Hugh Johnson Fourth Quotations

It confirms that as we started the fourth quarter the economy continues to slow, ... At the same time that the economy is slowing, there is ongoing tightness in the labor markets and ongoing upward pressure on wages.

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.

The simple truth is the economy rebounded from the fourth quarter and was very strong in the first quarter as measured by (gross domestic product). Secondly, based on what we've heard from companies, profit margins should be good.

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.

I know we were up 4 to 5 percent in the first to 10 days of the year. But the market's now up 20 percent, just like the fourth quarter.

The earnings picture is really good now, but, you know, enjoy it while it lasts. Third and fourth quarters of this year are going to be much, much tougher earnings seasons, primarily because analysts are not reducing those estimates and the comparisons are going to be very, very tough,

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.