you want to helpstop the proprietorization of data andensure its continued availability, considerjoining IFTA’s DATA Committee, so wecan become a force in lobbying/liaisingwith global data vendors.
For now, we really need to gain a goodoverview of what is happeningworldwide. Please ask your society toprovide us with a brief report (need notbe longer than a page) discussing someof the data concerns (quality, historicalavailability, costs, lack of indicators[breadth, volume, sentiment]).Understanding the problems anddifficulties we share is a first importantstep in discovering solutions.
Please contact me with any thoughtsor ideas concerning this important issue.Forward your responses, questions andrequests to join the committee [email protected] ■
TA EVENTS AROUND THE WORLD
ATAA Conference 2004Different Markets, Different Methods
This year’s ATAA Conference will beheld from Saturday, September 11 toSunday, September 12 at the Four Pointsby Sheraton Sydney (formerly the HotelNikko), 161 Sussex Street, DarlingHarbour, Sydney, Australia.
The Conference theme will be DifferentMarkets, Different Methods. This will beyour opportunity to learn from some ofAustralia’s best-known speakers. Theyinclude Louise Bedford, David Chia,Neil Costa, Daryl Guppy, Nick Radgeand Dr. Harry Stanton. Colin Nicholsonwill lead a stimulating panel discussion.Panel members will include ATAAfoundation member and life memberDawn Bolton-Smith. Please visitwww.ataa.com.au for details.
If your society is holding a conference orother event that might be of interest tocolleagues elsewhere in the world, please sendthe information to [email protected], andwe will be happy to list it in our next issue(September 2004). ■
Viva Mexico!Hank Pruden, Ph.D., IFTA Vice Chair, Americas
In my personal history, Mexico Cityhas acted as a rite of passage in manydifferent ways over the years. In the year2004 it became the passage from my 2-1/2 years serving as Vice Chair of theAmericas for IFTA.
And what a sparkling conclusion it wasthanks to Ms. Patricia Berry, the shiningstar for IFTA in Mexico and the shiningstar for the Mexican Technical Society.Patricia was my congenial and vital host.Through her good offices, IFTA’spresence in TA and Behavioral Financewere felt at Banorte de Mexico, wherePattie is the Director of Research, and atITAM (The Autonomous TechnologicalInstitute of Mexico) where Pattie andmany members of her staff received theirdegrees.
On May 5, 2004 I presented a marketoutlook for the New York Stock Ex-change to a crowded auditorium atBanorte filled with analysts, portfoliomanagers, sales personnel, and executives
of Banorte along with members of theMexican Technical Society. Myviewpoints were a reflection of the articleby me and Professor Bernard Belletanteof the EuroMed-Marseille Ecole deManagement entitled “Wyckoff Laws: AMarket Test (Part A),” which appears inthe most recent issue of the IFTA Journal.That article was translated into Spanishand distributed to the attendees. The oralpresentation was a mixture thatalternated between English and Spanish.
Then, on May 6, 2004 I met withseveral individual faculty members atITAM who were curious to find out thelimitations and potentials of TA andBehavioral Finance. At the conclusionof the day at ITAM, I had handouts inSpanish covering my 3-in-1 TRADERmodel and during the presentation, againa mixture of alternating English andSpanish, emphasis was placed upon thebehavioral finance underpinnings oftechnical analysis.
I believe that along with the growingsophistication of the Mexican investingpopulation and the economic expansion,a fertile connection between industry andacademe, between Banorte and ITAM,will help to spark renewed interest andgrowth in the use of technical marketanalysis in Mexico. During the pastdecade the Mexican technical societysuffered from the “dark side” ofglobalization, namely the acquisition ofMexican banks and financial firms byforeign interests. As a result, technicalanalysis work previously done in Mexicogravitated to New York City, London,and elsewhere.
But Mexico and the Mexicans possessan irrepressible spirit and capacity tobounce back and to make the best ofmatters. Hence, one can exclaim inconfidence that the call words are truly:Viva Mexico! ■
China CallingAlex Douglas, former President of the
Technical Analysts Society (Singapore),or TASS, writes with the followingmessage: “Anyone wishing to spreadtheir technical analysis pearls of wisdomin China, but lacking the contacts to getstarted, is invited to get in touch withMr. Wang Tao in Singapore. Late lastyear Mr. Wang replaced me as Presidentof TASS, and he is very eager to increase
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the penetration of TA both withinSingapore and China. He is verypassionate about TA and I have no doubtthat he can open many doors of whichan outsider simply would not be aware.
