The simple truth is the economy rebounded from the fourth quarter and was very strong in the first quarter as measured by (gross domestic product). Secondly, based on what we've heard from companies, profit margins should be good.
More Quotes from Hugh Johnson:
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.Hugh Johnson
The problem is there are exceptions. You're still left with the question Is this the time when it won't work
Hugh Johnson
I don't think it changes anything for Federal Reserve policy. Various early warning signs of inflation are still telling us they have to raise interest rates by 50 basis points and they are likely to do so when they meet next week.
Hugh Johnson
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.
Hugh Johnson
The question is when will the earnings recovery begin and how strong will it be.
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
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