Podcast appearances and mentions of john bollinger

  In this episode of the Market Call show, I sit down with Jason Meshnick, a market maker turned fintech pioneer whose intriguing career journey has taken him from the bustling trading floors of the early 2000s to the cutting edge of AI in finance. Jason recounts his winding path from a philosophy major in small-town Poughkeepsie, New York, to becoming a Wall Street trader and, later, a leader in tech for trading. We explore his transition to automated trading as floors shifted online trader jobs contracted and his move into roles in finance education and media. Jason offers a captivating look into the evolution of markets and trading strategies, from the dynamics of floor versus electronic exchanges to analyzing sentiment shifts through media platforms and tools like CNN's iconic Fear and Greed Index, which he helped develop. Across various sectors of finance, Jason's experiences highlight the human element alongside technical progress.   SHOW HIGHLIGHTS Jason Meshnick talks about his transition from being a market maker on Wall Street to becoming a fintech expert. We discuss the changes in trading desks from the early 2000s to the present, emphasizing the shift towards automation and a reduced number of traders. Jason describes his unconventional career path, moving from a philosophy major to a Wall Street trader, and his eventual move into fintech. Jason shares insights into the development of CNN's Fear and Greed Index, including the collaborative efforts and practical constraints faced during its creation. We explore the shift from floor trading to electronic markets and how enduring principles of market trading continue to influence career paths in finance. Jason recounts his personal and professional journey, including his move to Boulder, Colorado, and his involvement with the CFA Society. We dive into the intricacies of building decision trees for financial data analysis, comparing their transparency and reliability to large language models. Jason reflects on his editorial role at TheStreet.com and the importance of market sentiment analysis in shaping financial media platforms. We discuss the role of experience and a deep understanding of market nuances in successful investment strategies. Jason explains the seven indicators used in CNN's Fear and Greed Index and how this tool helps both sophisticated and retail investors make informed decisions.   PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here   2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you're ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here TRANSCRIPT (AI transcript provided as supporting material and may contain errors)   Louis: Jason Meshnick how are you? Jason: I'm doing great, Lewis. It's so great to see you. Louis: I know I'm so glad to finally have you on the podcast. You know, just knowing you for so many years and you know, knowing that you have so much knowledge out there with regard to investing and just your overall creativity, I had to have you on and I'm so glad that you came on. Jason: Well, and one thing as you know from from our relationship, I've always gotten so much out of talking to you and I always learn something just through our conversations, and I feel like by the time this podcast is over, I will have five new ideas to to go after and try to figure out what to do, how to make them all reality oh god, I hope so, I hope so. Louis: it's all about the ideas you know exactly. It was funny. I asked you to send me a send me your bio and I've known you for a long time and we met years and years ago at a CFA meeting I think we were both on a board for the CFA Colorado or Denver chapter and and since then we've worked together in many capacities. But I didn't know a lot of things about you that I should have known just reading your bio. I knew that you spent 20 years in the fintech world and I didn't know that you were also working on some AI investment analysis, which I'd like to learn more about, and that you really have a lot of passion for educating. And I guess your coworkers asked you to write a newsletter. I had no idea about that and you know now what is this about. Vampires are rich. Why are vampires so rich? Jason: That was one of my favorite things that I wrote. Yeah, if you want to cover that now, we can, or we can talk later. Louis: I think we'll circle back to that, but I was a little what's that about. But yeah, and now you're doing some teaching at CU Boulder, teaching finance. We've done a little bit of lecturing together at the university level DU and things like that and I've always enjoyed watching you teach because you seem to captivate the kids. Well, they're not kids, they're young adults with your style. So I'd like to learn a little bit more about what you're doing there. And you are a Wall Street trader and market maker and there's a lot of things that you know about microstructure and investor psychology that I want to kind of touch on too. So, but the big thing is understanding that you were involved with the CNN, that popular feed and fear and greed index back in 2012, I guess that was put together. So I don't know. Maybe what we could do is talk a little bit about your background. I mean, I kind of covered it a little bit, but just maybe you can tell me a little bit about you know, share with the audience, your you know how you got in this business and kind of what's been your progression in this business. Jason: Yeah, so my guess is that everybody says this, but I came to it from a slightly different path, not that not that, you know, I didn't get out of college and immediately go to Wall Street, that's. That's a pretty normal path, right? But I was a philosophy major and I'm far from a philosopher. But I think what I took away from my undergrad as a philosophy major was just sort of a way of thinking, right, as opposed to being sort of a business person thinking only about money, it's more about thinking about other kinds of things and things that drive people and being able to draw from communication and trying to understand what people think and how they think and why they think, and I think it was one of the things that really fascinated me. Also, being a child of the 80s, you know Wall Street was so important. There's so many movies about it, right from from the Wall Street movie to I don't know. It seemed like every other movie that came out was about how to make millions of dollars on Wall Street, and so, of course, I wanted to be part of that. Having grown up in sort of a backwater, poughkeepsie, new York, I always wanted to go live in the big city, yeah, so that was sort of my start, was coming at it from kind of a weird direction and I ended up immediately going to work for well, a firm that no longer exists for a couple of reasons, but it was the trading arm of a New York specialist firm. So the specialists were downstairs on the floor of the New York Stock Exchange and my boss was one of their customers and he just worked upstairs in their clearing division and he was trading his own money. He had been a floor broker for 20 years, owned two seats, sold his seats, did pretty well on them, and then decided that he was just going to live the rest of his life as a trader. He brought his son in and then eventually I was working as a runner so you know fourteen thousand dollars a year and just wanted exposure, just wanted to be part of the action. Right, I love the action. I was so excited about just being there, the history I love the history of things. Um, I probably should have been a history major and so, just being in that environment, I ended up getting picked up because I was. I was pretty cheap, right, so they didn't have to pay me much and I ended up working and really falling in love with being a trader and learning about how the market worked and how floor brokers could help make these trades. We had a network of 20 floor brokers across the New York Stock Exchange and what was then called the Amex, and some of the regional exchanges too, so that we could trade and we'd strategize every morning and then make our buy and sell decisions and then, throughout the day, update them as needed. I'd like to say that we were the high frequency traders of the time, even though our frequency wasn't that fast, but we were sitting on both sides of the bid and the offer. Louis: Boy. Jason: times have changed, huh offer Boy times have changed huh yeah, I mean that's yeah, I like to say. When I, when I started in the business, there were people there who'd been on the floor in 1929. And so much of the floor of the New York Stock Exchange looked the same as it did in 19,. You know, if you, if you were to go, take Jesse Livermore and drop him, you know from 1929 and just drop him on the floor in 1992 when I started, he'd have been like I don't know what these TV things are that are all around. He wouldn't have even had that word, but otherwise he'd have been able to run into a crowd and know exactly what to do. And by the time I left in 2002, well, there wasn't even a crowd, right? I mean, everything was different about the floor of the exchange. I was a market maker on a fully electronic stock exchange, so the principles were all the same, but everything else had changed. It was so different. Louis: Oh, that's a big part of what I wanted to talk to you about that the principles are all the same. So, because I was just listening back to some of our, or looking back at some of our conversations just to prepare for this, and we've had a lot of conversations in the past where you were really outlining like I want to capture what I saw, those principles that I saw on the floor, and I want to capture them today and that's kind of driven a lot of things that you've done. So maybe maybe you can tell me like just a handful of what those principles are that you've noticed are like still the same now that probably will never change. Jason: Well, so I'll caveat this by saying I've been out of the markets for a number of years, right, so I left, I left trading in 2002. And then I was still, you know, still kind of a pretty active trader, investor for the next 10 years or so. But then life gets in the way and I'm just very busy, and so I've sort of shifted my focus in a number of ways and I'm honestly really interested in analysis now and thinking about market sentiment and what investors are doing and how investors think about the market. And I now, when I trade, it's opportunistically right, I'm not in there every day, I'm not trying to make eighths or even pennies. Louis: I guess we should probably. Oh, I'm sorry to interrupt you there. Jason: Go ahead. Louis: I was just gonna say I guess we should probably back up a little bit and talk a little bit about, like more about your career progression, because you moved into from trading into fintech and, and from fintech now to working at the streetcom for and as an editor, so, and which to me makes a hundred percent sense. Um, just from what I know from your talent, your talent stack, so maybe you can kind of finish that progression a little bit. So, to where you are now, yeah, sorry, yeah, totally. Jason: So my progression is really. I mean, there's there's a couple things that run through the entire thing and I think a big part of it is analysis and being excited about, about thinking about the markets right, about being being in some ways just part of the culture of it right. So that's been the big thing that's run through my entire career. But in 2002, my wife and I we weren't married at the time we were thinking about you know where will we end up, and we decided that we either end up in New Jersey or we could move somewhere that we wanted to live. So we did a search all around the country and decided we just sort of threw a dart at the at the wall and said Colorado seems pretty nice. So we ended up here in Colorado and it's been the best move. Louis: Man, that was a lucky dart throw. If you ask me, it's a lucky dart throw, I think. Jason: I think it was guided by my wife's hand. She may have said I'll take that dart and I'm going to place it right here just at the foot of the Rocky Mountains. So she'd been out here and visited and said Boulder is going to be the place where Jason will be happy and we'll make this happen. And so we moved out here without jobs. I quit my job as a market maker in June of 2002. And the market was changing so much at that time it was definitely becoming harder to make money, and so I was ready for a change. I was ready to do something different. You know, when I left, there were 10 traders on my desk and probably another 30, 20, 30 on our over-the-counter desk. And when I went back, seven or eight years later and I'll get to this, but when, when I was working in FinTech and I went back, visited my old trading desk, there were three people and a really large computer and, rather than taking directional bets on the market, they were doing arbitrage. And they were. They were, they were working the order flow and they were figuring out, based on the order flow, how long or short they were going to be. You know, sort of using quantitative methods to understand. If they felt the market was going up and they were going to end up being more short and more short, they would have to think about the Delta to the market and try to get long ahead of those people so they could be selling to them. So it became in some ways probably a much more intellectually engaging thing than just sitting saying, oh someone just sold me 1,000 shares, I have to get out of it now. You were thinking ahead of the market. In many ways it was really cool. I probably would have liked it a lot, but it just became a really different animal. It was much more arbitrage as opposed to directional trading, which is really what I knew. So we moved to Colorado without jobs and in doing that that's when I met you, lewis is. I was pretty engaged with the CFA Society despite not having a CFA I'll throw that out there. I'd also just finished my MBA at NYU. That counts. So, I think they let me in, but that was about it, and they let me even onto the board. Louis: Yeah, yeah, you're a very likable guy, so it was a pretty easy decision. They're like he doesn't have a CFA, but he's a pretty cool guy. We'll let him in anyway. Jason: I think he also said this is a guy that we can make do all the all the programming. We can make him call all the all the people that we don't want to call and try to organize meetings. And they thought I was an event planner, which it turns out I'm not. I'm just not a good event planner. My wife can tell you that Actually, lois, you did kind of the same. We were organizing all the CMT meetings. Louis: Oh yeah. Jason: Like, yeah, yeah, yeah, let's, let's go call some people, um, yeah, but so so it took a while and I ended up finding this job here in boulder, uh, for a company called wall street on demand and for those who are not familiar with wall street on demand, it has a new name um, it became market, uh, no, became wall street on. It was wall street on demand. Then it became market on demand once I, once market bought us and then eventually it became market on demand once market bought us, and then eventually it became market digital, when they decided that it was really time to think more broadly than just web and think broadly across all digital formats video, et cetera, and advertising. And I stayed there for 19 years. Where, louis, you touched on the AI side of what I did and so this is one of my big jokes is that I like to say that I was the world's most widely read analyst, if not the best, and the reason why I say that is because over the 19 years that I was at that company, I built something like I don't know 200 different. I call them only because of today's terminology and the way that people talk about markets now, about technology now. I call these AI related, and they really are simple. They're very much rules-based AI, so sort of traditional AI, not these large language models that we have now that are in some ways more sophisticated but really not as good. So what I was building were these big decision trees, and these decision trees were things where you would, using your financial knowledge, you would say, okay, I'm looking at some financial data around a company. What do we need to know? Well, let's start with the valuation. Is the stock what's the PE ratio? Is it a high PE ratio or a low PE ratio? How do you define a high PE ratio? Is a high PE compared to its average for the last five years, or is it the highest in its industry? Right, you can look at things cross-sectionally or historically, right, but both ways time-based or versus peers, and so we would do things like that and we would chop up the market and try to understand. You know which stocks were good or bad, but it wasn't necessarily for an investment perspective, right? This was because what we were doing was for the Schwab's and TD Ameritrade's and all those companies. We were building the news and research portions of their website, and so I and my team were providing that research, and so a lot of the texts that you would see on that site was completely dynamically generated. So, very simple, rules-based AI. And I say it's better than large language models for AI, because large language models you never really know what you're going to get. It's a bit of a black box, right. So what we could do is I would create text that was locked down. I knew exactly what it was going to say. I didn't know what the data was that was going into it, right, I didn't know if Apple had a high PE ratio or a low PE ratio, but I had rules around defining what was high and low. And so when I would go to the compliance departments at Schwab or TD Ameritrade or Fidelity, et cetera we worked with all the US brokers, many of the Canadian brokers, australia, others I would go to the compliance departments and they would say, well, how do I know that you're not going to say something silly or that's incorrect? And I said, well, I'm going to give you the entire decision tree and you're going to be able to look at the decision tree and understand what it says. So the only way that my model can be wrong is if I have a bug and there are bugs all over the internet, so I'm as fallible as anybody else, but we're going to do our best not to have those. And then, secondly, if the data is wrong and if the data is wrong, well it's wrong all over the website too, and we're going to fix that. But generally, 99.9% of the time, for 99.9% of the stocks, what we say is going to be accurate. It's going to be correct, it is going to be as unbiased as possible, because I'm not trying to tell you, as a value investor or growth investor or whatever, what you should do. I'm just trying to describe the various aspects of the stock. I wasn't there to give you a buy, sell hold recommendation. I was purely there to help you, as a self-directed investor, understand more about the stock, about the company. You know you brought up something that's really interesting about that. Louis: I mean, I have to. You know you're talking about large language models and it's a little bit of a black box. We don't really quite know, and you're dealing with these big decision trees, or you were at that time and it was traceable, like you could trace the logic which made me think, okay, we have data and the data can be right or wrong, and then you have the logic, and the logic can be right or wrong. And I think that's one of the things that I always have a little. I'm having a little bit of an issue with with some of the AI is the logic element of it, because you like how much of it is curve, fitting what is real behind it, so we could use it. I had a tech executive tell me one time that the big thing with AI is it can help us with speed and it can help us with accuracy if we use it correctly. But it's not necessarily like you still need human thought. You still need that ultimate human element to it. That's my personal opinion on that. But the fact that you were using decision trees early on, you know that and just to get information, that way you were speeding the process for the investor, basically. Jason: Right. Louis: Like they would spend a lot of time looking for all those things. But you systematically sped it up, which is a a big thing for and we and we all have that now that's and it's, there's just like different flavors of it, um, so, uh, it's, it's that whole. It's a whole. Nother topic we can get into a little bit later. But I, I, uh, I remember you talking about that when you were doing working on those projects, um, wondering where it would go next. Um, you know, as far as that goes, but getting back to your, getting back to your, your story, let's get back to your story. Yeah, sorry, keep getting off track. Yeah, that's okay, yeah. Jason: So while I was at that job I did, I did a number of things. I mean it was really, it was really an exciting job in so many ways. But the two big things that I did were really this you know, running the natural language generation product right. This thing we called it smart text, um, and so that's that ai thing. But then the other thing that I was so excited about was doing education right and and our. So this started back in 2006 or 7, um, I started doing brown bag lunches where I would just put together a presentation and teach our developers and designers and engineers all about everything they needed to know about