Walk away in May. That’s the adage. But fuck it. 

Fund managers may take it easy for the summer months, take some vacations, short days etc. But rest assured price action will be unpredictable. Expect to see a spike in volatility once this range bound boredom breaks. And it could be this summer.

We’ll hold the Neutral Bias, though are taking note of the recent distributions, which might be a slight hint of the Bear positioning for the driver’s seat. We’ll need to see leadership take it on the chin before  shifting to a Seller Bias.

Take it easy.