Business: The Prophet Off Profits

Joe Granville moves markets

The Dow Jones industrial average rose another 8 points last week, continuing its four-month bull market. A Wall Street rally had been anticipated earlier this year, but no one could be certain when the upturn would begin. Investors have thus increasingly turned to popular stock market newsletters that tell them which stocks to buy and when. The hottest tip sheet of them all is the Granville Market Letter, published in Holly Hill, Fla., by Joseph E. Granville, 57, a controversial market theorist who has combined a good record for calling major stock moves during the past six years...

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