#78 - Dave Keller, President and Chief Strategist at Sierra Alpha Research: Technical Analysis, Investor Behavior, and Navigating Market Rotations (recorded 07/29/26)

In this episode of The Bull of Wall Street, Jim Worden and Talley Leger sit down with Dave Keller, President and Chief Strategist at Sierra Alpha Research, to explore how technical analysis, behavioral finance, fundamentals, and macroeconomic research can work together to improve investment decisions. Dave explains why he thinks technical analysis has gained broader acceptance across institutional investing and how charts can help investors navigate the gap between current prices and long-term fundamental value. The conversation examines the divergence between weakening technology leadership and improving market breadth, why relative strength remains one of Dave’s most valuable indicators, and how advisors can distinguish a short-term correction from a more meaningful change in trend. The group also discusses confirmation bias, emotional attachment to investments, risk management, AI’s role in investment research, and why consistent routines can help advisors avoid reactive decisions. Key TakeawaysTechnical analysis can complement fundamental, macroeconomic, quantitative, and behavioral research.Relative strength can help identify leadership as capital rotates between sectors and investment themes.Strong market breadth may create opportunities even when capitalization-weighted indexes appear weak.Technical analysis can be especially valuable as a risk-management and sell-discipline tool.AI may improve research efficiency, but investors still need judgment, context, and a disciplined process.Reviewing markets across multiple timeframes could reduce overreaction to short-term volatility.Chapters01:39 – Why technical analysis has gained institutional acceptance06:49 – Reconciling positive fundamentals with deteriorating technicals10:31 – Identifying corrections versus broken trends15:16 – Combining fundamental, technical, macro, and behavioral research18:47 – Confirmation bias and the endowment effect22:28 – Sentiment, market leadership, and active management28:41 – Price corrections versus time corrections30:34 – Market breadth versus index performance33:36 – Technical analysis as a risk-management tool38:27 – Valuation, momentum, and timing investment decisions42:04 – How technical analysis has evolved44:41 – AI’s role in investment research and decision-making49:55 – Dave’s favorite and most overrated indicators55:17 – Building a consistent market-review routine56:16 – The first chart Dave reviews each morningGuestDave Keller, President and Chief Strategist, Sierra Alpha ResearchHostsJim Worden, Chief Investment Officer, The Wealth Consulting GroupTalley Leger, Chief Market Strategist, The Wealth Consulting Group Follow Us LinkedIn: The Wealth Consulting GroupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroupMaking Life Better at The Wealth Consulting Group Helping advisors stay ahead means understanding not only today’s markets, but tomorrow’s opportunities. Subscribe for market insights, investment perspectives, and conversations with leading voices shaping the future of investing. Subscribe at bit.ly/wealthcg