For more information, please contactWang Tao directly via e-mail:[email protected]
Editor’s Note: Mr.Wang speaksMandarin (and English) fluently, and hasmany contacts in both Beijing andShanghai. Translation of yourpresentation is strongly advised. ■
Welcome BelgiumCarl-Gustav Gyllenram, Membership
Committee Chair, is pleased toannounce that IATF–ITFA (Institutd’Analyse Technique Financière –Instituut voor Technische en FinanciëleAnalyse), has been accepted as an IFTADeveloping Society, representingBelgium. Bernard Leclère, the Society’sPresident (who will also act as IFTALiaison), looks forward to a constructivecollaboration with other societies andcolleagues from around the world. Youmay contact Bernard by e-mail at [email protected]
Technical analyst associations fromGreece and South Africa have also begunthe application process. We hope to beable to welcome them as DevelopingSocieties later this year. ■
2004 IFTA ConferenceNovember 4 - 6, Madrid, Spain
The AEAT is working hard to puttogether a conference that will bememorable for both the technicalanalysis content as well as for theextracurricular entertainment. Here is abrief introduction to some of the keynotespeakers you can expect to hear inMadrid.
John Bollinger, CFA, CMT ispresident and founder of BollingerCapital Management, Inc., an invest-ment management company thatprovides technically driven moneymanagement services. Bollinger CapitalManagement also develops and providesproprietary research for institutions andindividuals.
Mr. Bollinger is probably best knownfor his Bollinger Bands, which have been
widely accepted and integrated into mostof the analytical software currently in use.
“Bollinger Bands Around the World”will be his theme at the conference. Thetalk will focus on comparing thecharacteristics of Bollinger Bandsconsidering Asian, European and NorthAmerican financial markets, as well ascurrencies and internationally-tradedcommodities.
Perry Kaufman is a specialist inproduct development and financialengineering. He began his career as a“rocket scientist,” and helped developthe navigation system for the Geminispacecraft. He has a long story ofsuccessful hedge fund management.
Mr. Kaufman uses fully-automatedtechniques based on mathematics andstatistics, many of them developed byhimself over the course of the past thirtyyears. His expertise includes short-termtrading, state-space applications fortesting, and genetic algorithms for assetallocation.
He is the author of Trading Systems andMethods, (4th e. Wiley, 2004), A ShortCourse in Technical Trading (Wiley, 2003),and other books and articles. In Madridhe will speak on “Portfolio Allocationfor Active Traders.”
David Krell is a founder and President& CEO of ISE, and co-founder andformer Chairman of K-SquaredResearch, LLC, a financial servicesconsulting firm. He has also held leadingpositions with the New York StockExchange, the Chicago Board OptionsExchange and Merrill Lynch.
Active in numerous industry groups,Mr. Krell is a both a former IFTA BoardMember and a former MTA President.He has taught at several universities andcolleges, as well as at the New YorkInstitute of Finance. The title of hispresentation at the Madrid conferencewill be “The International SecuritiesExchange – Catalyst for Change.”
Bernard Lietaer, one of the key co-founders of the single Europeancurrency, has 30 years of professionalexperience in a wide variety of moneysystems. He has been a central bankerand general manager of off-shorecurrency funds; a senior consultant toboth multinational corporations anddeveloping countries, and a university
professor and top executive of electronicpayment systems.
The author of The Future of Money iscurrently visiting professor at NaropaUniversity and Chairman of the AccessFoundation, an educational non-profitorganization, both in Boulder, Colorado.
A Belgian national, he is fluent in fivelanguages. He will speak about “TheFuture of Money.”
John J. Murphy, CMT is author ofone of the major reference books inTechnical Analysis, Technical Analysis ofthe Financial Markets, and a number ofother works. He is the principalTechnical Analyst of StockCharts.comand CEO of MurphyMorris ETF Fund,a mutual fund that invests using technicalstrategies.
