Money flow analysis by Steven B. Goldstein and Michael N. Kahn
ARTICLE SYNOPSIS ...Money flow analysis
by Steven B. Goldstein and Michael N. Kahn
In 1976, Joe Granville documented several theories of stock market price and volume movements in
Granville's New Strategy of Daily Stock Market Timing for Maximum Profit. The book explained the
calculation and interpretation of on-balance volume, a market analysis technique that compares volume
on up days to volume on down days.
His theory was that, as stock prices move higher in a rising market, volume on days that prices increase
should be higher than volume on days when prices decline. Conversely, volume on down days should be...