investing, not so they could go out and make a million dollars, but rather so that when they were building the tools that we were all using, they understood their subject matter right, that they could be engaged with the topic and identify with the end user and really understand why a PE ratio mattered or why a chart mattered. Simple thing, like in design, you'll notice that there's a lot of white space on many pages and they talk about that as being good design. It's actually a really bad design for investors and the reason is well, depending on the type of investors, but for slightly more active investors, engaged investors, what they want is information dense things, and so I would help steer our design team to create things that were a little bit more information dense, an example being a chart, a price chart. You don't want to have to scroll up and down too much to be able to read your price chart on your Schwab account. You want to be able to type in NVIDIA and load up a couple of indicators that you want to see. Put your MACD on and then MACD is a lower indicator, maybe an RSI, maybe whatever Put those things on there and be able to, in one view, understand the trend, momentum, volume and volatility from that stock right. That was another thing that we did when we rebuilt Schwab's charts. I'm kind of proud to say that Yahoo actually stole this, but we broke the indicators out. Previous big charts started this. They said indicators are either separated out as upper indicators or lower indicators, and that doesn't tell you anything, and I'll credit John Bollinger. I learned all this from him is really you know, people should understand what goes into the indicators. They should understand as much of the calculation as possible, right, what the inputs are and what it's giving, what information it's giving you, right, and then separate those out into different sort of you know I'm using the term factors very loosely but into the different factors of technical analysis. So, is it trend, is it momentum-based, is it volume, volatility you can come up with others as well but, right, where does it fit? And if you're looking, if you put a bunch of indicators on a chart and it turns out that they're all trend indicators, well, you really have one indicator and so you're not getting a full picture. So go put some momentum indicators on there to understand the speed and whether the trend is about to be exhausted or not. So it's things like that that I really wanted to help both the end user of our products as well as the the, the person who was building the products, understand so. So I ended up writing for about three or four years. So we started that in 2007, but it was. They asked me to put it on hold after a while cause it was taking away from a lot of my work. And then, in 2018, our CEO came to me and she said you know, you used to do this, these brown bag lunches. I would really like it if you would just write. Just write a newsletter for the whole company. The question of the week, so Fridays. I'd ask the question, and it might be how many? How many stocks are there in the S&P 500? And I haven't looked at the number recently, but I think the number is still 501, right, it might even be higher, but there's only 500 companies in the S&P 500. And so that's the distinction. There's 500 companies, but some companies have multiple classes of stock that may be in the S&P. It might be 505 now I can't remember. I have not looked in a long time, but that was effectively the answer, and so it became just a really fun thing to write the answer, and so it became just a really fun thing to write. Yeah, so teaching people about vampires right, became a way of telling them. Why are vampires so rich? It's simple They've been investing for hundreds of years and so they've had time to let their money compound. Assuming that Vlad the Impaler, the first vampire, he was a prince. Let's just put a number on that $10,000 in today's money. What does $10,000 grow to over 500 years? It grows to trillions of dollars. And then, if you spend 1% of that every year, how much money are vampires spending? Today, vampires are spending billions of dollars. Vampires are probably supporting our economy. Louis: They've got to be the richest people in the world. It's like puts vampires, yeah yeah, it puts elon musk to shame, I mean really so maybe elon's a vampire yeah, you never know, maybe a little similar, I don't know. That's that's wild. Well, um, so you have this creative side to you. That's that's driven that. And then how did you get um, like, was it just a natural progression for you to do what you're doing now? Jason: or maybe you should tell us a little bit about what you're doing now yeah, so so let's get to what I'm doing now, because that's important and I know that, um, they'll be watching this and they'll they'll kill me if I don't talk about what I'm doing now, because they also really like it. Um, I'm having a lot of fun. So, you know, you go through ups and downs in your career and I definitely there were times when I absolutely loved trading and absolutely hated, and that might be the same day. I might love and hate trading. Louis: In. Jason: FinTech it was. I might love a year and hate the next year and, you know, love the next year for that. It was project to project and here you know right now what we're doing. So I work for I'm currently the managing editor of the street pro and so so you are probably familiar with the street. Jim Cramer founded it back in I don't know 1997 or 1998. It was really the first, the first and best of its type where you could come and get financial news and information. And then, not long after they started the street, they brought, they created something called real money where they brought in people like Helene Meisler and and Doug Cass and they would create something that was more of a subscription product but more of a newsletter, newsletter product where Helene would write top stocks is what it became and Helene would write her brand of you know market sentiment analysis and it was really great. And Jim Cramer left about two years ago and I've never met Cramer. I've heard him speak before but I don't know Cramer, don't know a lot about him. But I'll say this is a business that was 25 years old or is 25 years old now, and it's going through a lot of change. So we're trying to figure out what will it look like in the future. And one of the big things I love this I quote it all the time but Barry Ritholtz was one of our. I believe he was a street contributor at one point. Barry Ritholtz has gone on to become a Bloomberg contributor and have his own money management firm, but earlier in his career, I'd say, he made his name at the street, as did a lot of people, and so he calls the street the Motown of Finance and he says that the Jim Cramer was sort of this I think the name is Barry Gordy character who you know sort of larger than life in many ways, and he brought people in, brought people in and he made them stars right, and so we did the same thing, or he did that at the street, and so we're in the process now of trying to do that again. We have great contributors. They're all wonderful and they provide really great perspectives on the market, and sometimes they disagree and sometimes they agree. I asked a few of them to write about GameStop recently and it was really great to see the kinds of things that I got. But we want to get back and we want to make these people, we want to make our contributors, who are such great analysts, stars again, right. So we're trying to change a lot of things that we do in the business. In the past it was really Jim Cramer. The last five years, I'd say, jim Cramer became our number one star. I want Helene and Doug and Sarge and Rev Shark and I could go through the whole list Chris Versace I want them all to be stars too, and they want to be stars and they are because they're so good. So we're working at how we can do that, how we can elevate the content, not just to make the contributor stars, but really to showcase how good they are as we go and help more investors to be self-directed investors, be more successful in their trading and investing. And I say we have two different types of products, really Our value add. If you are a trader, a self-directed trader, you might spend your time on Doug Cass's community, right? So Doug has his daily diary. Doug's a hedge fund manager. He's out there from three o'clock in the morning. He's sending us stuff. It's crazy. The editors have to be there editing and putting it up from. They start at 5.30. So the editors are in there at 5.30 in the morning putting Doug's ideas up all the way through the end of the trading day, and then in the lower half of that page is a community where we have many, many people from the community, some of which I won't say any of their names, but some of which are fairly big names in finance and investing. We know who they are. On the site they really the community ends up feeding on itself and providing great ideas just among each other. There's one guy who talks a lot about cryptocurrencies. We don't have a lot of cryptocurrency content on the site. We're working, we're going to be adding some, but this one person alone actually provides some of the best crypto content I've ever written, and he's paying us right now, at least for now us right now, at least for now. And so the other products that we have. We have where you can get trading ideas or investing ideas. We have some people who are a little bit more technical focused, some who are more fundamental focused. We have one person who does really well providing dividend ideas. Another person is really great at more fundamental, value-based ideas, but then we have a whole portfolio. You can come to us and we have Chris Versace runs our pro portfolio, where we help investors understand not only how to put together a portfolio and they can just copy this entire portfolio but, the thing I love about it most, every week Chris writes a weekly update talking about what he sees in the market, what's coming up, economic things that are happening. But then he goes through all 30 holdings. He tells you the investment thesis you know I'm big on the investment thesis, lewis right, you should have a thesis, you should know why you're investing something and you should update it frequently. Right, chris updates the investment thesis every week. And then he tells you what his target price is and his panic point, his stop right, where he's going to realize that his thesis is incorrect and he's going to re-evaluate, probably sell the position. And then he just goes through and gives you sort of a weekly update and says, yeah, here's what happened in NVIDIA. Jensen Wan was out doing whatever he did. He spoke to these people. So that's what we're doing and the product is great and we're, you know, really excited. Now we have a lot of energy around what we're doing and how we're, how we're rebuilding, um, building I keep saying rebuilding like really we're taking what we had, which was a solid product, and we're just building off of it. We have, uh, later this month this will be the first time I've kind of mentioned this Um month this will be the first time I've kind of mentioned this Our marketing team doesn't even know but later this month we're doing a roundup, or we're actually calling it the quarterly call. So this will be the end of every quarter. Now we're going to have four of our contributors come on and really just talk about what they see in the market and have kind of a little panel discussion, and so that'll be really exciting, but it's things like that that we want to do. Louis: Yeah, it's good to hear the actual real time discussion, you know, because you get more color about it. But I love what you said about the Motown or the. Who is it? Who said a Barry Ritholtz? Jason: Barry Ritholtz. Louis: Yeah, I said that. I mean I thought I had so many like visions in my head because, you know, I'm a musician too and I I'm thinking about motown. I fell in love with motown as a young kid. My parents listened to it and the first thing that I thought about was that these, a lot of these people that were, uh, involved in motown, they were, they were completely isolated from the music industry. So so you know, you can find a lot of talent outside of, people that are like right in the mainstream of the music and of the Wall Street, kind of normative Wall Street. I mean you have to do something different really to be unique like that. And sometimes I think groupthink hurts Wall Street. In fact, I was just telling my wife this morning. I got out of the shower and I said you know what, in a way, wall Street is kind of like not even a thing anymore. Like you know, it's like I don't even think of Wall Street anymore as Wall Street. I mean last time I was there it didn't even seem like Wall Street to me. I mean it's still, it's still a thing mentally, but it's not. It's like I really think it's time for Motown. Jason: I think you guys are right in the thick of what we should be doing, because there's so many great thinkers that I run into who are not anywhere near the center of Wall Street, quote, unquote. So that's, yeah, one of the things I really want to steal comes from Chicago. So Morningstar in their quant reports. So if you have a Schwab account or any of these, they pretty much all have Morningstar's reports. These aren't the quant reports, I'm sorry, it's actually the ones that are handwritten by analysts, but on page I don't know two or three they have a module that says bulls say and bears say and they go through the bullish case of a stock and the bearish case of a stock, and that's something that I want to institute everywhere. Everybody should be with everything right. You talk politics, you should have a. You know what are the positives, what are the negatives. Whoever your candidate is doesn't matter. They have positive, they have negatives, that's right. You know your friends have positive, negatives. Like everything has a positive and a negative, and you have to look at both sides of the story, especially they say you shouldn't marry your investments Right. Know what the downsides are, Know what the risks are with everything you do. Louis: Wow, there's a lot there we could go into. Jason: I know yeah, as far as the no, no, not politics. Believe me, I mean we're staying away from politics. Louis: Yeah, we're staying away from that. You know, it's more like the I keep thinking of the narrative versus the numbers debate. I always say that I'm more interested in the numbers than the narrative. Like I start with the numbers and then go for the narrative and I think the older I get and the more I've seen, the more I realize that it's not the narrative necessarily, it's just understanding as much as you possibly can about what is true. It's hard to do and so much of investing is qualitative. You know, I mean you know my background. I do a lot of quant factor stuff and all that and that's really helpful in kind of keeping you honest. But at the end of the day, when I look at the stocks that have done really, really well for me, or macro trades like futures type oriented trades, it's been because I had some piece of knowledge and understanding about something that I just knew with a high conviction that was true and I stayed with it and it made a lot of money. So that is really hard. I don't think the quant sometimes leads you there, but it may not necessarily. It's not usually the end, like the end all be all, and a lot of times if you look at the best quantitative stuff it tends to turn over a ton. Right, it's like like momentum. Well, you know, you could say like, okay, I'm going to run momentum screens on stocks and the best parameter set is going to be me like turning over quite a bit. But then after tax and reality in the real world, you're really not making that as much as you would think, whereas you might find something that's gaining momentum that no one's talking about, like I bought not to talk about. I shouldn't talk about specific names right now, but there's a particular stock that I bought where I understood what was happening. It did come up in a momentum screen. It was a very small company at the time and then it just went ballistic. That now did I know it was going to ballistic? No, not to that degree. You know, I didn't think it was going to go up. You know 500% in, you know three months. But it's one of those things where you, if you know something, there's so much more to the narrative, so you go into the Motown aspect of things. There's value in that. We, we numbers are becoming a commodity, almost right. Everybody can get all these numbers and we can, we can move things around. Anybody can go on chat, gpt and, you know, pull, you know I get certain things. So I, you know, I don't know I'm becoming more of a qualitative guy the older I get. Is that that's weird? Jason: I have a theory on that. Let me know what you think. But I think that you are able to become a qualitative guy now because you have been a quantitative guy for so long and so because everything that you do there's, you know, there's a famous saying, it comes from consulting. I think you can't manage what you can't measure, and so everything that you've done as a quantitative person has been to measure, even when you run that quant screen and you get a list of stocks and you know that this list of stocks is going to turn over at the same time. You probably know well, this is going to turn over. But let's pick on NVIDIA. Nvidia is on the list right now and, because of these other things that I know through my experience, nvidia may come off in two weeks, but it's probably going to come back on in a month. I should just hold it Right, yeah, and so I think that you've spent so much time in the markets and it comes down to the word is experience. Right and that's why you hire a financial advisor. Or you hire, or you take a subscription to the Street Pro, or you want to get the experience of other people, especially as you're learning. Louis: Yeah, yeah. Jason: So now you can be. I was just going to say one thing. One thing is you can be sort of a core satellite where you can take your core investing, and maybe you want to be self-directed and buy a portfolio of ETFs, or you want to give that money to your financial advisor, give it to you, lewis, and then, with sort of the satellite funds, play money or whatever. You use your own experience Maybe it's in your own industry or whatever it is. You're trying to add that extra bit of alpha right and have fun maybe, but but keep yourself intellectually engaged. You have, you know, sort of the core of your portfolio over here and then kind of the rest of it where you can do things with as well. Louis: Yeah, I totally, I totally agree with that. So you know, this is just kind of getting me into this the fear and greed concept. You know you got involved with the fear and greed. I'm not, I'd like to hear the story about how you got involved in and what you, what you did in that. But when I think about the fear and greed index, I always think about that fish that's in the bowl and doesn't realize that he's in water and but you know, but if he steps outside and looks at he's like wow, I'm in water, right. That's kind of what sentiment is to me. It's like we're part of the sentiment, like we are, we're the observer. It's like the Heisenberg principle, like what we look at, we change, right, and that's sentiment, and fear and greed is kind of like a great overall, you know, easy to understand way of looking at that. But I guess I want to let's start off with your story, like how did you get into the fear and? Jason: greed project and what, what. What was your progression through that? So yeah, I mean, after coming from Wall Street, I'll tell a really quick story because I think this it's in it's in the article that I wrote too. But this story is a story from business school and I can't remember if the numbers are correct, but they're approximately correct and the timing is approximately correct. I was in business school, part-time, at night. I was working as a market maker during the day and then at night I was at NYU taking a class and this class was a valuation class and they asked us we had to come up with, we had to do a discounted cashflow analysis of a stock, and each group got to select whatever stock they wanted and I proposed to my group let's pick JDS Uniphase, because it was one of. It was the NVIDIA of its day. Oh yeah, hopefully NVIDIA will have a better future than JDSU did. But my group was all they said absolutely, let's do that one. And the stock was trading at I don't remember exactly, but probably about $165. Okay, and so we sit down and we do our analysis and we're doing discounted cashflow analysis and one of the big inputs to DCF is understanding the growth metrics right and forecasting growth. And forecasting growth means looking back historically, figuring out how fast the company has been growing and just saying you know, is it going to speed up or is it going to slow down? Eventually they all slow down. It will slow down, but you have to figure out how long that's going to take. So we did the analysis and we figured out it would slow down, I don't know, over 10 years or something. Something pretty reasonable, probably pretty generous as well, and we came up with a value Again. Remember the stock's trading at $165. We came up with a value of $2.25. And we looked at it and we said can't be, can't be. We learned in our last class the market's efficient, this is all wrong. I don't know. We did something wrong and so we went back and we now this time we went crazy. We're like this stock's going to speed up its growth. It's going to, instead of growing at 50% per year like it has been, it's going to grow at 100% forever. And we came up with a value of $225, right, and so the stock gets added to the S&P or maybe it was when they confirmed that it would be and the stock jumps to $225. It jumps to $235, I think was the high I sell my stock at like $225. Louis: And so we were right, that was a good trade. Jason: Good trade. And then we go and we present our research to our professor. And this is where it's really funny. The professor, who was so outrageously smart, could do any math problem in his head. But he's looking at us, he's laughing at us. He's like really, you think this thing is worth $2.20? We're like, yeah, here's the research, here's what we did. And he's just laughing at us. And then he says how could this company possibly be worth more than Apple? And Apple at the time was trading at $19, which, split adjusted, is probably something like negative 10 cents. And he said Apple has $16 in cash on its books and, whatever he's like, Apple is definitely worth more than JDS, Unipay. And, of course, this guy's probably retired on a private island somewhere. But what I took away from this whole story oh, and the other thing is we were right on both sides. We were right with $225 call because the stock traded to $235. And within two years the stock was trading at something like $2. So we were right on both ends. And so what I took from that was I'm not a great analyst and I'm not a great forecaster. I'm especially not a good forecaster. Okay, but what I can do is I can look at data and I can back into things and I can understand well, if I look at, if I calculate, if I back into, how do I get to $165 or $200 for JDS Uniphase? I look and I say, well, the market has really high expectations of this company and those expectations are nothing but sentiment. Nobody knows. Louis: I think that's all you need, though, jason, I actually don't think you need to be a great forecast Like that's really all you need. So, cause, if you know those extremes, you avoid mistakes, because the more I do this, the more I realize that's what it's about. You know, if you're going to put X number of units, and risk units if you will, in your portfolio, if you don't make a lot of mistakes and you compound reasonably, you're going to do great. It's just like reading. You know Warren Buffett always talks about read chapter eight and chapter 20 of the intelligent investor, which everyone should do, by the way. In fact, I'm set I send that book to clients and just say read this. You know that's what all it is about. I mean, that's basically what it's about what you just talked about right there. You don't really need to be a great forecaster. You just need to avoid a lot of mistakes and have a reasonable amount of diversification, not too much. And yeah, I mean you hear about people that have made like great calls consistently, and then the more you learn about them, the more you realize that there was something else part of the story. You know what I'm saying. There was another part of the story that you didn't really hear about, and a lot of it boils down to not avoiding mistakes, having discipline, risk management, things like that, but anyway, I got you off your topic. Jason: It's all risk. Yeah no, yeah, no, no, yeah, and it's. It's important to cut me off too, because I can. I can talk about certain things for too long, but I'll just. I'll just cut right to your question, which was fear and greed, yeah, yeah. And so how did I get to that? Literally, I, from that point in about 2000,. You know, I got much more interested in technical analysis and and, and I started thinking I'm not so much like a stock picker and I'm not so much into, you know, the MACD and the RSI. I'm much more quantitative. That's my interest in technicals. Technicals really helped me become more quantitative and more interested in looking at the big picture, understanding how to measure the big picture, and so I started looking at indicators and things that people like Ned Davis was doing. Right, I, I a big fan of Ned Davis, ned Davis's work. There's some other providers that were like that, sentiment traders Another one. I like all those, I like what they do and I started trying to replicate. You know, you don't know what their secret sauce is, although actually Ned Davis has a really good book. I'm looking at my bookshelf somewhere out there when Ned Davis's book is being right or making money. But then his chief strategist wrote another book where they actually go in and they tell you how to build a, build their, one of their sentiment indicators that has nine components to it. I was messing around with that, trying to figure out, trying to understand these indicators and understand the signals that they gave. And I hadn't around. That same time, cnn was one of our clients at what was then Wall Street On Demand and our CEO was out talking to them and he was talking to Lex Harris, who was their editor in chief, and Lex said you know, I don't know what this is, but I want to build something called the Fear and Greed Index. Can you help me? And Jim, our CEO, came back and he came to my team and he said so CNN has this kind of crazy idea. They want to build something called the Fear and Greed Index. What do you think has this kind of crazy idea? They want to build something called the fear and greed index? What do you think? And everyone on the team pushed away from the table. They're like what a bad idea. And I was left sitting there going they thought it was a bad idea. Yeah, they just you know they didn't get it. It wasn't what they do. I thought you were going to say mic drop. Louis: I literally thought you were going to say mic drop. Everybody said that's a great idea, let's jump on it. That surprises me. They looked at it. Jason: Yeah, they were like well, and they didn't know how to do it right. It wasn't what they were interested in. The team all had very different kinds of backgrounds, and I was the only one that had that more market-related background. The others were really more analysts Smart guys, great guys, but much more like. They could probably pick a stock better than I can, but they cannot tell you if we're in a bull market or a bear market. So I'm sitting there saying this is the greatest opportunity ever. And so they got me on the phone with CNN, with Lex, a day or two later, and we just started putting together ideas and Lex basically said look, I don't know what this thing is. You kind of know what I want to do. I just want something that really represents that quote that Warren Buffett says, which is you should be fearful when others are greedy and greedy when others are fearful. So what, what is that? What does that look like? And so I just went and built it. Luckily, they gave me Jim. Our CEO's son was also a statistics major at Yale, and so for his summer internship that year, he sat with me and we went through and took all the indicators that I had put together and we did a principal component analysis, which is really important because you want to make sure, just like we said earlier, when you're looking at a stock chart, you want to make sure that your indicators aren't all trend indicators or all momentum indicators. The same thing, we want to make sure that each of the indicators, within fear and greed, didn't step on one another right, that they weren't saying the same thing, or really just that they worked well together, that they were each complementary, right? There were a couple indicators that I wanted to include that just didn't make it for budget reasons. Cnn is a media company. Media companies don't have huge budgets these days, so I couldn't do things like market valuation, s&p 500 valuation, or we wanted to use the, because by this point, market had bought us, and so I wanted to use the credit default swap index and I could only get end of day CVS data, not intraday, and so it just didn't fit with what we were doing. Um, so there were, there were some indicators that we left out that really would have been perfect and, um, you know, later on I got I got to use for other purposes, but not for the fear and greed index. But I got to use for other purposes, but not for the fear and greed index. But yeah, right now you know the fear and greed index, the seven indicators that are there, we selected one that is purely just the S&P 500, right, normalized. So we understand if it's sort of fear, you know, fearful or greedy. But then we have two that are breadth indicators. So how broad is the advance or decline? And is that moving in concert with the market or against the market? Then we have two that are options related the put-call ratio and the VIX. And then we have two that are bond market related One that compares the spread and yields between low-quality junk bonds and high-quality investment-grade bonds, as that spread is tightening. You see that investors are, you know they're more, they're seeking out risk because they think that they can get better returns. And then the last one is where we compare the returns on stocks to the return on bonds over a 20-day rolling period, total return as well. So for all these underlying indicators we're using ETFs. So this is actually something that can be replicated by anybody, but there are a lot of mechanics and calculations that go into it on the back end which make it. You know, if you are going to calculate it yourself, you got to be pretty sophisticated and be and have a pretty decent data feed. Yeah. Louis: Well, I love that. You know that was put in a scale that made sense and a categorization that made sense. It almost kind of makes sense the way that you did. It is like extreme fear, fear, neutral greed, extreme greed. These are things that we can understand and this is, I think, one of your biggest talents, actually. I think one of your biggest talents actually. You know, like you had said, we were looking for, we did principal component analysis, but we were looking for things that worked well together and complementary. As a quant geek, I would have just said non-correlated, you know or not. I would have used like big, long names of there's some statistical names that are you know to describe, that are like really long and stupid, sounding like to make no sense. I love the fact that you like that, you, you that's the. That is a great skill and I think to be able to take something that is complicated and make it accessible was one of the biggest, I guess, wins from this and it also helps people understand themselves, in my opinion, like if somebody goes and they look at this and they say, okay, right now I'm looking at the website. It says I'm on cnncom markets, fear and greed. It says it's got a number 48 and it says we're neutral but kind of tilting towards fear. So tell me a little bit about, like, how you would interpret this. I'm an investor right now. Let's say I have a reasonably good sized portfolio. I want to grow my wealth, but I also want to manage my risk. How would I? What would I use this for? How would I think about this? For like, really, like practically, how would I use this? Jason: Okay. So what does neutral mean? And neutral is really that center zone of I don't know what it is right. So the first thing I'll ask you to do and I know users or people who are watching or listening can't see this, but in the upper right corner you can see where it says overview and timeline. So the first thing I want you to do is click on timeline, okay, and what you'll see is a chart of the fear and greed index for the last two years. And especially when we are in this neutral area and we don't really know what the overarching sentiment is, it's important to look back over historically, just like we said with the PE ratio. Right, you can look back and compare to peers, or you can say how is it versus history, and so what we see is this 48 is an increase over where it has been. But, more importantly, we're sort of in this weird consolidation period. Fear and greed is just kind of ticking up and down, up and down. It's not really doing much of anything. So, however, we have dropped from a level of greed right Back before April and I'm going to pat myself on the back. I don't write much about fear and greed. I'm going to start, but I don't write much about fear and greed on our site. I did post in one of our little communities. I said, look, hey, just so you guys know. You don't really know me, but I built the Fear and Greed Index and here's what I've been watching Fear and Greed. It has just broken down. I think the market's going to break down with it, and you know my timing was amazing and the next day the market broke down. So, yeah, good for me, blind squirrel. But so what I like to do is I like to look and see and look for patterns and try to understand what is it doing and how does it compare to the market. So a few things, all right. What really matters is fear tends to be good. What happens when the indicator goes into fear or extreme fear? What we see is that standard deviation of returns. So the volatility of the market increases, and I think we're talking about forward volatility too, not like a month out, but days out if you want to measure it each day and sort of see what's happening. Volatility is just high when we are in extreme fear and fear because investors are nervous. What happens when investors are nervous? Good time to buy, right. The other thing is greed happens a lot. Okay, and greed is not necessarily a bad thing. Extreme greed is oftentimes a good thing. Okay, extreme greed tends to have. There's two times that extreme greed happens and one time is a great time and the other time is a high risk time. Okay, the great time is when we have been at extreme fear. The market has fallen maybe the market fell by 10% or something and we're starting to see a rebound and what you'll see oftentimes is the components of the fear and greed index spike and everything spikes, everything jumps up and we get to extreme greed because we've gone from a low level and all of a sudden, investors are committing new capital to the money. Investors are getting excited and we see extreme greed. Extreme greed is almost always good, except when, if we were in some kind of an uptrend okay, we've been, we're in an established uptrend, something good happens, the market kind of spikes. We don't. It's rare that we really see extreme greed during an uptrend, but let's say it happens. Well, that tends to be a period where probably just don't want to commit new capital right now. I probably want to take a breather, wait, because risk is higher. You know it's extreme fear to extreme greed, but really it's low risk to high risk. Louis: But sometimes, as you know, sometimes that greed can be really good too. The other thing yeah, go ahead, sorry, no, no, I was just going to say that reminds me of like the traditional technical interpretation of momentum is after you've had a bear market, you always get to an overbought situation. That doesn't mean the trend's over, it just means the trend's beginning, and it's almost the same concept. It seems like to me to some degree like you're looking for the extremes, but sometimes you have to interpret it the opposite way after a certain condition, after a bear market or after you've had really a lot of fear, and then it pops back up to greed, well, that doesn't mean the trend's over, that means we're just starting to go up again. Exactly yeah, and you have a continuation of the trend. Jason: Right, yeah, yeah, completely. And so with anything, with any indicator, you have to look at it in context right. Everything from an economic indicator, cpi, et cetera. Everything has to be looked at within context. And with that, I think you have to look at the context within the fear and greed index, and that's why there are the seven components, and I actually feel that the seven components are more valuable than that headline number, than the speed dial, right. So we start with and CNN came up with these names and I love it that they did that, because they are so much better at explaining things than I am and they really they said well, you know, here's who our user base is. We want this to be something that is a sophisticated trader can use it. And, as you know, as we heard Katie Stockton tell us several years ago, lots of hedge funds use the fear and greed index, right, they use it as one of their marks to understand what investors are doing. But they want it to be understandable by retail investors, by my dad hundred versus 125 day moving average just to see how far like what is the momentum right. Use that word, it's completely accurate. What is the momentum Is it? Is it so high that it's potentially exhaustive right now? It's so high that it's potentially exhaustive right when we and we normalize it both over the last six months. But then we also go back and we normalize it again over two years to say is that six month number that higher, low that we have? How does that compare where we've really been over a longer period of time? And then we look at, as I mentioned, two measures of stock price strength and stock price breadth. So market breadth we're looking at both 52 week highs and lows on the New York Stock Exchange and then the McClellan Volume Summation Index. So really is money flowing into stocks going up or money flowing into stocks going down? Louis: And what we see is both of those numbers are sitting at extreme fear. Because, those are great indicators. They're such great indicators. Yeah, I mean, I remember back in the day doing a ton of backtesting and those were some of the most robust indicators, all three of them, especially on the new highs it's actually new lows is actually more valuable, in my opinion, based on the research years ago, than the new highs, but just because it showed that extreme capitulation. But those are great and they are complimentary. One is like the number of stocks hitting highs or lows, and then the other one is more. The McClellan summation is also very valuable and it can be manipulated in so many different ways. So and I love that you have three dimensions to that and while you were telling me about this, what struck me is I always try to put things in perspective for the individual investor and for the. You know how they can think about these things and make it useful for them. And I think one of the things that could be useful with this, or is useful for this, is understanding how you're feeling. Like you know, if you've just gone through a period of angst with your portfolio and then you notice that this thing is at fear, right, well, everybody's being fearful and like it's like what are you going to do in your portfolio during that period, right? Well, everybody's being fearful and like it's like what. What are you going to do in your portfolio during that period of time? Jason: Exactly. Louis: You know what how? are just you know how you're feeling, like if you can step away like that fish in the fishbowl with in the water, you know and say, yeah, I'm in the water and you know, and, and this is what's happening, and what am I going to do? And stay level headed. I always talk about like staying level headed is the most important thing as an investor. It's like if I'm overly optimistic, I need to bring myself down and if I'm overly pessimistic, I need to bring myself up. Tom Basso mentioned that to me years ago, who was one of the market wizards. Jason: Right. Louis: Talking about doing that, and I've really that's been probably one of the market wizards, right, talking about doing that, and I've really that's been probably one of the most helpful things for me personally and for advising clients as well and managing money. Just it's. It's it sounds so simple. It's like oh yeah, I know that, but yeah, but do you do it? Jason: Exactly, and that's where it's important to have something that's quantitative and unbiased, right, and I'll tell you a story about that that confirms what you just said. But when we first, a few years after we launched Fear and Greed, I was talking with a financial advisor and he said, oh, I use this thing all the time with my clients and I love it. He said how do you use it? And he said, well, I introduced them all to it. And then, when they call me, when the market is down, wanting to sell their positions, wanting to reduce risk the market's already fallen by 10% or 20% and now they want to reduce risk he says, ok, hang on a sec, go to CNN Markets, fear and Greed. What do you see? And they say extreme fear. And he says, ok, what does that mean? And the client always says, okay, what does that mean? And and the client always says, oh, yeah, everybody's afraid right now. Yes, and what does that mean? That means I shouldn't panic. And hey, let me write you a check because this is a good time to invest. Louis: There you go. So one thing I noticed that's not on here is valuation, which is so hard to time valuation. So this is, you know, valuation. So if you put this in context with valuation, then I think you have a powerhouse, really, because absolutely yeah. Yeah, because then you have that long-term