He has been recognized by IFTA forhis exceptional contribution to the fieldof Technical Analysis, and has alsoreceived an award from the MTA. Hislatest book is an updated edition ofIntermarket Analysis.
Mr. Murphy’s topic at the conferencewill be “Combining Intermarket Analysisand Exchange Traded Funds in AssetAllocation and Portfolio Management.”
Martin J. Pring entered the financialmarkets in 1969 and has grown tobecome a leader in the global investmentcommunity. He is founder of theInternational Institute for EconomicResearch, which has been providingresearch for financial institutions andindividual investors around the worldsince 1981. He publishes a monthlymarket review, and is president ofPring.com and chairman of Pring TurnerCapital Group.
He is the author of several outstandingbooks, including the groundbreakingTechnical Analysis Explained, (one of thecore books for Level 1 CMT and DITAcertification). In 2000, Mr. Pringreceived the Jack Frost Memorial Awardfrom the CSTA (Canadian Society ofTechnical Analysts) and is this year’sMarket Technicians Association annualaward winner.
Martin Pring will discuss “UsingTechnical Analysis to Minimize Risk andMaximize Profits.” ■
☛
See next 2 pages for conference details andregistration form.
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CONFERENCE PROGRAM
Full details of the program and speakers profile can be found on the conference website www.aeatonline.com
REGISTRATION FEES
Non-IFTA Affiliates: Before June 30: 1050 € After June 30: 1250 €IFTA Colleague: Before June 30: 950 € After June 30: 1100 €Individual Day: Before June 30: 375 € per day After June 30: 450 € per dayPartner Program: Before June 30: 375 € After June 30: 450 €
REGISTRATION
The Registration Form printed in this brochure should be used when registering for the conference, social events and hotelreservations. Delegates are also welcome to register online at www.aeatonline.com Please note that it is essential that payment isreceived with your registration form.
FULL REGISTRATION INCLUDES:
Attendance at all sessions; Conference materials; Coffee breaks (5); Spanish Lunch (Thursday); International Lunch (Saturday);Welcome Conference Dinner (Thursday); Visit to Segovia with lunch (Friday); Gala Dinner (Saturday); City tour on Madrid visionbus (Thursday and Friday).
SPOUSE/GUEST(S) REGISTRATION INCLUDES:
Visit to Toledo with lunch (Thursday); Welcome Conference Dinner (Thursday); Visit to Segovia with lunch (Friday); Visit of threemuseums (Reina Sofía, El Prado and Thyssen Bornemizsa-Saturday) with lunch; Gala Dinner (Saturday); City tour on Madridvisionbus (Thursday and Friday).
DAY DELEGATE REGISTRATION INCLUDES:
Attendance at sessions (on day of attendance); Conference materials (on day of attendance); Entrance to the exhibits (on day ofattendance); Lunch (on day of attendance); Coffee breaks (on day of attendance).
CANCELLATION POLICY:
Registration Fees: Fees, less 50 € administration charges, will be refunded if the participation is cancelled before October 1, 2004.After this date no refunds will be given unless there are exceptional circumstances.HOTEL (Price per room and night, includes breakfast and VAT.)
CAT Double Room Single RoomCASTELLANA INTERCONTINENTAL 5* 214,00 € 214,00 €Pº Castellana, 49. 28046 Madrid
Hotel cancellation policy: A refund of 85% of the total payment will be returned to those who notify, in writing, by October 1, 2004.A refund of 50% of the total payment will be returned to those who notify, in writing, by October 30, 2004. After this date no refundswill be given unless there are exceptional circumstances.
FLIGHT INFORMATION
Flying with Iberia, Conference Official Carrier, you will receive a 30% discount on your ticket plane. To get this discount, quotediscount code OSI IB BT4IB21MPE0313 when making your reservation at any Iberia office or through Iberia local phone number.
