<p>After closing at an all-time high in April, the stock market saw a big sell-off on May 1.</p>
<p>Once again, traders were asking themselves if they should "Sell in May and go away."</p>
<p>This old stock market rule was coined because there is actually some <a href="http://www.businessinsider.com/financial-advisor-insights-april-30-2013-4">strong historical data </a>to back it up.</p>
<p><keyword id="1744496" type="PERSON" weightage="60" keywordseo="Walter-Zimmerman">Walter Zimmerman</keyword>, the top technical analyst at United-ICAP, charted the performance of a $10,000 investment in 1950 if you sold in May, and then bought back on November 1.</p>
<p>"The other half of the proverb is ‘Buy Back on Saint Crispin’s Day,’" said Zimmerman.  "That would be 25th October."</p>
<p>"This advice has shined the brightest in those years with the most extreme bullish sentiment going into May."</p>
<p>Check it out:</p>
<p><div class="image-container click-to-enlarge" style="width:620px"><div class="image"><a title_source="United-ICAP" title_caption="" class="zoomin" href="http://static3.businessinsider.com/image/5182b658eab8ea1c19000011-960/chart-722.jpg"><span class="click-to-enlarge-icon" title="Click to enlarge"></span><img src="http://static3.businessinsider.com/image/5182b658eab8ea1c19000011-900-675/chart-722.jpg?maxX=620" border="0" alt="sell in may" width="620" /></a></div><p class="source">United-ICAP</p></div></p>
<p><br />Remember history is a guide, <a href="http://www.businessinsider.com/stovall-sp-500-1419-75-days-2012-6">but never gospel</a>.</p>

Here's How Rich You'd Be If You Did The 'Sell In May And Go Away' Trade Since 1950

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/543aee94eab8ea705412818c-1057-819/screen-shot-2014-10-12-at-5.08.54-pm.jpg" alt="walter zimmerman" border="0"><p class="source"><span>United-ICAP</span></p></img></div><p></p></div></div>Last week's stock market sell-off put the Dow Jones Industrial Average <a href="http://www.businessinsider.com/dow-average-negative-for-2014-2014-10">in the red for the year</a>.</p>
<p>"What strikes me most about all this is the sheer complacency," said Walter Zimmerman, chief technical analyst for United-ICAP. "The most pervasive reaction to the recent sharp drops in the equity indices seems to be 'What is this doing here? I thought we were finally done with stock market declines.'"</p>
<p>As a technical analyst, Zimmerman pays a lot of attention to chart patterns and the statistics behind them.</p>
<p>However, his current concerns about the stock market are echoed by those who focus on fundamentals. These concerns include deflation and the discontinuance of the Federal Reserve's monetary stimulus.</p>
<p>"I was wondering when the equity markets would start playing catch-up to the great asset deflation that has been the scourge of the commodity markets since May 2011," Zimmerman said in an email to Business Insider. "Looks like we can now add the global equity markets to the great asset deflation parade."</p>
<p>Indeed, <a href="http://www.businessinsider.com/gold-on-the-verge-of-falling-below-1200-2014-10">even gold</a> - considered a safe haven asset class by some - has been getting punished.</p>
<p>Zimmerman sent Business Insider two sets of slides. The first set features the Russell 2000, an index of small and mid-cap stocks, and the DAX, an index of German stocks. The second puts the global markets into context characterizing it like a roller coaster with the Federal Reserve at the control panel.</p>
<p>"This widespread reaction tells me that everyone is long and un-hedged," he said. "Of course this decline is so sweeping in its extent that it seems quite likely the only effective hedge will be the side-lines."</p>

WALTER ZIMMERMAN: The Stock Market Roller Coaster Has Been Released From The Fed's Lift Chain

<p><div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static2.businessinsider.com/image/512fb247eab8eada7200000c-846-634/scary-cloudy-red-sky.png?maxX=400" border="0" alt="scary cloudy red sky" width="400" /></div><p class="source"><a href="http://www.flickr.com/photos/77961177@N00/54082119/">Frenkieb / Flickr</a></p></div>The stock market is within points of hitting an all-time high.</p>
<p>However, there is no shortage experts who are waving red flags.  Earnings expectations have been falling, profit margins appear to be unsustainably high, and sentiment is so high that it seems investors are being complacent about the risks.</p>
<p>"Every reliable technical tool is warning of major peaking action," said Walter Zimmerman, the senior technical analyst at United-ICAP. "This includes sentiment, momentum, classical chart patterns, and Elliott wave analysis.</p>
<p>"Most of the rally in the stock market since 2009 can be chalked up to the Federal Reserve’s attempt to create a ‘wealth effect’ through higher stock market prices. This only exacerbates the downside risk. Why? The stock market no is longer a lead indicator for the economy. It is instead reflecting  Fed manipulation. Pushing the stock market higher while the real economy languishes has resulted in another bubble.</p>
<p>"The next leg down will not be a partial correction of the advance since the 2009 lows. It will be another major financial crisis. The worst is yet to come."</p>
<p>Zimmerman sent us a brief presentation laying out his thesis.</p>