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#bolsadevalores #daytrade #análisegráfica #gráfico #trading #dólar #índice #ibovespa #médiasmóveis #estocásticoAl Brooks, John Bollinger, Stormer, André Moraes, Flávio Lemos e muitos outros nomes em um evento gratuito. GARANTA SUA VAGA NA SOCIEDADE DO GAIN e aprenda com os melhores: https://bit.ly/sociedadenogainCaio Scotte e Márcio Kieling são os apresentadores do mais novo projeto do GainCast. O podcast "A arte do trade". O que esse podcast tem de diferente do nosso clássico GainCast? Bom, além dos apresentadores, nesse novo programa os entrevistados além de contatem suas histórias, abrem o gráfico e mostram seu operacional, o que eles acreditam na análise técnica. Em outras palavras, eles vão mostrar no gráfico como tiram dinheiro do mercado.O entrevistado do episódio #1 é José Mograbi, um cara que foi diretor em uma grande empresa por mais de uma década e decidiu migrar para o day trade para ter mais tempo com a família. Sei que vai ser comum repetir isso nos próximos episódios da "Arte do Trade", mas foi uma VERDADEIRA AULA!

#daytrade #bolsadevalores #trading #mercadofinanceiro #dinheiro #traderbr #análisegráficaAl Brooks, John Bollinger, Stormer, André Moraes, Flávio Lemos e muitos outros nomes em um evento gratuito. GARANTA SUA VAGA NA SOCIEDADE DO GAIN e aprenda com os melhores: https://bit.ly/sociedadenogainHost: André Moraes e Martha MatsumuraConvidada: Marina Trader

