Research.LeutholdGroup

Those who heeded the old advice to “Sell In May” have missed out on an additional 5% gain (and counting) so far in 2021. However, the best way to have played this seasonal anomaly over the years was not to have “sold-out,” but rather to have “reduced the beta” of one’s equity holdings versus cutting equity exposure outright. That strategy has paid-off handsomely the last three months, even as this “Nothin’ Matters And What If It Did” stock-market powers higher.

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Remember that peaks in market breadth tend to lead peaks in the S&P 500 by at least a few months.

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The breadth of new market highs across multiple market indexes illustrates beyond a doubt that the stock market is “externally” in gear, but some analysts contend the market is showing “internal” signs of weakness.

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