Under the gilded ceilings of Wall Street’s past, whispers of astrology and mysticism mingled with the clatter of the ticker tape. In the early 20th century, one of the most powerful financiers in history, J. P. Morgan, was famously linked with the stars – not the Hollywood kind, but the celestial. Did the man who bankrolled American industry and tamed financial panics truly look to astrology for guidance? This research article explores the historical anecdotes around JP Morgan’s association with astrology and the occult, and ventures into the esoteric interpretations of financial cycles. We will examine symbolic connections between planetary movements and market behavior – particularly the S&P 500 – blending a scholarly lens with a touch of mystical storytelling. The goal is to inform both the serious researcher and the spiritually curious reader, tracing how cosmic patterns and economic cycles might intertwine.
JP Morgan’s Cosmic Curiosity: Fact or Myth?
“Millionaires don’t use astrology, billionaires do.” This bold declaration is often attributed to John Pierpont Morgan. It’s a compelling quote that has echoed through time, suggesting that the richest of the rich secretly leverage astrology. However, the authenticity of this quote is dubious. Historians and researchers have never found evidence of Morgan actually saying these words. In fact, the earliest appearance of the quote in print seems to be around 1989, long after Morgan’s death, likely introduced by astrologer Sydney Omarr . While the line itself may be apocryphal, it hints at a deeper truth: J. P. Morgan did have a documented interest in astrology.
The most direct evidence of Morgan’s astrological endeavors comes from the memoir of Evangeline Adams, one of America’s famous astrologers of that era. In her 1926 autobiography The Bowl of Heaven, Adams frankly discusses her dealings with the great banker. “I do know about the late J. P. Morgan’s belief in astrology, because – well, because I taught it to him,” she writes. Adams recounts that she read Morgan’s horoscope many times and provided him with regular astrological reports on politics, business, and the stock market, which Morgan renewed annually . If we take Adams at her word, it appears Morgan was not just dabbling – he was a repeat client who valued her celestial insights enough to subscribe to them year after year.
Adams’ reminiscences get even more intriguing. She describes how in Morgan’s later years, he invited her to join him on his yacht Corsair for a voyage to the Orient. The purpose of the trip? A “scientific investigation of the occult” in lands where mystical practices dated back to prehistoric times . Adams declined that invitation, but the anecdote reveals Morgan’s esoteric side: the legendary financier was willing to spend months exploring ancient occult knowledge. This wasn’t entirely out of character for him. Morgan had a lifelong interest in history and ancient civilizations – he even funded an Assyriology professorship at Yale in 1910 and collected Mesopotamian cuneiform tablets, artifacts from a culture steeped in astrology . In 1912, he sponsored an archaeological dig in the Egyptian desert, likely the very expedition to which he had invited Adams . All these actions suggest that Morgan’s fascination with the occult and astrological lore ran parallel to his financial empire.
It’s worth noting that no official bank ledgers or boardroom minutes will reveal Morgan’s astrological consults. He kept these interests discreet. Archivists at the Morgan Library have found no papers explicitly linking him to astrology , which implies that, publicly, Morgan maintained an image of hard-nosed pragmatism. In private, however, the “Napoleon of Wall Street” was open to ancient wisdom. The fact that a titan of finance sought counsel from the stars is a historical paradox that captures our imagination: Morgan’s left brain built railroads and trusts, while his right brain pondered horoscopes and ancient magic. Whether or not astrology guided his decision-making in any material way, the convergence of wealth and mysticism in Morgan’s story sets the stage for our deeper exploration.
Wall Street and the Occult: An Open Secret
Morgan was not an isolated case of a financier flirting with the mystical. Wall Street has long had a subtle undercurrent of esoteric influence. In the same era that Morgan consulted an astrologer, other financial figures were exploring similar ideas. Perhaps the most legendary example is William D. Gann, a trader famous for his uncanny market predictions and the mysterious methods behind them. Gann’s techniques involved geometry, cycles, and yes, even the stars. Biographers note that Gann’s market forecasting methods were “purportedly based on geometry, astronomy, astrology, time cycle analysis and ancient mathematics” . He was so secretive about this that it caused rifts in his personal life – he reportedly had a falling-out with his own son over his use of astrology in trading . In private letters, Gann was candid that planetary cycles informed his predictions; for instance, he once demonstrated how phases of Venus and Mars helped him forecast coffee prices .