Getting the bands together. John Bollinger of Bollinger Capital Management joins Investor's Business Daily's “Investing with IBD” podcast to talk about the origins of the Bollinger Bands and their use in measuring price volatility. Learn how to use it as a trading signal and why ETFs have their strengths and limitations. Plus, if you're still bandying about ways to use them, we check out Cintas (CTAS), Intel (INTC) and Amazon (AMZN). Learn more about your ad choices. Visit megaphone.fm/adchoices

Drought, followed by significant rain in August, cost a central Missouri farm several dozen head of cattle. The animals died after consuming grass that turned green following the rains, but retained toxicity caused by drought stress. Subscribe wherever you listen to podcasts to have Digging In sent directly to your smart device each time it's released! Host; Janet Adkison, Missouri Farm Bureau Director of Public Affairs and Advocacy Guests: Davin Althoff, Missouri Farm Bureau Director of Marketing & Commodities, and Dr. John Bollinger, DVM Producer: Natalie Ayers, Missouri Farm Bureau Video & Audio Media Specialist

The Minot Hot Tots play in the collegiate summer level Northwoods League, and are named for a potato-based regional delicacy. Guests include: John Bollinger, team owner: northwoodsleague.com/minot-hot-tots John Worthen, Worthen Design: www.worthendesign.com Elizabeth Meyers, I d'Eclair Pastry: www.ideclairpastry.com Jessie Elsbernd, Morning Fresh Dairy: www.morningfreshdairy.com Dan Simon, Studio Simon: www.studiosimon.net, Insta @studio_simon Find the Baseball By Design podcast online: Twitter @Count2Baseball Instagram @baseballbydesign linktr.ee/BaseballByDesign Baseball By Design is a member of the Curved Brim Media Network.

The Bismarck Larks of the collegiate summer level Northwoods League pay homage to a mild-mannered bird that makes its home in the area. But when they're feeling a bit frisky, they play as the Missouri River Motor Boaters. Team owner John Bollinger, designer John Worthen, and wildlife consultant Ranger Amy Burnett join, and Dan Simon is back with a Studio Simon Stumper! Bismarck Larks website / Twitter @bismarcklarks John Worthen, Worthen Design website Wildlife Consultant Ranger Amy Burnett Twitter @RangerAmy Baseball By Design Twitter @Count2Baseball / Instagram @baseballbydesign / Website Curved Brim Media Network Website / Twitter @Curved Brim

John Bollinger is President and Founder of Bollinger Capital Management. He invented Bollinger Bands in the early 1980s, and now the adaptive tool helps traders of all experience levels improve their results via pattern recognition, system-based trading, and other techniques. In this interview, John discusses how he typically uses Bollinger Bands on a daily or weekly basis, and how they can be used in conjunction with gauges of volume, trend-based indicators like MACD, and overbought/oversold indicators like MACD, RSI, and MFI.John also covers the current market environment and how stocks are “walking up the upper band”, even as they could pull back from overbought levels. He further explains why he believes this is both a “portfolio manager's dream” and a “classic swing trader's market.” Finally, John gives a sneak peek at what he'll discuss at our upcoming Investment Masters Symposium in Las Vegas, set for Aug. 8-10, 2023 at the Paris Las Vegas. Go to moneyshow.com for more information.

In post-pandemic America, everyone is more sensitive about mental health. If you have ever felt misjudged or misunderstood because you have a mental illness or if you have misjudged or misunderstood someone with a mental illness, you'll appreciate this episode.    Bio Ashley Perkins, PharmD, is a mental health advocate with a background as a pharmacist and educator. She graduated from Butler University's College of Pharmacy and Health Sciences in 2008 and is currently in the EdD program at Marshall University, with a focus on curriculum and instruction. In March of 2020, with John Bollinger, she formed We Matter Too, Inc. which focuses on helping those with mental health issues and mental disorders through first-person narratives of experience. When removing the biggest barrier to seeking help or treatment, stigma or the fear of judgment, you can possibly help more people find help or seek treatment if they so desire. Thank you for listening to episode 212 of The Pharmacist's Voice ® Podcast! To read the full show notes, visit https://www.thepharmacistsvoice.com.  Click on the podcast tab, and search for episode 212. Subscribe to or Follow The Pharmacist's Voice Podcast! Apple Podcasts Google Podcasts Spotify Amazon/Audible Links from this episode https://www.wemattertoo.org/ Twitter - We Matter Too @wemattertooinc  Twitter - DR. Ashley @BecauseIMatter  LinkedIn - Ashley Perkins, PharmD https://www.linkedin.com/in/ashleyperkinspharmd/ Instagram - We Matter Too  https://www.drashleyperkins.com/  Book - I Matter Too by Ashley Perkins (amazon.com link) TEDx Talk - Ashley Perkins Good to Great by Jim Collins Leaders Eat Last:  Why Some Teams Pull Together and Others Don't by Simon Sinek Butler University College of Pharmacy  Florida State College at Jacksonville Marshall University

A Bollinger Band is a technical analysis tool defined by a set of trendlines. They are plotted as two standard deviations, both positively and negatively, away from a simple moving average of a security's price and can be adjusted to user preferences. Bollinger Bands was developed by technical trader John Bollinger and designed to give investors a higher probability of identifying when an asset is oversold or overbought. The first step in calculating Bollinger Bands is to compute the simple moving average of the security, typically using a 20-day SMA.A 20-day SMA averages the closing prices for the first 20 days as the first data point.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4432332/advertisement

The man behind Bollinger Bands speaks.Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreport​​​​​ YouTube: https://www.youtube.com/c/theleadlagreport Facebook: https://www.facebook.com/leadlagreport​​ Instagram: https://instagram.com/leadlagreport​​​ Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off. Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)The Personal Finance PodcastSubscribe now and Master Your Money in Less than 30 Minutes Per Week! Listen on: Apple Podcasts Spotify

Will the correlation of Bitcoin to stocks end?Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreport​​​​​ YouTube: https://www.youtube.com/c/theleadlagreport Facebook: https://www.facebook.com/leadlagreport​​ Instagram: https://instagram.com/leadlagreport​​​ Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off. Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)The Personal Finance PodcastSubscribe now and Master Your Money in Less than 30 Minutes Per Week! Listen on: Apple Podcasts Spotify

I don't know much about Twitter - but I've connected with someone truly amazing. She's real and raw and open - and working diligently to break stigmas surrounding mental health. MY kind of people. And today, I'm honored to have her as my guest on The Be Ruthless Show. Ashley Perkins, PharmD, is a mental health advocate with a background as a pharmacist and educator. She graduated from Butler University's College of Pharmacy and Health Sciences in 2008 and is currently in the Ed program at Marshall University, with a focus on curriculum and instruction. In March of 2020, with John Bollinger, she formed We Matter Too, Inc. which focuses on helping those with mental health issues and mental disorders through first-person narratives of experience. On todays episode, we discuss a LOT of things, including what you can ask your pharmacist, the benefits of sharing - especially when you're trained NOT to share, your rights, and more. Ashley also discusses We Matter Too, Inc and her book, I Matter Too - which absolutely everyone needs to read!! Connect with Dr. Ashley at: https://www.drashleyperkins.com/ wemattertoo.org Buy the book: https://www.amazon.com/I-Matter-Too-Ashley-Perkins/dp/B0B6XX2ZNY Listen to her Ted Talk https://www.ted.com/talks/ashley_perkins_mental_disease_empower_others_by_sharing_your_story

What are the first principles of the market? Listeners this month will embark on a journey of original research. By examining the life and career of John Bollinger, CMT, CFA we will better understand how to identify the foundational elements of any market and begin the investigative process that leads to robust, durable investment processes. Stripping away assumptions, and digging into how indicators are calculated, how data is structured and represented, and what actually drives price will aid traders and investors worldwide in developing their own process and edge. Fill the Gap covers a lot of ground this month, including: Why volatility is an opportunityWhy delivering consistent returns is far more important than picking market tops and bottomsHow Bollinger Bands and companion indicators were developed and whyWhy optimization misleads system developers toward continuously fragile investment strategiesJohn is a lifelong student of the markets who has observed how structural changes and the advent of new investment vehicles have changed trading for each new generation – from the launch of options to the early days of cryptocurrency trading. From this perspective, he emphasizes how important it is to go back to the original source material and the forgotten legends of the markets who had a more intimate relationship with their trading as all their computation, calculation, and charting was done by hand.  This final episode of Season One is a launchpad for further investigation into the markets, demonstrating how thinking like a scientist will help all investors identify tools that provide an edge to the First Principles of the Markets. To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link: go.cmtassociation.org/ftge12.

A Bollinger Band is a technical analysis tool defined by a set of trendlines plotted two standard deviations (positively and negatively) away from a simple moving average of a security's price, but which can be adjusted to user preferences.Bollinger Bands were developed and copyrighted by famous technical trader John Bollinger, designed to discover opportunities that give investors a higher probability of properly identifying when an asset is oversold or overbought.1The first step in calculating Bollinger Bands is to compute the simple moving average of the security in question, typically using a 20-day SMA. A 20-day moving average would average out the closing prices for the first 20 days as the first data point. The next data point would drop the earliest price, add the price on day 21 and take the average, and so on. Next, the standard deviation of the security's price will be obtained. Standard deviation is a mathematical measurement of average variance and features prominently in statistics, economics, accounting and finance.

As world shares hit the breaks on Thursday amid worries over Delta variant of Covid and caution ahead of a Federal Reserve chair address, benchmark indices on D-Street also witnessed a choppy session. Losses in select index heavyweights like Airtel, Infosys and SBI countered the gains in RIL, ICICI Bank and Axis Bank, after which the BSE Sensex settled 5 points higher at 55,949. Meanwhile, Nifty50 ended F&O expiry unchanged at 16,637, rising 5% in the August series, its best since February 2021. Britannia, Tata Consumer, BPCL and HDFC Life were the top gainers in the 50-pack index while Bharti Airtel, JSW Steel, Maruti and SBI were the worst laggards. Although, thanks to the strength in broader markets, the advance-decline ratio favoured buyers. The BSE Midcap and BSE Smallcap rose for the third straight day, gaining nearly 0.3% each. In the sectoral land space, Nifty FMCG was the best performing sector followed by Realty, Auto and Private Bank. On the other hand, Nifty Metal, Media and PSU Bank witnessed heavy selling pressure, down between 1.27%-0.81%. Stock-specific activity remained high on Street. Shares of Bharti Airtel tanked 4 per cent to Rs 587 as investors booked profit ahead of the board meeting on August 29 wherein the company would mull raising funds. That said, shares of Avenue Supermarts soared to a new high of Rs 3888 in trade today, with its market cap soaring past Rs 2.5 trillion. The company finally closed the day, up 2% at Rs 3865. Privatisation bound BPCL gained over 1% to Rs 467 on the BSE after a media report stated that Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buy out the government's entire 52.98 per cent stake in the company. Meanwhile, the newly listed company CarTrade Tech tumbled to its lowest level since listing on the bourses last week. The stock hit a new low of Rs 1425 and settled at Rs 1429, down 3 per cent. That apart, the action is likely to return to the primary market at the start of the new month next week, with Vijaya Diagnostic set to open on September 1. The IPO is priced in the range of Rs 522-531 per share but is entirely an OFS. Lastly, in other news, analysts believe the rally in bitcoin might soon come to an end. The largest cryptocurrency fell as much as 4.4% Thursday to $46,588 and as per analysts chart patterns signal its rally since July is at risk of fading. John Bollinger, inventor of Bollinger bands, in a tweet suggested taking some profits or hedging. Going into trade on Friday, markets are likely to dance to the tunes of global markets while stock-specific action could also keep the investors busy.