WALTER ZIMMERMAN: Every Indicator I Follow Shows The Market Is Going To Tank, And There Will Be A New Financial Crisis

<p><strong><strong><strong><strong><em><strong>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.</strong></em></strong></strong></strong></strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><strong><a href="http://advisorperspectives.com/commentaries/wharton_022813.php">Jeremy Siegel Says It's Time To Move Away From Traditional Asset Allocation</a> (Advisor Perspectives)</strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">Jeremy Siegel famously said last year that he sees the Dow going to 15,000 in 2013. He also said there was a chance it could rise to 17,000. But in a new interview with Knowledge@Wharton he says the latter "might be a stretch" unless many risks go away, and people still see value in the markets. He also said investors should move away from traditional asset allocation.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"People say, "Jeremy, do you hold any bonds?" And I say, "The only bonds I've held over the years and years and years is junk bonds." And even they've become a little expensive, but you know, I just roll over and reinvest my interest there. That's the only bond part of my portfolio. I always have some cash, just for liquidity purposes. But as for an investment purpose, outside of a little chunk that rolls over in junk bonds, no extra bonds. I'm very enthusiastic about stocks. I'm not enthusiastic about gold because I think gold is priced for either hyperinflation or the end of the world. Neither of those two eventualities, in my opinion, is going to happen. I think commodities are expensive. Oil is expensive.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"So really, stocks, properties -- now, you know, there are some good values in real estates. REITs are very high, but they still should be part of your portfolio. In some investment properties, if people want to go into the liquid sides, it's fine. And of course if anyone is waiting to buy that home and lock in that mortgage rate, now is the time, and definitely that would be an advisable purchase to make. But as far as the liquid part of your portfolio, the vast majority should be in stocks now."</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><strong><a href="http://dealbook.nytimes.com/2013/02/28/for-s-e-c-a-setback-in-bid-for-more-time-in-fraud-cases/">An Upset For The SEC As Court Says It Can't Work Around Statute Of Limitations</a> (The New York Times)</strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">The Supreme Court has ruled against the SEC's argument in  Gabelli v. SEC, that the statute on limitations for pursuing civil penalties like frauds, should begin when they are 'discovered' and not when they take place, according to The New York Times. <br /><br />In this instance, the SEC had filed fraud charges against mutual fund manager Marc Gabelli and his colleague Bruce Alpert in 2008. The SEC had wanted the court to use the "discovery rule" which is a workaround the "statute of limitations". The Supreme Court ruled that victims of fraud can have a longer time to file claims but “the S.E.C. as enforcer is a far cry from the defrauded victim the discovery rule evolved to protect.”</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><strong><a href="http://www.businessinsider.com/emerging-market-30-trillion-opportunity-for-growth-2013-2">The Biggest Growth Opportunity In The History Of Capitalism</a> (McKinsey &amp; Company)</strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">By 2025, consumers in the emerging markets will be spending $30 trillion annually.  This is according to a new report from McKinsey &amp; Company. They have called this "the biggest growth opportunity in the history of capitalism".<strong> </strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none; padding-left: 30px;"><strong><div class="image-container" style="width:581px"><div class="image"><img src="http://static6.businessinsider.com/image/512f7a3e69beddfc6c000003-1100-819/screen shot 2013-02-28 at 10.11.29 am.png?maxX=581&amp;maxY=432" border="0" alt="how the number of consumers will grow in the global market by 2025" width="581" height="432" /></div><p class="source"><a href="https://www.mckinseyquarterly.com/Winning_the_30_trillion_decathlon_Going_for_gold_in_emerging_markets_3002">McKinsey &amp; Company</a></p></div><br /></strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><a href="http://www.businessinsider.com/sp-500-january-february-pattern-2013-2"><strong><br />The S&amp;P 500 Is On Track To Complete A Pattern That Has Ended In Annual Gains Every Time </strong></a><strong>(CNBC)</strong><a href="http://www.businessinsider.com/sp-500-january-february-pattern-2013-2"><strong></strong></a></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">The S&amp;P500 is set to finish February in positive territory. In a note, Sam Stovall of S&amp;P Capital IQ said the S&amp;P 500 has had gains in both January and February 26 times since 1945. In each of those years the index has ended with gains.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"In all 26 instances, Stovall says the "500" recorded a positive calendar year total return, averaging an advance—including dividends—of 24 percent and posting full-year results that were in the single digits just twice: 1987 and 2011.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"The reason for this full-year early warning signal? "[I]nvestors—like an octogenarian willing to skip a nap—believe there may be too much to miss should they take their traditional seasonal siesta."</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;"><strong><a href="http://www.businessinsider.com/walter-zimmerman-warns-of-financial-crisis-2013-2#">Walter Zimmerman Says The Stock Market Is Peaking And There Will Be A Major Financial Crisis</a> (United-ICAP)</strong></p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">The stock market has been hovering near all-time highs but many experts have warned that the market is carving a top and have warned of investor complacency. Walter Zimmerman, a senior technical analyst at United-ICAP says every technical indicator suggests the stock market is peaking.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"Most of the rally in the stock market since 2009 can be chalked up to the Federal Reserve’s attempt to create a ‘wealth effect’ through higher stock market prices. This only exacerbates the downside risk. Why? The stock market no is longer a lead indicator for the economy. It is instead reflecting  Fed manipulation. Pushing the stock market higher while the real economy languishes has resulted in another bubble.</p>
<p style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none;">"The next leg down will not be a partial correction of the advance since the 2009 lows. It will be another major financial crisis. The worst is yet to come."</p>

