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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ultimately extremely good news for the health of the market.
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We did have a little rain last Friday and Saturday, but this is the biggest rainfall we've had in months.
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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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We might get blindsided by some (hedge fund) announcement that nobody's anticipating, ... You worry about another big bolt out of the blue.
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Would I bottom fish in these industry groups? Emphatically no, ... I see no reason to believe these problems will be solved anytime soon.
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It's a trading rally, and not much more than that. If there's anything you can hang your hat on, it's that with every passing day, some investors become convinced that there's not going to be any serious fallout or damage to the economy or earnings due to the hurricanes.
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These numbers were highly impacted if not distorted by Hurricane Katrina.
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I think the market has managed the inevitable profit-taking very well, but there's still a lot of skepticism out there,
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Investors become very guarded at the point that they think oil prices could take a chunk out of economic growth,
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It injects some uncertainty. The worry is the Chinese economy will slow too much, and that will send markets down worldwide.
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I think it's a bygone conclusion that they will raise rates in January, but there's also debate about whether they'll raise rates in March.
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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 M&A activity is certainly the headline, with Oracle-PeopleSoft and a hangover of Sprint-Nextel,
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Their (Exxon's) profits were very strong, and December personal income was higher than forecast.