The firm said a preelection summer rally could be on the horizon.
Investors should ignore the adage about selling off equities in May as a big preelection summer rally could be coming, according to Bank of America. "Do not sell in May and go away," Stephen Suttmeier, the firm's technical research strategist, told clients in a Tuesday note. It's a well-known yet hotly debated phrase. It stems from the fact that the Dow Jones Industrial Average has gained 0.
SPX YTD mountain S & P 500, YTD And there's a key factor Suttmeier sees changing the narrative for the better this year: the presidential election. In presidential election years, the S & P 500 is higher in the three summer months about 75% of the time, with an average return of 7.3%. Suttmeier's call comes amid a period of uncertainty in the market.
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