LinksJohn Bollinger TwitterMain SiteShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioFull show notes

Legendary trader John Bollinger says the Bitcoin bottom in place, prices trying to move higher, first real target is the bottom side of the prior range, call it 48 to 50k. The El Salvador government discussing paying salaries in Bitcoin. A leading telecommunications provider, GoldConnect, with locations in 17 Latin American countries, now accepts Bitcoin as payment. The Department of Philosophy and Religious Studies at the University of Wyoming is now running a Bitcoin full node with umbrel. United States investment bank Goldman Sachs is planning to offer Ether (ETH) derivatives products in the coming months, setting the stage for wider adoption of the second-largest cryptocurrency and marking a significant departure from the institution's critical stance on digital assets in the past. Bitwise Asset Management – a crypto investment firm with $1.2 billion in assets under management that is trying make inroads in the country's $20 trillion financial advisory industry – has raised $70 million at a $500 million valuation. Miami-based E11EVEN Hotel and Residences is claiming to be the first real estate company to allow deposits for property purchases in the form of cryptocurrency. Backing from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week.Bitiwise Matt Hougan Interview - https://youtu.be/H_Im02iqAeE

John Bollinger, of Bollinger Capital Management on Indexing for Technicians

Pulling Off A Successful Baseball Season During COVID-19 with John Bollinger

Las Bandas de Bollinger son una herramienta útil del análisis técnico. Inventadas en 1983 por John Bollinger nos ayudan a entender mejor el precio.

This bi-monthly LIVE radio show on Radio Free Brooklyn hosted by NYC's Killy "Mock$tar" Dwyer is a tasty quirky, comedy music treat for your ear holes. Mock-U-Mental is served up with a healthy dose of live jams and interviews with your favorite comedic/quirky musicians, topped with listener questions, comments, requests and prank calls, paired with a feel good, mock bottom drinking game. Come play along with Killy Dwyer, her enigmatic husband Craig Schober and featuring Fish And Chips Listen here to the LIVE show!: http://radiofreebrooklyn.com/show/mock-u-mental/ AND CALL IN AT 718-928-9RFB (9732) any time during the show to ask a question or make a comment! Erin's band! Gabe Shuford (www.gabeshuford.com) and John Bollinger (www.johnbollingerhere.com) Donate to their Kickstarter here: https://www.kickstarter.com/projects/erinandhercello/great-blue-a-new-album-from-erin-hall?ref=project_link

Here is some of what you will learn Understanding a 1031 ExchangeThe importance of building a strong internal and external teamWhy Multifamily is the most amount of money in the least amount of timeThe importance of mentorsUnderstanding the due diligence processThe importance of project sequencingThe pitfalls of under insuringFront loading your learning To learn more about our guest, contact at:JBollinger@3CMmultifamily.com To find out more about partnering or investing in a multifamily deal: Text Partner to 41411 or email Partner@RodKhleif.com Join us at a Multifamily Bootcamp, visit:http://MultifamilyBootcamp.com Review and Subscribe acquisitions, john bolinger, apartment investing, apartments, appreciation, Assisted Living, broker, brokers, business, cash flow, cashflow, commercial, commercial real estate, CRE, CRE investing, Defaulted paper, Donald Trump, entrepreneur, equity, Eviction, expert, experts, Foreclosure, funding, Hedge fund, investing, investing in real estate, investments, Rod Khleif, Rod Khleif Florida, Rod Khleif Real Estate, Riyad Khleif , manager, mergers, millionaire, multi-family, multifamily, Office, passive income, podcast, private lending, private money, property management, raw land investing, real estate, real estate broker, real estate cashflow, real estate coaching, real estate investing, real estate investor. Investing, REIT, Retail, Robert Kiyosaki, sales, Sales Coach, sales expert, Sales Training, Self Storage, Selling, Senior Living, Shopping Center, Short Sale, Suburban Office, syndication, training, value add, Repositioning assets, multi-family expert, multifamily expert, multi family investing, multifamily training

John Bollinger wants to own an empire of apartment units….by 2022…he wants 10,000 units. He started several years ago buying a duplex. He lived on one-side and rented the other side. He got a little taste of being a landlord. He liked having a small “cash register” or a tenant helping him achieve financial independence. Over the next few years, he bought several duplexes and four-plexes and then put together his own repair crew to rehab his properties. He then bought a 25 unit apartment building in the small town of Dilley, Texas. It was the only apartment building in the small town of Dilley. He liked the real estate investing business and wanted to make a career out of it. He reduced his hours at work and increased his hours into “his multifamily business.” Today, John owns 174 units. His current portfolio is two assets -110 units in Victoria and 64 units in Kingsville, Texas. He manages his own properties. Listen on how he acquired these assets and what he wants to pursue in the future. To contact John Bollinger: JBollinger@3CMmultifamily.com To contact Dave Walls: DWalls@oldcapitallending.com To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.com Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.

In Episode 37, we welcome John Bollinger, creator of Bollinger Bands, one of the most widely-used analytical tools in investing. As John is also a market historian, Meb start by asking him about his historical influences – those individuals who helped shape John’s perspectives on the markets and trading. John gives us his thoughts, identifying who he believes is one of the most important figures in technical analysis. This leads to an often-forgotten takeaway – that many of the most effective market concepts have been around for a long time. Some very profitable strategies that still work today were being explored 100 years ago. Meb redirects, asking John about his background. It turns out, John was in the film business as a cameraman. But by a few twists of fate, he ended up in front of the camera, providing technical commentary on markets for a fledgling financial broadcast network. This leads into a discussion of John’s famous “Bollinger Bands.” He gives us an overview of the tool, and how he came to establish it. In essence, Bollinger Bands can help investors identify relative market bottoms and tops, helping find direction for profitable trades. Meb then asks if John’s thinking on Bollinger Bands have changed since the early days. John tells us that the core concept stands the test of time, though he has added some extra indicators. Next, Meb asks about combining two types of analysis – technical and fundamental – something John calls “rational analysis.” For many people, you fall into one camp or the other. But John was able to find overlap between them. He tells us how, and even ropes in two additional types of analysis to include – quantitative and behavioral. He thinks combing all four works better than using any single one. Meb asks how you actually use them all together, to which John gives us his thoughts. Meb then asks which sector John is currently identifying as a good source of potential trading profits – but he immediately discounts the validity of his own question. You’ll want to hear why. This leads into a great takeaway – using the right charts for entry/exit in a trade. Specifically, a trader may use a short-term chart to initiate a position, but then not move to a medium-term chart to help him navigate how long to hold the position. Instead, he keeps looking at the short-term chart, which obviously will oscillate, and potentially scare the investor out of the trade. John says “People have this time frame confusion that I think does a huge amount of damage.” Meb then asks about trade management. John says the most neglected issue is position sizing. People need to know how much capital to commit to their strategy, and there is a mathematical “optimal” answer. In essence, the problem is “betting too large.” This leads John to reference the trading concept of “regret” – the percentage of time you’re in a drawdown. Turns out it’s about 80% or 90% of the time you’re invested. The only times you’re not in a drawdown are when you’re setting new highs, and that’s pretty rare. But most investors hate drawdowns and just don’t do well with this reality (part of the reason why investing is so hard for most of us). There’s far more in the episode, including the most influential books John has read, Bitcoin, currencies, how to trade volatility, and John’s most memorable trades (good and bad). What were they? Find out in Episode 37.

