wallstreetexaminer.com / by James Rickards / May 13, 2017
There’s an old expression on Wall Street: “Sell in May and go away.” The idea is that you can get out of positions before the summer and return to them in September without much change expected.
This year the expression seems to be, “Do nothing in May until further notice.” The markets are treading water, waiting for the next catalyst. As I survey the scene, markets may not have that long to wait.
On Monday, the euro briefly touched $1.10 in a relief rally after the French elections. But it just as quickly traded down to $1.08, where it had been last week prior to the vote. Gold gave up a little ground, down to $1,217 per ounce, but still well above the prior low of $1,198 on March 14, 2017.