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 know we were up 4 to 5 percent in the first to 10 days of the year. But the market's now up 20 percent, just like the fourth quarter.
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I'm referred to as a fundamentalist -- a person who cares about company earnings and where the economy is going -- but the truth is I'm a closet technician. I've learned something as we've moved through the bear market: The last people to find out about a problem are research analysts and fundamentally oriented strategists.
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The Goldman Sachs news seemed to re-energize the bull market.
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The economy and the growth rate of earnings will slow, ... There's a good chance that investors will continue to do what they've always done. They will migrate to the safer segments of the market.
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The earnings picture is really good now, but, you know, enjoy it while it lasts. Third and fourth quarters of this year are going to be much, much tougher earnings seasons, primarily because analysts are not reducing those estimates and the comparisons are going to be very, very tough,
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The earnings have been pretty good so far, but there's an ambiguity in the market about them, because you'll see Amazon or Microsoft disappointing and then others beating.
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The durable goods numbers are telling us that businesses are spending money, and that the outlook for the economy is solid. And after last week, the earnings numbers are encouraging. So we're seeing a good bump today.
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The gains in those sectors is very good news. Investors are buying into riskier areas and it shows they're more optimistic about the economy and earnings.
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The gains in those sectors is very good news, ... Investors are buying into riskier areas and it shows they're more optimistic about the economy and earnings.
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The fundamental premise in this business is you cannot be stuck in this business. You can buy stocks for the long haul, but if the market breaks down, you're going to suffer. You're going to pay for it.
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The conditions for the restarting of the bull market, or the start of a new bull market, which is how you should look at it, those conditions do not exist. Not yet, and that's why the markets went down yesterday despite what the Fed said,
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The election is another element of ambiguity, ... and oil remains the crucial variable.
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The inflationary news today was extraordinary. Even though we are seeing upward pressure on wages, it's not overwhelming. We are seeing some upward pressure on prices, but it remains very benign.
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You won't know for a couple of weeks. History says they (the Fed) need to cut rates more than one time but I am encouraged.