Why would serious money men of the early 20th century, operating in an age of rapid industrial growth, turn to ancient astrological ideas? Part of the answer lies in the intellectual climate of the time. The late 1800s and early 1900s saw a resurgence of interest in the occult and alternative spirituality in Western society – from Theosophy and spiritualist seances in high society parlors to scholarly pursuits of alchemy and astrology. Financiers like Morgan and Gann moved in circles where esoteric knowledge was a fashionable curiosity as well as a potential competitive edge. Gann, for example, was a 33rd-degree Freemason and steeped in biblical and ancient studies , believing that hidden cycles in scripture and the stars could reveal timing for investments.
Astrology’s appeal to investors is rooted in its promise of pattern and foresight – things highly prized in markets. Astrology posits that cyclical forces in the cosmos reflect in human affairs. To a trader, that means planetary cycles might sync up with financial cycles. Indeed, Gann’s cryptic writings often referred to “natural dates” for market turns, by which he meant moments of astrologically significant alignments: for example, when planets move into new zodiac signs (ingresses), when planets appear to stop and reverse direction (stations, as in Mercury retrograde), or when eclipses cast their shadows . These were the cosmic dates on which Gann and others expected shifts in market momentum. While mainstream economists of his day (and ours) would scoff at this, a subset of Wall Street quietly kept an eye on ephemerides alongside earnings reports.
By the mid-20th century, financial astrology had grown into an open secret. Nancy Reagan famously consulted an astrologer for her husband’s White House schedule, and around the same time, a number of investment professionals were known to subscribe to financial astrology newsletters. For example, Barron’s once dubbed analyst Arch Crawford “Wall Street’s best-known astrologer” . Crawford gained renown for using planetary patterns to anticipate market moves – notably, he warned his clients to exit stocks just before the 1987 crash, a call he based in part on a rare planetary alignment and an eclipse that he believed portended a collapse . Those who heeded his advice were safely in cash when Black Monday struck, as Crawford had predicted a “horrendous crash into the eclipse of the sun” following the market’s peak . Such successes, however anecdotal, fueled interest in the idea that the cosmos could whisper hints about the market’s next turn.
In summary, from JP Morgan’s private horoscope readings to Gann’s coded astro-trading strategies and Crawford’s eclipse warnings, the entwining of finance and the occult has a rich, though often hidden, history. This backdrop gives us license to ask: beyond the anecdotes, is there a deeper link between the movements in the heavens and the movements of the market?
Esoteric Cycles and Symbolism in Market Movements
Financial markets are famously cyclical. Booms and busts come and go in waves. Astrologers and mystics have long asserted an axiom: “As above, so below” – the idea that patterns in the sky are reflected on Earth. Whether or not one believes in a causal link, it’s fascinating to explore how certain planetary cycles parallel major economic and market cycles in symbolic ways.
Take the planet Saturn, for instance. Saturn’s orbit around the Sun is about 29.5 years, a period known in astrology as the Saturn return (when Saturn returns to the same position it occupied in a birth chart or an event). Saturn is traditionally associated with discipline, restriction, and lessons – a stern teacher of hard truths. In market lore, Saturn’s influence is akin to the cold dose of reality that ends an exuberant bull run. Historically, one could point out that roughly every 28–30 years, the U.S. economy has faced a reckonings or structural shifts: the late 1920s crash and Depression, the stagnation of the late 1950s (and Eisenhower recession), the inflationary malaise and 1980–82 recession, the 2008 financial crisis – all roughly spaced by three decades give or take, aligning with a Saturn cycle. Astrologers would say these are Saturn’s signature: contraction, re-evaluation, and the bursting of bubbles when excess has built up. It’s as if Saturn periodically calls in the debts of speculation.
