These are the really important numbers because they give us a first look at January, and they include leading indicators.
More Quotes from Hugh Johnson:
Everybody's looking for every single data point that can possibly give them an edge in their analysis. I've seen folks put together a ratio of stock prices to weekly jobless claims, suggesting it's a leading indicator. That's preposterous, but there's an urge to move in that direction, to find every leading indicator you can get every day.Hugh Johnson
It's a year-end rally in anticipation that there will be some new money coming into the market as we start the new year.
Hugh Johnson
It's bad news for all of the things that have been doing well.
Hugh Johnson
If you separate out all the sectors of the market, it's no longer the case that technology is the most overvalued sector of the market, health care and energy actually carry higher valuations than technology now. So we are starting to get the levels overall in technology that really make some sense. And interestingly enough, if you take it even further, if you go to the individual stocks, stocks like Sun, Cisco, Texas Instruments, Oracle -- great names, they're starting to get to levels which, again, don't call them cheap, but call them cheaper and interesting,
Hugh Johnson
The stock market rally today is because we drove the market down to levels that were on the cheap side and when you get news like the leading indicators saying things are going to be good for the economy and profits, that attracts buyers.
Hugh Johnson
Tomorrow, the market will probably continue upward driven by the dollar, but it won't go up much because of caution before the employment figures.
Hugh Johnson
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