Hugh Johnson
Hugh Johnson
Hugh Johnson OBEis a British author and expert on wine. He is considered the world's best-selling wine writer. His 1961 tasting of a bottle of 1540 Steinwein from the German vineyard Würzburger Stein is considered to potentially be one of the oldest wines to have ever been tasted...
ProfessionNon-Fiction Author
Date of Birth10 March 1939
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I think the momentum of the market remains positive, but it's starting to slow.
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Just as the bond market and Europe has priced in what this tragedy means ... so too will the stock market. The real question is what happens at 10:30 (a.m. ET).
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Large is the place to be. The market has been rewarding investors in large cap, and rewarding investors on a relative basis in mid cap, but quite frankly, it is an on-again/off-again type of thing with the small cap, and the small cap is not a place to go. The market is not signaling to me that you should play it on the small cap side, mid cap is fine, large cap is definitely the place to be.
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I see business spending recovering, but not in telecommunications or telecommunications equipment.
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I think it's a bygone conclusion that they will raise rates in January, but there's also debate about whether they'll raise rates in March.
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It has been a solid performance, but there's still a healthy level of skepticism because stocks aren't cheap right now.
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I think the yield has worried investors. Some investors believe that it's a signal that a recession lies ahead. I believe that is a faulty interpretation.
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There are no real hiding places, ... But I would tell investors they shouldn't get too scared by what's happening. Don't forget that 70 percent of the time, stocks are going up. I don't know where the market is going in 30 days, but I know where it's going in 30 years.
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On the surface level it's a real simple story. Interest rates are rising and the outlook for the economy and earnings is darkening every step of the way.
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Really they're companies with consistent price performance, ... In other words, it's better than the S&P and consistent earnings performance.
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Ordinarily you would expect the stock market to rise or do better, but it's not, and I think the reason it's not is it's being held in check by high oil prices.
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I get worried about so much optimism and the fact that the market is overvalued,
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If the Fed raises rates three times, they're not doing it just to have fun. Life is good.
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Ordinarily, we would have a technical bounce at this level. But then the question is, have you seen a bear market bottom? I don't know if we have at this point.