On the flip side stands Jupiter, taking about 12 years to orbit the Sun. Jupiter symbolizes expansion, optimism, and growth – in myth, the jolly king of the gods dispensing fortune. In economic symbolism, Jupiter’s times are those of boom and exuberance, when credit expands and investors are bullish. Some financial astrologers note that Jupiter cycles often coincide with rises in markets or economies. For instance, Jupiter was sweeping through optimistic Sagittarius and later Pisces during much of the roaring 1920s, and again in tech-happy Sagittarius during the dot-com boom of the late 1990s. Of course, this is selective memory – Jupiter was also present during downturns – but astrologically, Jupiter’s energy is considered expansive. However, even Jupiter has a dual nature: as much as it brings growth, it can also bring excess and overconfidence . A Jupiter-fueled boom can become a bubble if unchecked.
The dance between Jupiter and Saturn is especially significant in astrology. These two slow-moving “giants” represent opposite principles – expansion vs. contraction – and they meet in the sky in a conjunction every roughly 20 years. This 20-year Jupiter-Saturn cycle has been called the “business cycle” in astrological circles . When Jupiter and Saturn unite (conjunction), astrologers interpret it as the start of a new economic era or regime; when they are opposite each other (after about 10 years), their conflicting forces often coincide with tensions or turning points. Notably, “the stock market often bottoms near the conjunction and peaks at the opposition 10 years later,” according to one analysis . Recent history provides an illustrative case: Jupiter and Saturn were conjunct in 2000 (at 22° Taurus in May 2000) and opposed in 2010 (Saturn in Libra vs Jupiter-Uranus in Aries). The 2000 conjunction roughly marked the end of the 1990s boom (the dot-com bubble burst in spring 2000), and around the opposition in 2010 the markets were recovering from the 2008–09 Great Recession lows – indeed a significant peak-to-trough-to-peak sequence. More dramatically, Jupiter and Saturn conjoined again at 0° Aquarius on December 21, 2020, an event astrologers worldwide heralded as the dawn of a “new epoch” . This happened to occur just after the stock market’s pandemic-crash low of March 2020 and during a year of unprecedented global restructuring. Astrologers noted not only the 20-year cycle reset, but that this conjunction shifted element (from Earth signs into Air signs, beginning a 200-year Air cycle ) – symbolically, moving from industrial tangible focus (Earth) to a digital-information focus (Air). Interestingly, the post-2020 economic landscape has indeed emphasized technology, ideas, and intangible assets, reflecting an “Air economy” .
Beyond Jupiter and Saturn, other planetary cycles get attention for their symbolic resonance with market behavior. The Saturn-Uranus cycle (about 45 years long) pits the old vs. the new – Saturn’s tradition vs. Uranus’s rebellion. Every time Saturn and Uranus meet or clash, society grapples with upheaval and restructuring of the economy. The Dow Jones Industrial Average itself was born near a Saturn-Uranus conjunction in 1897, and astrologers have pointed out that the U.S. stock market seems attuned to this cycle . Historically, they observe a pattern: major bear market lows around Saturn-Uranus conjunctions, with bull market peaks around the oppositions . For example, the severe 1974 market bottom occurred with Saturn and Uranus nearly conjunct in late 1975; a major peak came in the mid-1980s when Saturn opposed Uranus (and indeed the 1987 crash followed shortly after that opposition); the cycle then reset with a conjunction in 1988–89, leading into the boom of the 1990s and the dot-com peak when Saturn-Uranus were opposite in 2008–2009 (coinciding with that financial crisis low). The next conjunction is due in the early 2030s, and time will tell if a similar rhythm holds .
