Friends
Sell in May and go away. That’s a well-worn adage on Wall Street. What it basically refers to is that over the last hundred years, stocks have performed better in the six month period from November thru April than the six month period of May thru October. Of course, in recent years selling in May would have been a huge mistake. As we opened trading for this May, market participants were, indeed, ready to sell. Stocks tumbled well over 300 Dow points at the low point of the trading session, but helped by the Nasdaq stocks recovered nicely.
By the close, the Dow Jones Industrial Average was down 64 points to finish the day at 24,099. The S&P 500 was up 6 points to close at 2,654. Gold was down $13 to trade at $1,305 per ounce, while oil was down $1.11 to trade at $67.46 per barrel WTI.
The FOMC began its 2 day meeting this morning, but it’s not expected that any action will be taken from this meeting- of course you never know. In addition, earnings continue to come, and despite some lukewarm results from a couple of major pharmaceutical companies today, the numbers continue to be good. After the close, we’ll get Apple’s earnings release. There is a lot of doubt heading into this report so Apple seems to have their work cut out for them to impress traders. We’ll let you know what the Fed has to say tomorrow. Stay with us.
Have a nice evening everyone.
