In Wall Street's division of labor, stock analysts try to forecast earnings of individual companies and pick those that might make good investments, while market analysts attempt to predict whether the market as a whole will rise or fall. To put it mildly, neither always succeeds. But Edson Beers Gould, at 74 the dean of market analysts, has been right often and spectacularly enough to be a market force in his own right. Two weeks ago, just after the Dow Jones industrial average rose smartly to 1,009, rumors began circulating that Gould was about to forecast a short-term decline...
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