To the esoterically minded, these alignments are rich in symbolic meaning. Saturn and Uranus clashing might be read as “the old order resists while new technology disrupts,” which was certainly a theme in the late 2000s as the financial system (Saturn) was shaken by innovative but volatile financial engineering (Uranus) and a shift to digital economies. Similarly, Saturn-Pluto cycles (about 33–38 years) are associated with massive structural transformations – the last conjunction in January 2020 heralded a period of global lockdowns and economic halt (Saturnian restriction meeting Plutonian destruction and rebirth), literally reshaping how we work and trade. If one overlays the astrological narrative onto the financial one, it can read like myth: the sky gods converge and fight, and down on Earth, empires rise and fall accordingly. It’s a grand, poetic way to interpret market history – not the whole story, but an evocative layer of it.
Even the shorter-term celestial events have their lore on Wall Street. Eclipses, for example, have an ominous reputation in astrology. Solar and lunar eclipses anciently meant kings might fall and fortunes change. Some modern traders watch eclipse dates as inflection points for market volatility or trend reversals. The idea is that an eclipse (when the Sun or Moon’s light is blotted out) symbolically can “eclipse” clarity and bring shadowy, unexpected events. For instance, there was a total solar eclipse on August 11, 1999; interestingly, that date coincided with a brief market pullback and preceded the frenzy of the dot-com peak by a few months (some astrologers had warned that eclipse would herald a reversal, though the major crash came a year later in 2000). In another case, a lunar eclipse in late August 1987 occurred just before the famous October 1987 crash; astrologer Arch Crawford indeed cited an unusual planetary alignment in October (including an eclipse and a rare grouping of planets) as a reason he foresaw the collapse . While skeptics might call this coincidence, the astrological perspective frames these market crashes as the “shadow of the eclipse” and the wrath of planetary lords. It makes for a dramatic story: at the moment the Moon devoured the Sun (or vice versa), human greed met its day of reckoning in the markets.
Then there are the retrogrades. A planet is said to be retrograde when it appears to move backward in the sky relative to the zodiac, an optical illusion caused by orbital mechanics. The most infamous is Mercury Retrograde, which happens about three times a year for a few weeks. Pop culture blames Mercury retrograde for every mishap from lost emails to travel delays, since Mercury rules communication and commerce in astrological symbolism. In finance, Mercury retrograde periods are often viewed as times when trading can get tricky – miscommunications, tech glitches on trading platforms, or sudden reversals. Traders who follow astrology might avoid signing contracts or making major moves during Mercury retrogrades, fearing that decisions won’t stick or that information is unreliable. Esoterically, one could say Mercury (the messenger god) goes into his underworld phase, so messages (market signals) get garbled.
But do these beliefs hold up to scrutiny? Interestingly, a few academic studies have looked at Mercury retrograde and the stock market. One global study of 48 countries’ equity indices found that average market returns during Mercury retrograde periods were significantly lower – about 3.2% annualized lower – than in non-retrograde periods . The authors suggested this wasn’t due to any mysterious cosmic rays, but rather a “belief effect”: if enough investors think Mercury retrograde will mess up the markets, they become cautious, step back, and thus the market underperforms slightly . In essence, superstition itself can be a market factor. Another study focusing on the U.S. market found a slight decrease in volatility during Mercury retrograde – which at first glance contradicts astrologers’ warnings of confusion, but again the researcher posited that traders’ avoidance of risk (due to their superstition) led to calmer markets . These studies, published in finance journals, treat astrology as a cultural phenomenon influencing behavior: Mercury may not actually be scrambling anyone’s brain, but the age-old belief in its trickster tendencies still finds its way into 21st-century trading decisions, if only at the margins.
Planetary Correlations with the S&P 500: Insights and Studies
Beyond the qualitative and symbolic, some have tried to quantify the relationship between planetary cycles and market performance – even for something as broad as the S&P 500 index. The S&P 500, representing the largest U.S. companies, is often used as a proxy for “the market.” If astrology holds any water, its effects might be detectable in long-term charts of indices like the S&P.
