My old friend, Joe Granville, has been a pioneer in technical analysis ever since he got into the stock market business back in the 1950s. Joe worked as an analyst for E.F. Hutton in the late 1950s. When Joe turned bearish on the market around 1960 or '61, the house ordered Joe to cut out his bearishness or else. Joe picked the "or else," and left Hutton to start his own advisory business. Joe became fascinated with volume in the total market and in individual stocks.
Over the years Joe wrote a few books on his discovery of on-balance-volume. Joe now believes that bull and bear markets can be identified by extremes in new highs and new lows. Joe's "rule" is that volume precedes price.
For instance, new highs on the NYSE expanded to 674 on April 26, 2010. According to Joe, that marked the end of a bull market. Joe ... Log in or subscribe to continue reading.
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