Director, Community & Content @CMTAssociation. Analyst & financial media exec. Views my own, unless I'm hacked. Then all bets are off.
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Joined August 2013
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Personal Update: I’m returning to my roots, officially joining @CMTAssociation as Director, Community & Content (Americas) to build, engage, and amplify our community across the Americas.
For those who don’t know, I discovered Technical Analysis in my senior year of high school, and it just clicked. As I carved out my place in the finance world, CMT Association’s events and members were invaluable resources; they taught me first-hand the power of community and the organizations that support it.
After 15 years as a member, I’m "flipping the script" and joining the team to help create more success stories like my own and advance the discipline even further.
Member value is maximized when content and community work in sync. I’m here to ensure we are a living, breathing ecosystem by focusing on two core principles:
- Amplifying the Community: We have thousands of members and candidates globally. My focus is on scaling our city-level communities and ensuring our volunteers have the systems and support they need to thrive.
- Elevating the Content: Our members are already doing world-class work. My job is to leverage and package the incredible insights already being produced to drive visibility for our members and the discipline at large.
CMT Association’s future is bright, and I want to thank @_TBone_Pickens and the team for welcoming me on this journey in advancing the discipline of Technical Analysis.
If you are a member, volunteer, or partner in the finance space—I’m excited to hear your ideas on how we can continue to move the industry forward together.
You can reach me at [email protected]. Or join me this month at these two community events:
- Boston Spring Summit (May 14-15)
- Canada Quarterly Summit in Toronto (May 26)
Last week Buff Dormeier, CMT & I had the opportunity to introduce technical analysis to 400+ students at the Student Managed Investment Fund Consortium in Chicago. I started things off with the theory, using Carvana as a case study to show how basic technical analysis concepts can help signal changes in a stock before the fundamental shifts appear in the numbers. Then, Buff shared his practitioner perspective how he uses technical analysis in managing client funds, walking through several case studies of his own.
What stood out most is the varying approaches students took to their own investment funds. No two schools had the exact same mandate, strategies, timeframes, etc..
And although most didn't realize they were using technical analysis concepts in their work already, as I chatted with them about their portfolios and decision-making process, they quickly realized they knew more about the subject than they realized.
Excited to speak with several of the universities about joining our Academic Partner Program and taking other steps to integrated technical analysis into their curriculum.
Thank you again to @indianastate Scott College of Business & Dr. Tarek Zaher for inviting us. We can't wait to join you for the SMIFC South in Florida early next year. @CMTAssociation
Tom Bruni, CMT, CPA retweeted
There's still time to register for our latest webinar "Reading the Market: Trends and Madness" on October 14th from 10 am to 11:30 am ET.
- Session 1: @scottcharts will cover market trends, rotation, and tactical opportunities.
- Session 2: Jeffrey Weiss, CMT draws on six decades of experience to provide a perspective on money, madness, and the market.
Thank you to our partner @ProShares for their ongoing support.
Registration link in the comments below. We look forward to seeing you all there!
Tom Bruni, CMT, CPA retweeted
Chart of The Day: The 2nd Biggest Gap Since The COVID Crash @davidsettle
“The gap between $SPY and $RSP in September is the 2nd biggest gap in a single month ever (with the biggest being March 2020 during COVID).”
Tom Bruni, CMT, CPA retweeted
$ORCL down ~5% on the NM datacenter "force majeure" news 😬
But there's more than meets the eye here, in interesting ways 👇
Oracle's not cancelling the project, instead saying
“If the data center gets delayed and we can't use the capacity, we reserve the right to delay payments"
The force majeure notice establishes that contractual position now
What's more interesting is the AI financing angle here
Banks lend $18B →
STACK/Blue Owl builds data center →
Oracle becomes anchor tenant →
Oracle payments ultimately supports financing/debt service
BUT lenders aren't just underwriting Oracle's creditworthiness
They're also underwriting:
Permitting (which seems stuck) +
Construction +
Power/fuel infrastructure +
Natural gas +
Degree of community opposition +
Completion date risk
The developer still has construction costs & interest expense. Maybe more capex if things get delayed.
The ~$18B of project loans were already being quoted ~ 90c on the dollar amid concerns about the project and Oracle's credit-worthiness
This is essentially "AI infrastructure execution risk" rather than "AI demand risk"
Oracle (as far as they say) remains committed to the compute capcity offered by the project
But project financing goes from
"How many GPUs can we buy, and will there be demand for them"
to also include
Where does the power come from?
Can we get permits?
Who takes completion risk?
Who pays if the project is late?
How much protection does the hyperscaler contract really give lenders?
Tom Bruni, CMT, CPA retweeted
“So if you were bullish insurance stocks, waited nearly 2 years for a breakout, and missed it ... did the market just give you a second chance?