One fascinating attempt to bridge astrology and quantitative finance came from technical market analyst Richard F. Schulz. He developed what he called the Technical Aspect Oscillator (TAO) – a computerized model that encodes planetary aspects (angular relationships between planets) into a numerical index. Essentially, TAO assigns positive or negative scores to certain geometric configurations of planets, under the hypothesis that harmonious angles (trines, sextiles) foster optimism, while tense angles (squares, oppositions) foster pessimism in the aggregate psychology of investors . Over a decade of research went into fine-tuning this model. Schulz then rigorously tested TAO’s output against stock market indices. The results, published in a 2011 article, were striking: **his planetary aspect index showed a strong correlation with major market indices. In a test from 1999 through mid-2008, the correlation between the TAO oscillator’s moving average and the S&P 500 was r = +0.81, an extraordinarily high positive correlation . (For reference, a correlation of +1.0 would mean the astro-index and the S&P moved in perfect lockstep.) The odds of this correlation being mere chance were calculated at less than 1 in 10,000 . The Dow Jones Industrial Average showed a similarly high correlation of +0.72 in the same period .
Schulz’s research cautiously noted that “correlation is not causation” , and that markets can and do deviate from the astrological index at times. Nevertheless, the finding suggests an uncanny synchronicity between planetary cycles and market sentiment. According to Schulz, when his aspect oscillator’s value rose, indicating more favorable cosmic alignments, investor optimism (and stock prices) tended to rise; when it fell, broad pessimism took hold and markets dipped . This aligns with the basic astrological premise that changing planetary patterns subtly influence the collective mood. Importantly, the TAO was a purely mathematical model – “numbers in, numbers out” – with no subjective interpretation in the moment . In other words, it attempted to put financial astrology on an empirical, data-driven footing rather than anecdotal prophecy. Critics in the scientific community might still be skeptical, but results like +0.81 correlation make it hard to dismiss the possibility that the same cyclic rhythms reflected in the planets are also expressed in human group behavior like trading.
Apart from comprehensive models like TAO, simpler correlations have been noted by those straddling finance and astrology. For example, consider Jupiter and Uranus – when these two form a conjunction (which happens about every 13-14 years), astrologers often expect sudden optimism, breakthroughs, and bullish energy (Uranus rules innovation and surprise; Jupiter amplifies). It so happens that in 1983 Jupiter conjoined Uranus, and what followed was a mid-1980s bull market that brought stock indices to record highs by 1987, an era of financial innovation and risk-taking . They will meet again in 2024; time will tell if a similar surge in innovation (and potentially market exuberance) occurs.
Another oft-cited pattern: Saturn aligning with Neptune seems to coincide with market stress. We saw an example in 2007, when Saturn opposed Neptune while a lunar eclipse occurred – an astrologically potent combination that Arch Crawford flagged, and indeed that week the market experienced a sharp sell-off amidst the brewing financial crisis . Saturn (hard reality) clashing with Neptune (dreams/illusions) can symbolically mean “a harsh wake-up from an economic fantasy,” and in 2007-2008 it mirrored the popping of a credit bubble. Historically, Saturn-Neptune hard aspects (conjunctions or oppositions) have corresponded with periods of economic malaise or fearful markets (the early 1930s had Saturn opposite Neptune during the Great Depression; the mid-1970s had a Saturn-Neptune square amid stagflation). While one must be cautious with confirmation bias, the astro-finance community has mapped many such coincidences across decades of market history.
It’s also interesting to note how traders’ practical experiences have led them to similar “cycle watching” that astrology prescribes, even if they don’t call it astrology. For instance, some traders keep an eye on lunar cycles – there is some statistical evidence that markets tend to slightly outperform around new moons and underperform around full moons, implying a waxing-waning mood influence. This could be a subconscious tidal effect on human sentiment, or just randomness, depending on whom you ask. But it echoes the astrological notion that the Moon governs mood and cycles of sentiment on a roughly 28-day rhythm.
Moreover, the concept of retrograde planets prompting reversals or reviews dovetails with certain technical analysis observations – markets often have countertrend corrections that could coincide with a retrograde period. Even if one doesn’t literally believe Mercury or Venus moving backward causes anything, the idea of regularly scheduled pauses (Mercury retrograde lasts ~3 weeks, Venus retrograde ~6 weeks, etc.) can impose a kind of cycle that traders might psychologically adhere to (like “sell in May” could coincide with Mercury retrograde in some years, reinforcing the effect).