Michael: Hello everybody, this is Michael Gross of OptionSellers.com here with your Option Seller Radio Show. We have a very special guest for you this month. This month’s guest is Price Headley. Price is the founder and president of BigTrends.com. He is one of the nations most well known experts on options trading and technical analysis. Price was also inducted into the trader’s hall of fame in 2007. Price, welcome to the show. Price: Thanks Michael, great to be here. Michael: Price, I know you’re very familiar with many different types of options strategies. I’m sure several of our listeners have been to BigTrends.com. It’s a very informative website. Maybe we can start out, Price, by you just telling us a little bit about your background and how you got started in the trading industry. Price: Sure. I was a student at Duke University, actually, studying to be an equine veterinarian. My family’s been in the thoroughbred horse business for generations, and I think I was going to go down that path and then got hooked into a trading contest, a collegiate contest, where ironically I was in the bottom quartile of participants in a four month contest with a month to go, and realized I needed to do something different. So I started actively trading it every day. This is just paper money back in the late 80’s. Turned around and finished in the top 1% of participants and said “Yeah, I think there’s some opportunity here, something I’m really good at, so I told my dad I wanted to do something more conservative than thoroughbred horse breeding. I wanted to trade stocks and options. He thought I was a little crazy, but actually it worked out really well. That was kind of a formative point for me of realizing I really enjoyed more active trading and saw lots of opportunities there. That was back in the day before the Internet, just reading the paper and seeing things that were happening. Now, of course, there’s just even more at all of our fingertips with the Internet, and the ease of access of information. Michael: Okay. So tell us about BigTrends. What do you provide there? How can investors benefit from that? Price: Yeah, sure. I launched BigTrends.com back in 1999 and did it because I thought such a push for information on the web. At the BigTrends.com site, for starters, a lot of free educational information about active trading, and, in particular, you allude to option trading. I’ve always felt like once you learn the core principals of how to find the right stock or market to trade, you of course then can learn option strategies to figure out how to trade that with a lot less capital and a lot more potential return on your investment and still control your risk. We teach people all kinds of strategies, not just in technical analysis, which is pretty much a driving factor for active traders, but then also aspects related to the psychology of trading related to how to build your trading plan. Really just all the different aspects that a trader’s going to go through to assess how to create essentially a business plan to be successful in trading over time. Michael: So, if somebody wanted to be a self-directed trader or, especially, self-directed options trader, your site would really show them a system of a way to get set up to do that. Price: Exactly. Whether you trade stocks, options, even futures, you can apply those principals, but yes, the options is really our focus so that you can really take more control over that part of your portfolio that you want to control. We don’t tell people that you shouldn’t put all of your money into options strategies. We recommend diversification across a lot of different vehicles, but for that piece that you want more of a kicker on your portfolio for additional growth, and then come opportunities. We see more and more people taking that step to empower themselves, and, of course, education is really the starting point to have the proper knowledge to then do things correctly over time. Michael: Okay. You authored a book, Price, called Big Trends in Trading. It’s an Amazon.com investing bestseller. Can you explain a little bit about what that title means and what type of an approach you recommend in the book? Price: Absolutely. So, Big Trends in Trading, I really wanted to take a more quantitative approach in terms of showing people. I wasn’t just talking the talk but actually backing up what I was suggesting as the appropriate strategies to have a meaningful edge by actually showing a lot of systematic trading that I had done and testing that I had done, so actual results based testing. Everything we do here at BigTrends is really geared around that philosophy, which is it has got to have a meaningful edge, not just a little edge, because you’ve got to, obviously, as a trader overcome the cost side in terms of the commissions that you pay, plus any of your other setup costs for your computer and what not. Basically, our view is looking at systems that had a meaningful edge. I started BigTrends in trading with really the overall market-based systems how to really effectively time the market. A lot of the conventional literature says you can’t time the market, but my experience has said that there are a lot of opportunities where you can time the market. More importantly, all of the big mutual funds will tell you that you can’t because they want to have you keep your money with them so they can keep collecting fees on your mutual fund money, but the reality is that would have you miss the best twenty days how much return you give up. But actually, if you miss the best twenty days and the worst twenty days, you’re still ahead of the game because of how painful those crashes can be if you’re invested. Of course, we also like to teach people on options, you know, how to profit from the downside as well as the upside. So, to me, options open you up to a lot more opportunities. We take big trends in trading from the overall market to then stock selection trading, including some indicators I’ve developed, like one called Acceleration Bands, which of course is, as the name sounds, geared around finding faster moving situations which is pretty much how I built my capital to be able to start BigTrends from money I made myself in the 90’s. Basically, from that point, taking you into options strategies and then some people even say the last chapter is the best one, which is the trading psychology money management piece, where there’s a lot of smart minds on Wall Street that have blown themselves up because they basically flew too close to the sign, had too much leverage, got too aggressive. So, it’s about how to keep yourself balanced through the invariable winning and losing trades and how to stick with the game for the long haul. Michael: You made some great points there, Price, and anybody listening, if you want to take some notes there there’s some great insights to any type of trading there that Price just mentioned. Price, one of those things, the reason I bring it up is because we preach a lot of those same principles when we’re talking about applying options in the commodities markets. Two things that I wanted to touch on that you made a good point of there: One is the importance of systems, which we talk about a lot. I think a lot of people, especially investors I talk to, they start out on options “Oh, I’m going to try one here, try one there”, and a lot of people that just dabble end up losing initially because they’re just testing it out. The people that really benefit over the long haul use a system. They have system, they have rules they follow, and it sounds like that’s one of the big things that you’re talking about in your book. Price: Absolutely. Those systems can be critical. If you’re just kind of saying “which way did you wake up on which side of the bed this morning”, and kind of just trying to react to the news, that reactivity is what gets a lot of traders in trouble. You really have to take a more proactive approach and, as you said, Michael, that’s what the systems approach will help you with. Michael: Price, there was another point there that’s very interesting you brought up. Tell me if you agree with this. It’s been my experience that a lot of investors that aren’t real familiar with options yet, they tend to have a biased to the upside, where we have to buy and hope the price goes up. One of the biggest adjustments, or benefits, you could possibly make for any type of options trading really is it doesn’t matter which way the market is going. If you have the right options strategy on, you can benefit if it’s going up, sideways, or down, just depends on the strategy you have on. Price: Absolutely. Like we were saying, it just opens you up to so many more scenarios. That was always the attraction to me to options. I’d say tell me which scenario you want- up, down, or sideways and under what timeframe, and we can construct an options strategy that will succeed if that basic view plays out. You can start cash-flowing markets that are going nowhere. You can, like you said, make money on the downside. As we all know, stocks fall faster than they rise. So, when you catch it correctly, there’s even more money to be made more quickly in put options, which are essentially rights to sell a security, which will become more valuable as the market drops. It really does open people up to a lot more opportunities, but as you said, the typical beginning trader comes in and maybe does some cover call options on stocks they own, still essentially neutral to both bullish types of strategies or just looks to buy calls, so I’m betting on the upside. You’re right, it’s a big conversion in mindset. You can’t just buy low with options, you can’t just think, “Well, stocks are down, so therefore I’ll buy some calls and it should start working it’s way back up”. You’ve got that time component on options are a limit life asset. So, basically, if you just sit still in a stock, it’s not going down anymore, but if it’s not going up and you bought calls betting on it going up, a lot of people, of course, buy the at-the-money calls that are about where the current price of the stock is, those are most vulnerable to the passage of time. So you really need to get speed of movement, which is why the techniques like the acceleration bands are so important to catch. That phase of a trend that’s moving faster than essentially what the market expects. Michael: Sure, those are all great points as well. I’m going to talk to you a little bit about your preferences in trading here. I know you’re both an expert in technical timing as well as options, but in reading some of your blog entries and articles, CBOE and on your website, you also provide an incredible amount of fundamental data on stocks, the economy as a whole. Do you feel fundamentals play a role in technical trading? Price: Certainly, fundamentals really create the backdrop. If you think of it as kind of a time frame sort of a differentiation, the fundamentals create your long-term backdrop and your technicals are much more of the short-term, sort of how your zigging and zagging within what kind of an environment fundamentally you’re in. Remember, also, it’s not just the environment we’re in, but the markets are going to anticipate when the environment is due to change. You know, if we’re talking about changes in interest rates, obviously interest rate policies had a huge impact on the bull market that we’ve had in the last seven years or so. Basically, you’re looking at that quantitative easing, creating that kind of easy money approach where really made stocks the only game in town, comparatively at least. From that perspective, that pushed a lot more money into stocks. When that starts to shift and you start to see when and if higher rates ever do come around, that obviously will change that fundamental, and not become more of a monetary landscape, but it’s still part of this bigger picture of fundamentals you allude to. You’ve got to be careful though about certain fundamentals like if you look at, say, the unemployment rate and the jobs data, that’s a very lagging kind of indicator. So yes, the unemployment rate’s been cut in half over the last seven or eight years, but basically if you say “buy because they unemployment rate’s low”, you’ve got to make sure those fundamentals are really catalyst in drivers of future impact. We put a lot of energy into things like earnings, because earnings are very important in determining the ultimate value of a stock, as essentially the amount of anticipated cash flow, not just now what it’s generating, and how it’s anticipated to generate in the future. From that perspective, I’d say if there’s one fundamental that I constantly look at, it’s earnings and how not just the actual earnings but how the stock is behaving after those earnings reports. So that’s a really good one to keep in mind, because good news tends to beget more good news, and ones will tend to pile on to positive news and start upgrading the stocks, so those things kind of almost become self-fulfilling prophecies when you’ve got a really positive earnings surprise. On the other side, when it’s starting to roll over and you start to miss earnings estimates, you really do see the analysts jump ship a lot and you see a lot of pressure on stocks that are missing their estimated earnings. Watch the news and, of course, watch how the stock behaves after that news with different rallies, after earnings news it also can be a pretty good sign that there’s still more institutions that want to be a part of that earnings story going forward. So, you get kind of an extended catalyst that can last from quarter to quarter and even from year to year. Michael: Okay. Yeah, that’s very similar what we do over here on the commodities side, Price. We’re using the fundamentals as the background, maybe leaning on them a little bit more because we’re focusing on supply/demand here. From what you’re saying, it sounds like the fundamentals are the backdrop, and if you do get, say, a stock that gets a positive earnings, maybe you’re watching technical signals a little bit closer for buy signals at that point. Would that be fair to say? Price: It would be fair to say that, assuming you’ll align your technicals with that backdrop of the fundamentals. If they don’t align, you’ve got good fundamental news but you’re seeing things that look bad technically, we kind of will pay attention to that, but maybe just not try to take those trades where you don’t have that alignment between the technicals and the fundamentals. So, to us, a lot of traders think, especially newer traders, when they get into the game they’ve got to trade every day to justify their choice to be a more active and more involved trader a big part of their time, but, actually, a good thing to remember is that being a good trader means you’re first a good observer of what’s going on. You know when the odds are in your favor versus if they’re not in your favor, you get these cross currents between those technicals and fundamentals, and you learn to back off and that it’s okay to have a good portion of cash if you don’t have a clear edge, and wait until you have your edge to start to then make your investments accordingly. Michael: Okay. Let’s talk about technicals for a minute. I’m sure you could probably talk to us for the next eight hours about technical trading. From a real technical guy like yourself, do you have any favorite indicators that you like to lean on? Price: Absolutely. There are several that I go back to again and again. I’ve mentioned my Acceleration Bands, which people always ask “Is that like a Bollinger Band”, you know, John Bollinger developed a standard deviation band that’s become a real staple in a lot of people’s analysis. There are some similarities to it. The difference I would say with Acceleration Bands is they factor in the trend component more, in addition to the volatility component. We want to know what the expected range of prices should be for a stock or a market, but then we want to know when it moves out of that expected area. That’s when you see shifts in people’s perceptions of value, that’s when you see major trends develop to the upside or to the downside. We’ve added in other indicators, some of which are out there on most platforms, for example, Larry Williams developed an indicator called the Percent Range Indicator, or often just called %R, and it measures where the stock is in it’s existing range from typically a low to high range, 0-100%, essentially is what we look at. We’ve found that actually stocks that continually stay in the upper quintile, that is, the upper 20% of their readings, are stocks that are usually continued to make higher and higher prices. So, therefore, it becomes almost a trend definer when something is staying in that “over bought” area. A lot of people have been trained in the technical world that over bought is a very bad word- that you should be looking for the downside. We found that, actually, over bought can be very good if it fits a certain profile. Does that idea that in an uptrend, sure, strength begets strength, but people want to be a part of things that are going up and want to bail on things that are going down. So, sometimes in the bottom 20% where you see some of the crash-type scenarios happen for stocks and markets, or the institutions keep saying no, they don’t want to be a part of that, they want out. From that perspective you’ve got to sometimes retrain yourself, and that’s what we’ve ended up doing at BigTrends a lot is retraining newer traders that come to us or traders that think they know how it works from other things they’ve been doing, and saying yes, in a trading range, over bought/over sold, it’s kind of just going to chop around, up and down. We’re looking for the more meaningful moves where you get really a flush. For example, January of 2016, beginning of this year, you had just a quick initial gap down in the markets very first day- very unusual. Usually that’s a positive day, more often than not, to try and see if we can get off to a good start for the new year. It gaps down and then we fall through the downside right behind that, and that led to really several weeks of persistent selling pressure in January. That created a real opportunity for downside traders in put options or, you know, other strategies geared toward the bearish side for options. So, my view is that you have to see something like that through the Acceleration Bands or through the %R, what we call the BigTrends way, which is just looking at those top 20 and bottom 20 percent areas where something can really start to really move more dramatically. Make sure, if you’re the typical trading range trader, that you don’t get caught trying to fade or bet against those over bought periods and think it’s going to come down or in over sold periods think it’s going to bounce back up, because as the old trading motto goes “the markets can remain ‘irrational’ longer than you can remain solvent”. So, the idea becomes see what the wind up trend opportunity is and learn how to take advantage of it. One of the nice things too, Michael, that we have showed people within say a %R trend phase is re-entry strategies. Once you see that first break down point, how do you get back on the wagon to play it for another pot down after a bounce? What we have taught and found quite useful is finding these what we call “re-tests”, and variably, of course, you’re in a downtrend, you will get a bounce. It might be a one or two day kind of a bounce on a daily chart, the short-covering rally kind of phase, and the question is, is that the bottom or is that just a quick short list sort of flush of some of the we cans, and then you see it stop, and you see it go into another leg down. That retracement phase is really where we find some really good, especially on a risk-adjusted basis, a really good opportunities to hop on board a train. If we’re wrong, and it does violate that little retracement area, then we’ll get right back out, but if we’re right about it kind of retracing and holding into that support of resistance, then we get the wonderful entries within a trend. That’s something a lot of trader’s miss, is they think “Oh, I missed the first breakout move, therefore I’ve got to watch from the sidelines. I can’t chase it now, it’s too late.” Yet, you’ll go back and look later and see wow, there’s a lot more life in that trend. We show people those retracement points to get back on the horse. Often times two, three, four, five times in a daily chart trend we’ve seen some that have lasted up to as many as ten really good re-entry points before that trend will finally fade. So, if you’ve got multiple times you can hop on effectively and then you finally get stomped out on a trend, it gives you a lot of confidence to say “okay, I can keep my risks low. If I’m wrong, I’ll be out quickly”. Especially with options that’s important because you don’t lose a lot of time, and if I’m right I catch a wonderful spot to hop on board for the next trend phase. Michael: Thus the term Big Trends. Price: Exactly. That’s what we’re looking for. Leave the little trends to everybody else and focus on the bigger trends for sure. Michael: Okay. Let’s talk about options strategy a little bit. Most of our listeners here, Price, are options sellers, but I’m sure a lot of them are interested in all different types of options strategies. I noticed BigTrends offers quite a bit of information, courses, and resources on trading options in general. Having experience in so many kinds of options trading, do you have one or two favorite bread and butter options strategies that you tend to favor in your personal trading? Price: Well, the first step would be to identify that there are opportunities, I believe, on both the selling side of options and the buying side of options. We know markets don’t trend the majority of the time, although there’s always a bull market and a bear market somewhere. That’s why we look at, of the 4,000 plus optionable stocks in the ETS, we probably look at several hundred of them we consider to be liquid and active enough to handle plenty of volume for our subscribers. On the sell side, we tend to prefer the credit spread approach where you’re sewing an option out-of-the-money, so you’re benefitting from that time erosion. Then, at the same time you sell one option, you’re buying another option a little further out, a cheaper one to protect yourself, so you’re still getting that credit, that initial premium, in that an option seller wants, but you’re also protecting yourself and defining what your worst-case risk is. We just found that we just like the credit spreads better for the defined protected risk. You know, if the market has a crazy gap or stock has a crazy gap, then you’re on the wrong side of it. You’re avoiding that bigger hit in the case of some kind of really bad news day that goes against you. So, defining your risk is very important, and we always want to go into a trade knowing what our maximum risk is on the trade. So, that’s why credit spread’s a favorite neutral to time-based strategy to collect premium. Michael: Okay, so your preferred selling strategy is the vertical selling spreads. Price: That’s right. Michael: Sure. Okay, that’s some great insight, Price. Let’s shift gears here a bit and talk about today’s market. There seems to be just kind of a general sense of anxiety right now about the state of the world and the markets. Are you seeing that reflected in stock option values you follow? Is anxiety still driving the VIX or do you see it calming down now? Price: Well, certainly the VIX has really plunged back down, you know, as the markets have rallied back up here and by mid-April the volatility indexes have really fallen. You know, those things tend to move kind of in opposite fashion as the stocks were dropping. In January, you saw that big volatility spike upwards, so those things and patterns really haven’t changed, in my view. We do expect to see a lot of second half volatility in 2016 as we head into and even after the presidential election coming up in November. We would expect, as you look back when we elected new presidents back in 2008 and also in 2000, those were pretty rough times for the markets there in the second half, and into really even the beginning of the next year, if not further. So, our view would be that, not to say we’re expecting there has to be another great recession and another 2008 necessarily to kind of collapse, but we are expecting that we will see more volatility. Of course, that’s where you can kind of use options accordingly. One caution of course would be some people will look at the VIX and look at the VIX options and think, “well, the VIX is at 13. If I’m buying a 13 call or a 13 put it should be the same price”. Well, it’s not, because the VIX is priced against the futures on volatility, which are expecting that we will see a snap back in volatility in the second half. So, I’m not necessarily saying anything the market’s not already expecting to some degree, the question is can we get more volatility than what the markets expect? So, just be careful on that when you look at your options. You’ve got to make sure you’re pricing against the proper vehicle on volatility levels. Bottom line, we think that there is some bit of resonance, even as the market’s snapped back towards these highs, we see that people are kind of worried with the way the markets started in January this year, and worried about if that’s a pattern that is going to be played out again like what we saw in 2008. I would say, that’s a real simple, technical indication that you can keep an eye on with the 200 day moving average. That’s just a simple trend line looking back to the last 200 day closes. If you look back in 2008, we never retook that after the break down early that year. We got back up into it about April/May, tested it, and then failed there. This year, we’ve actually retaken it on the major averages, at least on the SNP, the Dow, the NASDAQ 100, the rest of 2000 has not retaken it, so the small caps are lagging here. We said stay away from those. Some other areas like Biotech and Healthcare have been lagging, you know, so if you watch just that simple trend line, that will tell you, in the longer term sense, kind of who’s winning the war between the bulls and the bears in that bigger picture battle. So for now, we’re back above it. We’ll see if we can hold it here, which will be a good sign if we can, and if we can’t, that’s probably where you’ll see a lot more caution starting to develop if things start to unravel below that support line, which is maybe a couple percent below current levels right now. Michael: Price, do you have any gut feel for the year 2016 and the big election coming up? Do you see stocks continuing higher or do you feel like there may be another correction? Price: I’m kind of at two camps there. I kind of gave you that little overview that we’re expecting more volatility in the second half. I think certainly in the short term, we’ve been rioting the up-trend signal that we got on %R and from the other tools back in late February, and basically have been benefitting from that kind of steady adjustment back up. I am expecting, based on history, the uncertainty, the fear factor, of who the president’s going to be. You know, we know we’re going to get a new one, one way or the other, but we don’t know which one, per say. A lot of potential of adjustments that can happen there, so basically I’m expecting that we’ll probably see some selling pressure in the second half. So, with that in mind, it wouldn’t surprise me to come back and eventually retest the lows some 10% lower than current levels right here in mid-April. My view would be that, short-term, we think we can get a little bit more out of the market on the upside, but, longer term, we’re expecting that the markets will probably have some adjustment down in the late summer through the fall, and then we’ll see what happens, how the markets behave after the election. The big thing, regardless of what you kind of lean towards on some of those longer term expectations, is you still have to trade what you see not what you believe, right? So, you can’t start to buy a bunch of put options here betting on it, and then, meanwhile, watch those get eroded further because we’re in a short-term up-trend, and then basically blow them out because you just couldn’t take the pain, kind of a thing. Of course, like in life, timing in trading is everything. Our view is pretty much short-term. We’re riding the up-trend while we can, but kind of keeping maybe a little smaller allocation, maybe a little less exposure than we might otherwise have with those longer-term concerns. Again, like we said before, you don’t have to try to hit a home run on every trade, you don’t have to be allocated heavily on every trade. You can, certainly, if you have those lingering concerns in your mind, you can always take smaller positions. You can always sit on the sidelines if you’re really not sure, but if you’ve got some opportunities happening in the short-term, you can still trade them, you might just trade them a little smaller. So, that’s part of trading too, is knowing when to pressure bets, when things will wind up short-term and longer-term, versus if you have some of those crosscurrents, when to maybe trade smaller and be a little quicker to tighten your stop or pull the trigger on a trade at a smaller profit target if you’re just feeling like, “Well, we’ll take it and be happy with it and move back to cash, and wait for the next low risk entry point”. That’s the big part of it, right now, expecting some of those crosscurrents we’re going to trade a little smaller and try to wait until we really see things line up, if we move into the second half in front of and after the election. Michael: Okay. Price, I know you’re not a commodities guy, per say, but a lot of stock guys follow some commodities like gold and oil because it can have an impact on overall global economy. Do you follow any commodities prices like that? Price: Certainly oil and gold have been ones that have been on our radar for a long time. Oil is one that we were real bearish on in the middle of ’14 and as we got some of our really major breakdown signals. Those downtrends, in the longer-term, still remain in place. We’re getting some stabilization in oil here, but certainly nothing that I would view as any kind of a longer term buy signal yet. So, we continue to side with being cautious on oil and meanwhile, gold though, the other big one that would fall into the commodities space, you know, that saying that started this year, we had some wonderful breakouts. So, my view would be that, yeah, that looks like it’s an improving trend that might create some real nice opportunities perhaps in the near term as we stay in this very accommodative monetary policy, not just in the U.S., but around the world. So, paying very close attention to gold here as we go through the rest of the year and into next year. Michael: Okay. Alright, Price, it’s just kind of a personal interest question, but do you have a personal favorite investment book? Not counting yours or mine. Price: Yeah, what I always tell people, I mean, there’s so many great ones, but Reminiscences of a Stock Operator by Lefevre. It’s based on the life of Jesse Livermore, the famed trader who lived some hundred years ago. Those principals still apply. I always have myself and my staff read that book at least once a year, because it’s just, more than anything, about the psychology of trading, how the crowd kind of reacts during different stages of a move, how Livermore essentially was trading it in the day and it’s a fascinating read and it’s one that those timeless psychological principles still apply, not just for stocks, but for any type of trading. I just think there’s something great about reading about what was going on a hundred years ago and seeing this stuff even with all the changes in technology, even with all the changes in computers, and what not, and hey, we can have a systematic approach, and guess what? Somebody’s still programming the computers, and that’s humans. There’s still a human element and you can’t eliminate emotions, but it’s like learning how to manage those emotions in your trading will, I think, give you a big leg up on the rest of the crowd. Michael: It’s a great book and it’s still in print and they still reprint it today. It’s certainly a classic and any investor should read if you’re really considering being a trader. Price, as far as your website goes as somebody just coming there, just looking at BigTrends, where would you recommend they start? What resources would you recommend first? Price: I mean, obviously, on the BigTrends.com site there’s so much free content there. That’s a great way to just kind of dive into the educational link on the top. I’ll walk you through a lot of free educational articles and content. Then there’s a way that people can, with my compliments, become a BigTrends insider. There’s a sign-up box you can just put in your name and e-mail, and basically you can get on our list for, not just the newest articles, but also other special education events. We do a lot of complimentary webinars, depending on the time of year and where we see things we want to point out to people that might be opportunities to consider. So, getting into becoming a BigTrends insider on that little sign-up box there, on the top right of the site there on BigTrends.com, gives people the ability to get invitations to those complimentary events from time to time. So, that’s become a real popular starting place and we realize that everybody’s educational journey is different. Some people can absorb a lot real fast, other people want to take it a little slower, and we tend to encourage people to make sure that you get educated first before you try to rush into trading, because, of course, you rush into trading without the proper education, the markets will give you an education of it’s own that probably won’t be as favorable to your portfolio as if you actually get properly educated first and really make sure you understand risk as well as the right way to trade going forward. We’re big believers that education is critical. A lot of people think they get out of school, when they’re done with school, for their life. I think that’s the exact wrong approach. I always say it’s better to be grieving growing than ripe and rotting. So, you want to make sure that you always feel like you’re looking to add that next edge into your portfolio, that next opportunity. I’ve been trading for more than 25 years and still always looking and testing for additional edges, additional things to add, because that just keeps you sharp. That way, you don’t get complacent, and the markets have a way of humbling those that get a little bit too overconfident in their ability. So, we always want to stay humble and stay in that constant learning mode. I think it’s a really powerful value that can serve you for the rest of your life, in trading and in life in general. Michael: Great points, Price. One thing I want to mention to our readers and listeners is one of the things we talk a lot about is, not only diversification of strategy, but diversification of asset class. Both of those things are important. If you’re listening to our radio show here or reading our newsletter and you probably have an interest in either commodities or selling commodities options, a lot of people want to diversify into stock or stock options, or vice versa. That’s what Price does. That’s what BigTrends does. If you want to learn more about it, it’s a great website to learn more about stock options, stock option trading, and I looked at it and I certainly recommend it to anyone interested in that aspect of that asset class of stock and stock options. Price, I want to thank you. This has been a great interview. You got some good information to share with our listeners here, and we hope to have you back again at some time in the future, if you’re willing. Price: Oh, anytime Michael. I really look forward to it. It was a lot of fun and I enjoyed it as well. Look forward to staying in touch and wish everybody great trading in the rest of 2016 and beyond. Michael: Perfect. Thank you, Price, for everything.

