It's a year-end rally in anticipation that there will be some new money coming into the market as we start the new year.
More Quotes from Hugh Johnson:
It's foolish to jump the gun. The thing to do is wait until you actually see large caps outperform, because if you don't wait you can be a year early .Hugh Johnson
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.
Hugh Johnson
You won't know for a couple of weeks. History says they (the Fed) need to cut rates more than one time but I am encouraged.
Hugh Johnson
Usually what happens is that it really reduces the appetite of investors to borrow money to buy stocks for years. Not months - years.
Hugh Johnson
Tobacco is the best performing industry in every single bear market,
Hugh Johnson
The underlying theme that's been driving the market is that inflation is a problem and the Federal Reserve is going to raise interest rates, and that's not good news.
Hugh Johnson
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