Wall Street Elves: Market Predictions and Legacy (1970-2005) - Insights & Analysis

Thomas J Catalano, a CFP and Registered Investment Adviser from South Carolina, founded his financial advisory firm in 2018. With expertise spanning investments, retirement planning, insurance, and comprehensive financial strategies, Thomas brings valuable insights to the table.

Who Were the Wall Street 'Elves'?

The term "Elves" affectionately refers to the ten technical analysts who regularly appeared on the PBS television program Wall Street Week. Airing from 1970 to 2005, these experts attempted to forecast stock price movements over the next six months by applying technical analysis techniques.

Key Highlights:

• "Elves" denotes the ten technical analysts featured on PBS's Wall Street Week from 1970 through 2005.
• They utilized technical indicators to predict stock market trends six months ahead.
• The nickname "elves" playfully referenced the "Gnomes of Zurich," a term coined by British politician Harold Wilson to describe secretive Swiss bankers.

Understanding the Role and Methods of the Elves

The "Elves" were known for their technical market forecasts on Wall Street Week, often gaining attention for their mixed accuracy. Host Louis Rukeyser coined the term to describe these frequent guests who appeared from the show's start in November 1970 until shortly after the events of September 11, 2001.

The analysts relied on two main indices: the Wall Street Index (1970-1989), which was regarded as a helpful market tool, and the Elves Index (1989-2001), which functioned as a contrarian indicator. Some experts recommended taking opposing positions to the Elves Index signals.

The playful term "elf" was inspired by the "Gnomes of Zurich," a nickname for Swiss bankers known for their discreet financial dealings, coined by British shadow chancellor Harold Wilson.

Analyzing the Elves’ Market Predictions

The Elves’ forecasts on Wall Street Week were based solely on technical analysis rather than economic fundamentals, and their accuracy was often questioned. Their collective outlook was summarized in the Elves Index, which host Louis Rukeyser presented weekly. Notably, the index showed a strongly negative sentiment following the September 11 attacks, leading to the discontinuation of both the Elves and the index.

Although Fox News revived Wall Street Week in 2015, the Elves were not brought back.

About Wall Street Week

Produced by Anne Truax Darlington for Maryland Public Broadcasting (part of PBS), Wall Street Week initially aired on 11 stations of the Eastern Educational Television Network (now American Public Television), the oldest distributor of public TV programming in the U.S.

The show quickly grew in popularity, eventually broadcasting on over 300 stations and attracting more than 4.1 million weekly viewers.

Louis Rukeyser: The Voice Behind the Elves

Louis Rukeyser, a Princeton graduate and former correspondent for the Baltimore Sun and ABC, was known for his witty puns and approachable style. He aimed to educate intelligent viewers who were not necessarily financial experts.

Rukeyser hosted Wall Street Week until 2002, when producers replaced him with a younger host and rebranded the show as Wall Street Week Fortune. The revamped program failed to match the original's success and was canceled in 2005. Rukeyser later hosted Louis Rukeyser’s Wall Street on CNBC but retired in 2003 due to health issues. He passed away from bone cancer in May 2006.

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