I n t e r n a t i o n a l F e d e r a t i o n o f T e c h n i c a l A n a l y s t s X V I I A n n u a l C o n f e r e n c e
“ T e c h n i c a l A n a l y s i s i n A c t i v e P o r t f o l i o M a n a g e m e n t a n d R i s k C o n t r o l ”
4 - 6 N o v e m b e r 2 0 0 4
International Federation of Technical AnalystsXVII Annual Conference
“Technical Analysis in Active Portfolio Management and Risk Control“
4-6 November 2004
SATURDAY, NOVEMBER 6
09.00 Japan Hour: Hiroshi Okamoto10.00 David Krell11.00 Coffee break11.30 Rick Bensignor12.30 Martin Pring13.30 International lunch15.00 Jorge Bentué16.00 Coffee break16.30 Heubner & Wetzer17.30 TA Education21.30 Gala Dinner: Bernard Lietaer
FRIDAY, NOVEMBER 5
09.00 Gerald Butromovitz10.00 John Bollinger11.00 Coffee break11.30 Matthieu Gilbert12.30 Departure for Segovia14.00 Segovian lunch
Visit to Roman AqueductVisit to Segovia Cathedral
19.00 Return to Madrid
THURSDAY, NOVEMBER 4
09.00 Inauguration09.30 Walkabout11.30 Coffee break12.00 John Murphy13.00 Jorge Bolivar14.00 Spanish Lunch15.30 Perry Kaufman16.30 Coffee break17.00 Josep Codina18.00 Round Table: Emerging Markets21.30 Welcome Dinner: David Krell
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Please complete one form per delegate or register online at www.aeatonline.com Send it by fax to the following number:+34 91 357 18 84. A confirmation letter and invoice will be issued to delegates once registration has been processed.
First Name
Family Name
Company
Street Address
City
State/Province
Post Code/Zip Code
Country
Office Phone
Office Fax
Office E-mail
Home E-mail
Affiliation with IFTA Member Society, if any
Name of Spouse/Guest(s), if attending
What is your special area of expertise?
Would you be interested in participating in a round table discussion?
Conference Early registration (Before 30th June) Registration (After 30th June)
Full Registration (IFTA Colleague) 950 e 1100 e
Full Registration (non-IFTA Colleague) 1050 e 1250 e
Day registration 375 e 450 e
Partner/Guest program 375 e 450 e
Accommodation (single or double room) 856 e (4 nights) 642 e (3 nights) 428 e (2 nights) 214 e (1 night)
Total payable (please add up all amounts) Total e:
PAYMENT INFORMATION
Bank transfer to the Banco Popular Español, Calle Gran Vía, 67. 28013 Madrid.Account ES7 400750126960601446667 for Halcón Congresos.Payment can also be charged to your credit card (Visa, American Express, Diners):
Credit Card Type
Card Number
Expiration Date (month/year)
See you in Madrid!
DIETARY REQUIREMENTS
A minimum of five (5) days notice priorto the start of the conference is required toensure availability of special dietary meals.Should the ordering of special dietary mealshave an additional charge, we reserve theright to pass on this charge to the delegate.
Kosher:
Vegetarian:
Food Allergies:
Other:
I n t e r n a t i o n a l F e d e r a t i o n o f T e c h n i c a l A n a l y s t s X V I I A n n u a l C o n f e r e n c e
“ T e c h n i c a l A n a l y s i s i n A c t i v e P o r t f o l i o M a n a g e m e n t a n d R i s k C o n t r o l ”
4 - 6 N o v e m b e r 2 0 0 4
International Federation of Technical AnalystsXVII Annual Conference
“Technical Analysis in Active Portfolio Management and Risk Control“
4-6 November 2004
Post Office Box 1347New York, NY 10009 USA
www.ifta.org
IFTAUPDATE
A Not-For-Profit Professional Organization
Incorporated in 1986
INTERNATIONAL FEDERATION OF
TECHNICAL ANALYSTS, INC.
