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.
More Quotes from Hugh Johnson:
The earnings picture is really good now, but, you know, enjoy it while it lasts. Third and fourth quarters of this year are going to be much, much tougher earnings seasons, primarily because analysts are not reducing those estimates and the comparisons are going to be very, very tough,Hugh Johnson
It's very hard to make sweeping statements when it comes to technology.
Hugh Johnson
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.
Hugh Johnson
Obviously the situation turns very heavily on interest rates,
Hugh Johnson
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.
Hugh Johnson
A 25-basis point rise is built into the markets. What's not built in, and there's a chance this could happen, is that they might shift the balance of risks to favor inflation, which would mean that rates will rise more aggressively next year.
Hugh Johnson
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