From Josh Brown and Jeff Macke: Clash of the Financial Pundits:
Josh Brown and Jeff Macke: 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 out-going 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 into the trading floor. The Dow drops a total of 24 points that day, or 2.5 percent, on historic volume of more than 93 million shares traded, more than double the daily average. The Dow then proceeds to drop another 1.5 percent the next day; a five-week sell-off is soon under way. Traders and business news reporters are pointing toward Joe Granville to explain the sudden, sharp drop in the stock market, and Granville is more than happy to be pointed at.