CHAPTER 7

THE MAN WHO MOVED MARKETS

 

There are clear lines separating those who swear by him and those who swear at him.— LOUIS RUKEYSER ON JOE GRANVILLE

It is late in the evening on January 6, 1981, and telephones all over the country are starting to ring. Thirty employees of a Florida-based stock market newsletter business are making outgoing calls to deliver a very simple, yet ominous, message to a few thousand subscribers across the nation:

    This is a Granville Early Warning. Sell everything. Market top has been reached. Go short on stocks having sharpest advances since April. Click.

Early the next morning, just after the opening bell of trade rings on the New York Stock Exchange, the market gaps lower and sell orders continue to flood ...

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