If You Sell In May, Be Prepared To Buy Back What You Sell

news.goldseek.com / By Avi Gilburt / Monday, 1 May 2017

It seems the action seen this past week has bears scratching their collective heads once again. With many viewing the market as certainly “topping” back in March, the market has doused cold water on those expectations, as I had been strongly warning would likely happen.

Since holding the support we noted several weeks ago at 2330SXPX, the market has seen quite a powerful move back up to the target we set between 2380 and 2410SPX. And, most of the rally was seen on the back of short covering of those who jumped the gun on the bearish side of the market.

I know many of you look to various data such as P/E ratios, GDP, employment, interest rates, CPI, etc., in order to glean market direction. And, you are likely quite confounded by the market action as it clearly makes no sense to you based upon the data you follow. So, maybe you are following the wrong data? Maybe that data is really meaningless to the market?

Yes, yes, I know. “Avi, you are talking nonsense.” But, am I really? If none of the data can explain why the market has done what it has done, what does that tell you?

Oh, I am sorry. I forgot. It’s really the central banks that have pushed us up this high. Then, for those of you that are certain of the central bank’s being that powerful, I am quite sure you are heavily long in your investment accounts.

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