Timing the Market with Technicals (w/ Craig Johnson) | Trade Ideas

Описание: Craig Johnson, CMT, technical market strategist at Piper Jaffray, discusses the utility of long-term charts and data in making market decisions. Although he grants that passive investing and electronic trading has changed the time frame and face of the market, he stills sees value in the technical indicators and correlations that can be drawn from decades-old data. He breaks down some of the indicators he loves and the places he has used them recently, in this interview with Jake Merl. Filmed on April 4, 2019 at the 46th annual CMT Symposium in New York.

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Timing the Market with Technicals (w/ Craig Johnson) | Trade Ideas
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Transcript:
For the full transcript: https://rvtv.io/2UAOGe2
Welcome to Trade Ideas. I'm Jake Merl, sitting down with Craig Johnson, Piper Jaffray's technical market strategist. Craig, great to have you on the show.
Thanks, Jake. Thanks for having me.
So today, we're going to be talking about a little evergreen topic, rather than a trade idea. But before we do so, can you please go over your background, who you are, and what you do at Piper Jaffray?
So I started at Piper Jaffray back in 1995. Before that, I was at Drake University-- did my undergraduate graduate degrees there. I finished the CFA program and also the CMT. I've also been the president of the CMT association for over four years-- just stepped down.
So that was a nice bit of service for that and still on the board of directors for nine years now. So we've been doing this for 24 years now. And just every day we're having a lot of fun.
And so with that in mind, today we're going to be talking about the topic of time horizons within charts. There's been a lot of talk among investors and traders-- which time frames are best, which charts to use? And I'm just curious. And I wanted to ask you, are long-term charts still relevant in today's markets?
Jake, I think the answer to that is absolutely yes. And at Piper Jaffray, we've had this kind of longstanding project we call the MicroGroup Project. And we have been pulling in company data-- price data for every single stock above a $25 million market cap at a $2 price, going all the way back to the late 1960s, in some cases, the 1950s.
So we have this great really rich database of pricing information you're not going to find, really, anywhere else on Wall Street. We've taken all that data. And we have created long-term charts. And these charts will go back, again, to the late 60s and sometimes earlier.
We'll do it on companies. We'll do it on industry groups and also sectors. And I think these charts are still relevant. The reason being is a lot of things are changing in this market. And it to me it feels like the shorter-term side of this has been fairly well-exploited.
When you're starting to put up MicroCell towers and microwave towers, you go from New York to Chicago. And you're fighting about five to six milliseconds. I'm not sure that anybody else is competing in that kind of time frame.
But stepping back, looking at what is disruptive technology, looking at these longer-term trends, looking at the relative performance of those trends compared to the rest of the market, you can start to identify trends and themes that are investable, and investable for time periods that will match up with long only accounts and hedge fund accounts. They can't own stocks for one to two days in any sort of big size due to liquidity.