Should be a lot of folks who were “waiting to buy” considering it as $IAK and several other industry ETFs revisit their base breakouts.” @BruniCharting
Oracle is down over 60% from its highs a year ago, but NOW it's a sign of cracks in the AI trade?
Ok, got it... 🙄
So if you were bullish insurance stocks, waited nearly 2 years for a breakout, and missed it ... did the market just give you a second chance?
Should be a lot of folks who were "waiting to buy" considering it as $IAK and several other industry ETFs revisit their base breakouts.
Excited to be back at the Toronto @MoneyShow
Sep 24-25 on behalf of @CMTAssociation
I'll focus on the technical tools and principles that are best suited for commodity markets...a timely topic with everything happening in the FICC world.
Registration link in the comments!
Excited to help kick off the 2026 Student Managed Investment Fund Consortium on October 1st in Chicago!
@buffdormeier and I will present how "The Modern Analyst" fuses technical and fundamental analysis to optimize investment outcomes.
We're excited to share with students and faculty the @CMTAssociation program benefits, academic partnership program, CMT investment challenge, and other initiatives custom built for their benefit!
Thank you to Dr. Tarek Zaher and @indianastate - Scott College of Business for the invitation!
Three weeks until Toronto: Looking forward to attending the Toronto @MoneyShow and @CMTAssociation Canada's Q3 Summit on Sept. 24-25. I'll be arriving Wednesday and leaving Saturday, let's connect!
MoneyShow Registration: toronto.moneyshow.com/?scode…
Q3 Canada Summit: cmtassociation.org/event/cmt…
Tom Bruni, CMT, CPA retweeted
Thank you to everyone who joined our impromptu @CFANewYork & @CMTAssociation social hour last night.
Look out for more events on the calendar this fall/winter!
cc @FrankCappelleri @cliffcornell_ @hihotraders & too many others to tag
This conversation with @RealMikeLarson & Sid Mokhtari of CIBC World Markets covers many of the themes I expect to see at the Toronto MoneyShow next month.
youtube.com/watch?v=W6IG9-VY…
Check out our chat below and full event agenda here: toronto.moneyshow.com/?scode…
Tom Bruni, CMT, CPA retweeted
Chart of The Day: The Options Market May Add Fuel To Gold’s Fire via Joseph Piretti, CMT.
“Something to consider: The next leg higher in gold may be setting up right now. A combination of U.S. fiscal anxiety, Treasury intervention, and an increasingly active options market could provide the catalyst.
The latest development is not difficult to identify. Treasury’s decision to increase its long-end bond buybacks has reinforced the perception that policymakers are becoming increasingly uncomfortable with the signal being sent by the bond market.
The market’s initial reaction was telling. Long-term Treasury yields moved modestly lower, but the dollar weakened much more decisively, while gold and the Swiss franc surged.
Now, the options market could become an important accelerant.
As gold approaches heavily populated strike prices, dealers who have sold call options may be forced to purchase increasing amounts of gold or gold futures to hedge their exposure. That creates a potential feedback loop: higher gold prices increase dealer hedging requirements, which creates additional buying pressure, pushing gold toward the next cluster of strikes.
CME data show a significant concentration of call open interest above the current market. Across the September through December expirations, roughly 65,700 calls are concentrated at the $4,700, $4,800, $4,900 and $5,000 strikes alone, representing approximately 6.6 million ounces of gross gold exposure.
The largest concentration is at $5,000, where more than 22,000 calls are currently outstanding across those expirations.
If gold begins to move decisively toward these strikes, the options market could potentially turn from a passive indicator into an additional source of upward.”
Tom Bruni, CMT, CPA retweeted
Thank you @TechCharts for the kind words and congrats to all the candidates who received their passing grades this week!
Early registration for the December exams closes on August 27th, so read more about the program and register now to save $200.
cmtassociation.org/cmt-progr…
Global Standard for charting and technical analysis is @CMTAssociation
The program and exams will introduce you to so many different aspects of speculative markets and analysis that by the end of the program, curious minds will consume vast amount of books and literature on different topics.
Just an FYI this is from the University of Michigan Survey of Consumers --- a monthly phone survey, not hard data.
The $350,000 figure is a 75% increase from responses in January ... so unless you think every household has seen stock performance 5x that of the major indexes, you're not measuring anything more than what people want the interviewers to think is their portfolio value.
Great headline though that will run through next week.
Also glad to see in 2 days we've gone from "the consumer is dead" because of Walmart earnings to "everyone is as rich as they've ever been" because of a survey.
The median value of stock market investments held by United States 🇺🇸 households has climbed to a new record high of
$350,000
