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Stocks have been up 6 months in a row. And we finished April at a historic high of 1597.57. So that begs the question:
Is it time to sell in May and go away?
For starters, each May is different. And there have been some VERY profitable summers in years past. So it's never wise to just take this saying at face value and truly walk away from the markets. (In fact, if things looked really bad, then it's best to short the market).
The resilience of stocks to be pressing all-time highs after 3 straight weeks of soft economic reports (including a scary showing for Chicago PMI in contraction territory) is making it hard to say what exactly would make stocks go lower at this stage. Meaning that investors seem quite comfortable with the ebb and flow of Muddle Through Economic growth. And as long as the Fed is on the side of investors, with all that QE, then no reason to walk away.
I am starting to believe that range bound is likely the worst case scenario this summer. With more upside being a strong possibility. The major ISM and employment reports this Wednesday and Friday will give us a good indication of what lies ahead. Stay focused on that.
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