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 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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Long-term interest rates are low and I'd prefer to buy when rates are higher and more attractive. As a federal government issuer or taxpayer, I'd be excited but, as an investor, I just don't see the appeal.
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Long term interest rates are higher now than they were in the second and third quarters, and debt levels are higher too. Yes, consumer spending will continue to expand, but it will be slower.
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If you separate out all the sectors of the market, it's no longer the case that technology is the most overvalued sector of the market, health care and energy actually carry higher valuations than technology now. So we are starting to get the levels overall in technology that really make some sense. And interestingly enough, if you take it even further, if you go to the individual stocks, stocks like Sun, Cisco, Texas Instruments, Oracle -- great names, they're starting to get to levels which, again, don't call them cheap, but call them cheaper and interesting,
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It's very clear that higher energy prices are now being passed along to consumers, and it's not difficult to do that when the economy is as strong as it is. This will put additional pressure on the Federal Reserve to continue to raise short-term interest rates.
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Shell Oil has made an offer to Barrett, ... I think they're going to have to make a higher offer to buy the company.
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Their (Exxon's) profits were very strong, and December personal income was higher than forecast.
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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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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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We got down too far too fast. You reach a level that attracts buyers.