CARL GYLLENRAM founded the Swedish Technical Analysts Federation in 1985 and was its chairman for many years. He is also a member of the International Federation of Technical Analysts. He is senior asset manager at S E B Enskilda Banken in Sweden-part of S E B, one of the largest asset managers in Scandinavia, and he manages both Swedish and European equity portfolios. Gyllenram is also the author of Crowd Psychology in the Stock Market, published in Sweden.