There's an old adage on Wall Street bull markets climb a wall of worry. Needless to say, there are a lot of worries out there.
More Quotes from Hugh Johnson:
When you see buying in that (technology) sector in a bear market, it implies that there are investors out there who see improvement around the corner, and it's usually technology and cyclical stocks that lead the market out of a downtrend, ... The bias towards Friday's data may be that the data will be consistent with the view that the economy is showing some expansion.Hugh Johnson
Common sense alone says energy is not going to be the leader.
Hugh Johnson
Obviously the situation turns very heavily on interest rates,
Hugh Johnson
There will be some early applause from Wall Street, but it will be subdued because there is a long road ahead. It does not signal the end of terrorist attacks both around the world and in the United States.
Hugh Johnson
If there are lots of other signals of appending recession, take it seriously. But don't hang your hat on the yield curve.
Hugh Johnson
That can be done, but it can be frustrating. The world doesn't wait for you to go through your research, ... You're sitting there doing your research and while you twiddle your thumbs, Rome is burning.
Hugh Johnson
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