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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Every market sector has a lot of good companies in it.
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As the bull market progressed, analysts became more optimistic about next year's earnings. Now, it's the extent to which companies will hit their numbers for 2004 that will make next week so important for the market.
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There have been a lot of high-profile companies taking a lot of extraordinary drops. When things go south for a company, they really go south.
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It's pretty clear that companies have made money and their cash positions are high and this should help the market stage an advance in November and December.
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It will eventually slow the growth rate of earnings. Therefore you should own companies with low price-earnings ratios, not high price-earnings ratios.
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Almost every quarter I can remember people have come up with reasons to explain away earnings gains. The truth is that earnings are doing better, and the hope is that, because earnings are improving, companies will begin to hire and spend money on technology.
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A lot of traders will be circling like vultures, to find the companies that are the target of tax selling.
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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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When all of the markets around the globe simultaneously go down, that's the message. That's what you have to worry about.
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It was almost a sure bet that the Fed was going to raise rates in June. Now it's almost a sure bet, say 50-50 at least, that they won't move in June.
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These stocks are so extraordinarily overvalued, and a lot of debt was built up to buy them. Everybody became a believer and had to be on board.
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The stock market rally today is because we drove the market down to levels that were on the cheap side and when you get news like the leading indicators saying things are going to be good for the economy and profits, that attracts buyers.
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The stock market has been closely connected to the bond market in the last two weeks, and today's stabilizing interest rates is probably the No. 1 reason behind the gains.
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The stock market has become modestly overvalued and investors are using a variety excuses to take money off the table. I wouldn't be surprised if the current, corrective phase continues and the market declines another 5 percent.