In blending these perspectives, an academically trained analyst might say: “Perhaps astrological cycles are proxies for unmeasured seasonal or psychological cycles in investors.” A mystic might say: “The market has a soul and its destiny unfolds in sync with the cosmos.” Between these extremes, our exploration finds a nuanced middle: markets are a human endeavor, and humans have looked to cycles – both economic and cosmic – to make sense of uncertainty. Whether by Jungian collective unconscious or by the pull of literal planetary gravitation, patterns seem to repeat in financial history in ways that astrological language can eerily describe.
Bridging Rational Analysis and Mystical Insight
Is it mere coincidence, or is there a subtle cosmic script influencing the ebbs and flows of capital? The truth may forever be debated. From a scholarly perspective, there is sparse scientific evidence that planets cause stock prices to move – the efficient market hypothesis certainly doesn’t include “Mars in Scorpio” as a variable. Yet, history shows that people’s beliefs in these forces can themselves move markets. J. P. Morgan likely didn’t base his billion-dollar deals solely on star readings, but he clearly found enough value in astrology to seek its guidance alongside conventional analysis . That pattern repeats today: hedge fund managers quietly consult astrological calendars, and retail investors read Mercury retrograde forecasts, perhaps not fully convinced, but not willing to ignore a potential edge. As one former JPMorgan strategist turned astrologer quipped to a reporter, “I’ll take any insight I can get, as long as it works.”
For the spiritually inclined, the alignment of market cycles with cosmic cycles reaffirms a sense of connection – that even the frantic modern stock exchange is part of a larger, divine timing. For the empiricist, if investigating planetary cycles yields statistically valid signals (as some studies suggest with high correlations or observable anomalies ), then perhaps those cycles are capturing psychological patterns of fear and greed that other models miss. In a way, financial astrology might be thought of as an early form of behavioral finance: before we had terms like “investor sentiment” and “animal spirits,” we had Saturn and Jupiter to personify the pendulum of pessimism and optimism .
The story of JP Morgan and his astrologer invites us to keep an open mind. It reminds us that human behavior in markets is not always coldly rational – it is influenced by stories, symbols, and collective psychology. Astrology, with its rich symbolism, provides a narrative framework that can sometimes anticipate those psychological turns. Major planetary events (conjunctions, eclipses, etc.) act as focal points – call them rituals in time – where human consciousness might shift, en masse, in sentiment. As improbable as it sounds, the data and anecdotes we’ve reviewed make a case that there may be “seasons” of the market that correspond to seasons of the cosmos.
In conclusion, the nexus of astrology and the S&P 500 is a realm where Hermes the trickster meets the Wall Street trader, where ancient archetypes of Saturn the reaper and Jupiter the giver play out on modern financial charts. It’s a place where an eclipse can cast a shadow over valuations, and a retrograde phase can give bulls and bears alike a moment of doubt. J. P. Morgan’s legendary status in finance and his whispered use of astrology serve as a potent symbol of this bridge between two worlds: the material and the mystical. Ultimately, whether one views financial astrology as insightful or fanciful, its enduring presence – from Morgan’s era to the present – speaks to a timeless human desire to find meaning in market madness. As we navigate the cycles of boom and bust, perhaps we are all, in our own way, gazing at the stars, seeking patterns in the chaos.
Onur Güven
Sources:
Evangeline Adams, The Bowl of Heaven (1926) – as quoted in Karen Christino, “J.P. Morgan and Astrology” .
Karen Christino (karenchristino.com) – analysis of the famous JP Morgan astrology quote and historical context .
Wikipedia: “William Delbert Gann” – details on Gann’s use of astrology and market methods .
Astrology News Service – Richard F. Schulz’s Technical Aspect Oscillator study confirming planetary correlations with Dow/S&P .
Astrology.com – “Forecasting with Financial Astrology” (overview of planetary cycles in markets) .
AstrologyNewsService.com – “Study Confirms Planets Impact Stock Market Averages” (2011) .
