Hugh Johnson Fits Quotations

When the markets struggled for a technical bounce in the morning, that was investors sending a message that we're either heading toward an economic recession or toward a profits recession.

The market is asking the question, given oil prices, given rates, given China's economy and other things, what does it look like for the economy and corporate profits in the fourth quarter and in 2005? The message we got last week was that it's probably not going to be as great as everybody once expected, but it will still be just fine.

Their (Exxon's) profits were very strong, and December personal income was higher than forecast.

We are gradually, slowly building investor confidence that the profit recession will end, ... What's leading to the bullishness is not anything you are currently looking at. Earnings are dismal, but investors are becoming more optimistic that the profits recession will end.