Hugh Johnson Stock Quotations

When you say the stock market is overvalued, you imply that the stock market is going down. But there is a touch of lunacy in every bull market -- stocks can become even more overvalued. A rational investment policy in an irrational world is suicide.

Mutual funds are clearly a very big reason why the stock market is declining, ... This is the other side of the mountain.

Four days ain't enough, ... It's still too soon for investors to jump back on board until you get more confirmation from the stock market. We've had so many false starts before.

Just as the bond market and Europe has priced in what this tragedy means ... so too will the stock market. The real question is what happens at 10:30 (a.m. ET).

Ordinarily you would expect the stock market to rise or do better, but it's not, and I think the reason it's not is it's being held in check by high oil prices.

Usually, when you have a stock market mania, it's driven largely by individual investors borrowing money to buy stocks at prices that are too high. And usually, when a bubble becomes unwound, it's because of margin calls.

The one thing you don't want to ignore is the stock market itself,

As the transition from the bond business to the stock business takes place, the stock business needs to recover.

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.

The stock market has been closely connected to the bond market in the last two weeks, and today's stabilizing interest rates is probably the No. 1 reason behind the gains.

The stock market has become modestly overvalued and investors are using a variety excuses to take money off the table. I wouldn't be surprised if the current, corrective phase continues and the market declines another 5 percent.

The most important thing is that the stock market had declined to levels that were arguably undervalued, and that many aggressive managers also realized there was a great deal of pessimism.

There's been a great deal of turmoil, ... There's widespread bond market pessimism and at the other side of the equation, there's too much stock market optimism.

It's almost as though we're getting a crash, and it's coming at us one stock at a time,

That's a growth stock that is trading at an unusually high price-earnings ratio compared to growth, ... It's being priced as a rather racy e-commerce company. They've done a really good job (of adapting to the Internet) -- that company thinks great, they have a great culture.

Individuals are buying stock with the idea that it will become even more overvalued. That's a sign of speculation.

The market does have a valuation problem. But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.

The market does have a valuation problem, ... But I don't put much stock in any valuation model, including my own. It's very rational -- it tells you when the stock market is overvalued or undervalued -- but it doesn't work.