You had a pretty good move in biotech this year, and biotech really has quite frankly lifted the health care and the drug stocks recently because investors have become somewhat defensive -- say in the last month or so -- and have also, on a relative basis, performed fairly well.
More Quotes from Hugh Johnson:
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.Hugh Johnson
We call it a potential critical fire danger stage. We extremely discourage any outside burning during a red flag.
Hugh Johnson
Everybody is waiting for the employment report on Friday. The belief is that the economy is rebounding from the sluggish fourth quarter. We will know on Friday.
Hugh Johnson
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.
Hugh Johnson
It's a migration toward value as a reflection that investors believe the growth rates of earnings are slowing. It will continue until investors are convinced that the Fed will take its foot off the break, or reduce interest rates.
Hugh Johnson
It's very hard to attribute it to an event or release because there is none. I certainly wouldn't attach any significance to it. The professional money managers aren't doing much. They want to take a clear look at third-quarter earnings.
Hugh Johnson
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