June 2004
PlacePostage
Here
ChairpersonBill Sharp (CSTA)Tel: (1) 905 338 7540 Fax: (1) 905 845 2121Email: [email protected]
Vice-Chairperson - the AmericasHenry Pruden, Ph.D. (MTA & TSAASF)Tel: (1) 415 442 6583 Fax: (1) 415 442 6579E-mail: [email protected]
Vice-Chairperson - Europe & AfricaElaine Knuth (SAMT)E-mail: [email protected]
Vice-Chairperson - Pacific RegionMinoru Eda, Dip.ITA (NTAA)Tel: (81) 3 6213 4815 Fax: (81) 3 6213 4697Email: [email protected]
TreasurerPeter Pontikis (ATAA)Tel: (61) 041 1722 148Email: [email protected]
SecretaryBruno Estier, Dip.ITA (SAMT)Tel: (41) 22 346 9104 Fax: (41) 22 346 1499E-mail: [email protected]
Immediate Past ChairpersonHirosho Okamoto, Dip.ITA (NTAA)Tel (Home): (81) 3 3249 6766Tel (NTAA): (81) 3 5542 2257 Fax: (81) 3 5542 2258
E-mail: [email protected]
Business OfficeInternational Federation of Technical Analysts157 Adelaide Street West, Suite 314Toronto, Ontario, M5H 4E7 Canada
Business ManagerIlse A. MozgaTel: (1) 416 739 7437Email: [email protected]
Core Business Committees
IFTA Board of DirectorsExecutive Committee
Academic Interface Committee ChairRalph Acampora, CMT (MTA)Tel: (1) 212 778 2273 Fax: (1) 212 778 1208E-mail: [email protected]
Accreditation Committee ChairClaude Mattern, Dip.ITA (AFATE)Tel: +33 1 43 16 98 39 Fax: noneE-mail: [email protected]
Body of Knowledge Committee ChairJohn Brooks, CMT (STA)Tel: (1) 561 842 3514 Fax: (1) 561 842 1523E-mail: [email protected]
Data Committee ChairLarry Berman, CTA, CFA, CMT (CSTA)E-mail: [email protected]
Education Committee ChairJohn Schofield, MSTA, Dip.ITA (TASHK)Tel: (852) 8201 3566 Mobile: (852) 9188 4358Email: [email protected]
Ethics Committee ChairPatricia Berry (AMAT)E-mail: [email protected]
Journal Committee ChairLarry Lovrencic (ATAA)Tel: +61 2 95555287E-mail: [email protected]
IFTA Legal and Banking ServicesShelley Lebeckc/o Market Technicians Association74 Main Street, 3rd Floor, Woodbridge, NJ 07095Tel: (1) 732 596 9399 Fax: (1) 732 596 9392E-mail: [email protected]
Communications Committee ChairLen Smith, CMT (MTA)Tel: (1) 360 834 3021, ext. 3590 Fax: (1) 253 423 7489E-mail: [email protected]
Conference Advisory Committee ChairFrank Vlug, CEFA, CMT (VTA)Tel: +31(0)6-27078562 Fax: +31(0)162-457020E-mail: [email protected]
IFTA Conference 2004 Committee ChairMarc Michiels (AEAT)Tel: +34 91357 08 25 Fax: +34 91 357 18 84E-mail: [email protected]
Finance Committee ChairSimon Warren, MSTA (STA)E-mail [email protected]
Long-Range Planning Committee ChairBruce Kamich, CMT (MTA)Tel: (1) 908 782 1535 Fax: (1) 908 782 2873E-mail: [email protected]
Marketing Committee ChairLarry Berman, CTA, CFA, CMT (CSTA)E-mail: [email protected]
Membership & New Development Committee ChairCarl-Gustav Gyllenram (STAF)Tel: (46) 31 62 18 48 Fax: (46) 31 62 18 50E-mail: [email protected]
Nominations Committee ChairBruno Estier, Dip.ITA (SAMT)Tel: (41) 22 346 9104 Fax: 41 22 346 90 73E-mail: [email protected]
Public Relations Committee ChairJerry Butrimovitz, Ph.D. (TSAASF)Tel: (1) 415 566 0400 Fax: (1) 415 566 6984E-mail: [email protected]
Administrative Committees
Gregor Bauer (VTAD)E-mail: [email protected]
Timothy Bradley (MTA)E-mail: [email protected]
Ted Chen, Dip.ITA (TASHK)E-mail: [email protected]
Alex Douglas (TASS)E-mail: [email protected]
Julius de Kempenaer (VTA)E-mail: [email protected]
Taichi Ohtaki (NTAA)E-mail: [email protected]
Antonella Sabatini (SIAT)E-mail: [email protected]
Hans-Joerg Schreiweis (VTAD)E-mail: [email protected]
Adam Sorab (STA)E-mail: [email protected]
Adalberto Tronfi (SIAT)E-mail: [email protected]
Directors at Large
Deadline for the issue of UPDATEEnd of August. Send contributions to
