The stuff that worked in the fourth quarter and the first part of this year isn't working any more, like Internet stocks, large-cap tech stocks, and other large-cap names.
More Quotes from Hugh Johnson:
It's coming from southern Canada. We're in that time of year where even Canada is warming up now. We might make a run at 70 by the end of the week.Hugh Johnson
One of the most important signs of a bull market is when the bull market manages very, very bad news like we've had today. So in that sense, you've got a very encouraging performance today.
Hugh Johnson
There are a growing number of investors who believe the market has hit bottom. Investors with cash are feeling pressure to get in. Good markets beget good markets.
Hugh Johnson
Technology stocks have been leaders for good reason. The economy is growing 3.5 percent per year, while spending on information-processing equipment is growing 19.1 percent a year, after inflation. And spending on computers and peripherals is growing at a 41.1-percent rate. Technology is reflecting what lies ahead for the economy.
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
The durable goods numbers are telling us that businesses are spending money, and that the outlook for the economy is solid. And after last week, the earnings numbers are encouraging. So we're seeing a good bump today.
Hugh Johnson
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