“Sell in May and go away” is an old Wall Street adage you will be hearing a lot in the coming weeks. While we have never advocated timing the market, it is certainly rational to be nervous about the continued upward trajectory of US equities after the 21% increase over the last 6 months as of 4/30/24 in the S&P 500 Index including the 6% year-to-date (YTD) increase. This is especially true considering valuations are stretched, the Federal Reserve (Fed) is attempting to be restrictive, inflation is proving tough to tame and market leadership is heavily concentrated. Geopolitical worries in Russia and the Middle East along with the looming US election add further to investor angst.

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