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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Technology stocks have been leaders for good reason. The economy is growing 3.5 percent per year, while spending on information-processing equipment is growing 19.1 percent a year, after inflation. And spending on computers and peripherals is growing at a 41.1-percent rate. Technology is reflecting what lies ahead for the economy.
ahead computers economy equipment good growing leaders lies percent reflecting spending stocks technology
Technology stocks have been leaders for good reason, ... The economy is growing 3.5 percent per year, while spending on information-processing equipment is growing 19.1 percent a year, after inflation. And spending on computers and peripherals is growing at a 41.1-percent rate. Technology is reflecting what lies ahead for the economy.
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It's still way too close a race to call, and I think the market will reflect the fact that it's still up in the air,
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It's a migration toward value as a reflection that investors believe the growth rates of earnings are slowing. It will continue until investors are convinced that the Fed will take its foot off the break, or reduce interest rates.
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Yesterday's weak ISM number shows the manufacturing sector is just limping along. Another report this week suggests that Friday's August employment report may not be very good. Worries about the economy resurface and are reflected in stocks,
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There's fairly widespread anticipation that the economic numbers this week will be solid, though not great, and I think the market is reflecting that.
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If there's no bounce, it's investors saying that the market has not reached a level that accurately reflects what's ahead for the economy and earnings.
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The markets are moving to more reasonably reflect expectations for what lies ahead in 2005.
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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.