Legendary Wall Street Forecaster Joe Granville Has Died
Granville had published the "Granville Market Letter" since 1963, successfully picking market drops in 1977 and 1978, according to a Bloomberg obituary.
Sprinkled with a few bad calls, the bearish Granville nailed some of the biggest market moves in recent memory. From a 2012 Bloomberg article:
He correctly forecast the bear market of 1977-78 and the burst of the Internet bubble that began in 2000. In March 2008, Granville said the Dow would end the year near 9,000, more than 27 percent below its level of 12,392.66 at the time. The gauge finished the year at 8,776.39.
Granville, whose father lost his entire fortune in the 1929 crash, developed a stock market momentum indicator called on-balance volume (OBV).
He later wrote that the idea occurred to him in 1961 while on the toilet, according to Bloomberg.