286 ordspråk av Hugh Johnson

Hugh Johnson

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 Investors are clearly worried about a double-dip.

 Investors become very guarded at the point that they think oil prices could take a chunk out of economic growth,

 Is the possibility of a tax cut and a rate cut enough to eliminate or neutralized the concerns about the economy and earnings, letting the January effect play out, ... Watch the overall market and if the shift from defensive stocks to economically-sensitive stocks continues, it may be enough to turn the tide.

 It appears rates are heading back towards normal levels — and that means higher.

 It confirms that as we started the fourth quarter the economy continues to slow, ... At the same time that the economy is slowing, there is ongoing tightness in the labor markets and ongoing upward pressure on wages.

 It has been a solid performance, but there's still a healthy level of skepticism because stocks aren't cheap right now.

 It injects some uncertainty. The worry is the Chinese economy will slow too much, and that will send markets down worldwide.

 It is a down week after some predictable profit taking following a strong January. But the excuse for that profit taking was the Fed. We walked away from last Tuesday's meeting in which they raised interest rates, knowing that they will likely raise rates again at their March meeting.

 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.

 It is troubling to see so many more purchasing managers, manufacturing and non-manufacturing, paying higher prices to their vendors, ... It suggests that the Federal Reserve is faced with an economy which is weaker and inflation which is stronger. That is not a particularly good configuration.

 It looks pretty much like it's going to be George Bush. I think it's sort of a sense of relief that that's behind us, and I think more importantly, it's really getting rid of all that kind of uncertainty. But we also know that regardless of who's the winner, we're not going to see much in the way of fiscal policy or fiscal stimulus coming out of the next Congress or Washington.

 It seems so tied to the price of oil, that it's very hard to forecast what stocks will do next. On balance the message of the markets for the last nine trading sessions, including today, seems to have shifted to say that the price of oil is taking a chunk out of consumer spending.

 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.

 It will eventually slow the growth rate of earnings,

 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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