My guest today is John Bollinger, an American author, financial analyst, contributor to the field of technical analysis and the developer of Bollinger Bands. Since 1987, he has published the Capital Growth Letter, a newsletter which provides technical analysis of the financial markets. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Bollinger Bands as described for the lay person Defining when a price is relatively high or relatively low Defining “relatively high” and “relatively low” Measuring volatility to determine the “width” of a Bollinger Band Standard deviation The beginnings of Bollinger Bands, and how John Bollinger came to put it together Different ideas about volatility in the 1980s Some of Bollinger's early curiosity triggers, and why he started digging into finance after going to art school Light, film, and Bollinger's experience at the School of Visual Arts Bollinger's experience in his apprenticeship to learn technical analysis “The best authority is the price itself”, and why this statement isn't very well accepted in the mainstream Differences between fundamental and technical analysts Bollinger's look at media and the presentation of his message over the years Why Bollinger would be known as a quantitative analyst instead of a technician if he started his career now Position sizing Why volatility is the least understood aspect of the market Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Michael Covel talks with John Bollinger on today’s podcast. Bollinger is responsible for a technical indicator that just about everyone has heard of: Bollinger Bands. Bollinger has been popularizing price-based indicators since the early 1980s, and Bollinger Bands arose from the need for adaptive trading bands and the observation that volatility was dynamic, not static, as was widely believed at that time. Covel and Bollinger discuss Bollinger Bands as described for the lay person; defining when a price is relatively high or relatively low; defining “relatively high” and “relatively low”; measuring volatility to determine the “width” of a Bollinger Band; standard deviation; the beginnings of Bollinger Bands, and how John Bollinger came to put it together; different ideas about volatility in the 1980s; some of Bollinger’s early curiosity triggers, and why he started digging into finance after going to art school; light, film, and Bollinger’s experience at the School of Visual Arts; Bollinger’s experience in his apprenticeship to learn technical analysis; “the best authority is the price itself”, and why this statement isn’t very well accepted in the mainstream; differences between fundamental and technical analysts; Bollinger’s look at media and the presentation of his message over the years; why Bollinger would be known as a quantitative analyst instead of a technician if he started his career now; position sizing; and why volatility is the least understood aspect of the market. More information on John Bollinger can be found at www.bollingerbands.com. Want a free trend following DVD go to trendfollowing.com/win.

Mr. Bollinger, former deputy executive director of the Paralyzed Veterans of America (PVA) from 1992 to 2006 will be featured with Joyce Bender on “Disability Matters” on July 10, 2007. Discussed on the show will be paralyzed veterans issues and AAPD's VALUE program.