Utility Barometer by Edson Gould (1974)

11/18/13 . . .  by Bob Karrow

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  • EDSON GOULD

I have hundreds of pages of Gould’s “Findings & Forecasts” articles and special reports.  It’s possible that many of these articles don’t exist outside of my library. This is the master that taught me how to interpret the stock market.  Prior to reading Gould, I was a follower and didn’t know how to PREDICT the stock market.

  • Edson Gould was acknowledged as the greatest technician of the 20th century by Institutional Magazine.
  • Gould was described in 1977 by Forbes magazine as the “dean of technicians.”
  • Gould appeared three times on Wall Street Week. Louis Rukeyser welcomed him on November 12, 1976 (with guests Bob Nurock and Marty Zweig):
  • “If there’s a technical market analyst in Wall Street with a better track record than Edson Gould, we haven’t found him yet in seven seasons of looking….his forecasts…have an immediate market impact that no other technician can match.”Gould’s popular fame has centered on some of his uncannily accurate stock market forecasts. These forecasts were presented in major reports which he issued for the year ahead. Some of his better known forecasts were:
  1. In 1962, Gould predicted that the DJIA would rise another 400 points but the great bull market that had started in 1942 would end in 1966. The bull market expired on February 11, 1966 at 1001.11, having risen from 93 in 1942.
  2. In October, 1972, with the DJIA at 940, he said the DJIA would rise to 1040 – 1050 by year’s end. The DJIA rose to 1051.70 on January 11, 1973.
  3. On January 16, 1973, in a “special sale bulletin” he urged subscribers to sell, believing the bull move that had started in 1970 at 800 was over. By December 1974, the DJIA plummeted 497 points.
  4. In November, 1979 in his report titled The Sign of the Bull, he wrote: “The ‘unexpected’…is an intermediate-term DJIA move over the next several years to the 1200-1400 level, with an eventual move up to the 2500-3000 level by the mid-to late-1980’s.” These levels were reached in 1989. In The Sign of the Bull, he concluded: “[T]he…years ahead are quite likely to produce a new and exciting period – one that should meet the expectations of even the most optimistic bulls.” We know what the stock market did after 1982.
  • Gould’s interest in market forecasts can be traced to his early career. In early 1935, he told Barron’s editors that 1937 would see a bear swing. The DJIA fell 32.82% in 1937. He wrote articles, published in Barron’s in 1937 and 1941, under the name of Edson Beers.
  • Barron’s wrote:
  • “In the spring of 1937.…Mr. Beers was practically the only one to write back that all purchases should be postponed until later in the year. His forecast of a bear swing during 1937, incidentally, was first made to Barron’s in early 1935.”
  • dubbed “The Wizard of Wall Street”, by Time magazine, during mid-1970s
  • The Market Technician Association Annual Award winners are nominated for their life-long outstanding contribution to the development and widespread acceptance of technical analysis by institutional practitioners and individual investors.  The 1975 winner was Edson Gould.

You can find other articles about Gould at the following link – Edson Gould

  • EDSON GOULD ARTICLE – UTILITY BAROMETER BY EDSON GOULD 

This article is “Utilities, An Early Stock Market Indicator” written by Edson Gould in 1974.  This article will tie into the next blog update on SSI Variations.   I have selected a font that is possibly not OCR readable.  This font should yielded jibberish errors with OCR software.  The article as displayed on this page is too small to be readable.  Enlarge the page by clicking on it and it should then fill your screen, if not click on it again.  If you have a problem reading it on your computer, print the article and you’ll find it easier to read.

Click on the pages to enlarge them

UTILITIES SCRIPT 1UTILITIES SCRIPT 2UTILITIES SCRIPT 3UTILITIES SCRIPT 4

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  • Click on any chart to enlarge it
  • ES is SP 500 futures
  • YM is DJ Industrial futures
  • NQ is NASDAQ Composite futures
  • All Rights Reserved  © ™

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