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
clients judgment market
I tell my clients to look at the market once a week. It does a lot for your judgment if you take away the day-to-day swings.
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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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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.
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Oracle set a really bad tone for things.
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I think we're going to edge our way higher but I don't think it's going to be a barn burning.
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I think we've seen technology take a tumble a number of times and come right back. Most professional money managers look at a technology slump as a buying opportunity.
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I think what the half-point cut showed was that the Fed for the first time appears to be taking the situation very seriously. I think investors are also still mulling the move and thinking what is it the Fed knows that they don't know. Could it be worries about a double-dip and deflation? It's this uncertainty, among other factors, that's the reason why we're down today.
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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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That was a signal that we were headed toward distress.
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That's the situation today, ... Since that's the case, I'd be more inclined to think this will be a negative year than a positive year.
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It is encouraging that the market has been able to hold together. The overall message is that the events in Southeast Asia will in time have an impact on the U.S. economy, but not a major impact in 1998. And that is really good news.
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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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I think the momentum of the market remains positive, but it's starting to slow.