It's pretty clear that companies have made money and their cash positions are high and this should help the market stage an advance in November and December.
More Quotes from Hugh Johnson:
The election is another element of ambiguity, ... and oil remains the crucial variable.Hugh Johnson
Every time (crude prices) move toward 50, it raises serious questions about the economy and earnings in 2005.
Hugh Johnson
Although the expectations we've been hearing indicate a prolonged decision, the markets are telling us that the election will be resolved quickly.
Hugh Johnson
Their (Exxon's) profits were very strong, and December personal income was higher than forecast.
Hugh Johnson
Sometime managements are the ones that make the mistake and think they're the ones that are going to survive. They have no perspective and don't understand that sooner or later they're going to go away.
Hugh Johnson
I think the MA activity is certainly the headline, with Oracle-PeopleSoft and a hangover of Sprint-Nextel. As the acquisitions start to pick up, that's new money coming into the market, which is positive.
Hugh Johnson
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