5 Smart Insights For Financial Advisors

<p><div class="image-container" style="width:600px"><div class="image"><img src="http://static6.businessinsider.com/image/513078c469beddfe4700002a-860-430/spain-strikes-protests-6.png?maxX=600" border="0" alt="Spain strikes protests" width="600" /></div><p class="source"><a href="http://www.twitter.com/paaiiss">Twitter / @paaiiss</a></p></div></p>
<p>The European economy has been a trainwreck for a long time, but there have been varying stages of it.</p>
<p>From 2007 through 2010 or so, the European economy basically went through the same trajectory as the US.</p>
<p>There was a violent downturn during the financial crisis, and then an upturn.</p>
<p>But thanks to the European sovereign debt crisis, the upturn was cut short.</p>
<p>2011 and 2012 were devoted to solving the acute issue of European sovereign debt crisis, an issue that for now has largely gone away, via the ECB's promise of backstopping governments, so long as they agreed to austerity measures.</p>
<p>But everyone predicted that this austerity would be devastating for growth, and now we see that playing out in 2013 in a wicked way.</p>
<p><a href="http://www.businessinsider.com/german-pmi-continues-2013-3">While the German economy is strong</a>, the rest of Europe just stinks, <a href="http://www.businessinsider.com/february-global-pmi-2013-2">as today's PMI numbers show quite nicely</a>.</p>
<p>This chart comparing French and German manufacturing output tells quite a story. While Germany is benefiting from strong exports, the French economy is mired in a horrible slump.</p>
<p><table class="image-container" width="200"><tr><td><div class="image"><img src="http://static3.businessinsider.com/image/5130720069bedd4c4900000d-600-450/738511321.jpg" border="0" alt="german vs. french pmi" /></div><p class="source"><a href="https://twitter.com/MarkitEconomics/status/307418424676610048">Markit</a></p></td></tr></table></p>
<p>The bad news doesn't stop there.</p>
<p>Just out today, some fresh bad data on French car sales.</p>
<blockquote class="twitter-tweet">
<p>Meanwhile, no va va voom in French Feb car sales. -19.9% for Citroen -8, 5 Peugeot and -19.3 Renault y/y</p>
— kit juckes (@kitjuckes) <a href="https://twitter.com/kitjuckes/status/307419636088057856">March 1, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<p>Oh, and look, here's the tragedy of Italian unemployment.</p>
<blockquote class="twitter-tweet">
<p><a href="https://twitter.com/search/%23Italy">#Italy</a>'s unemployment rate rises to 11.7% from 11.2%. It's the highest since at least 1992. For those between 15 and 24 it's 38.7%</p>
— Michael McKee (@mckonomy) <a href="https://twitter.com/mckonomy/status/307419803939909634">March 1, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<p>A very severe leg down is taking hold, and there's nothing anybody is doing about it.</p>
<p>The ECB might at some point cut rates again, which should benefit marginally. But the lack of domestic demand remains brutal.</p>
<p>And now politics is getting worse, as the electoral crisis in Italy shows.</p>
<p>The question is: Will anyone address it?</p>
<p>Right now most of the rhetoric is about the importance of sticking with various austerity commitments. If nobody has the guts to change direction, there will be more Italies in the future.</p>
<p><strong>SEE ALSO: <a href="http://www.businessinsider.com/walter-zimmerman-warns-of-financial-crisis-2013-2">Walter Zimmerman warns of financial crisis &gt;</a></strong></p>
<h3><strong>Now Watch:</strong> Japan May Have Solved The Biggest Monetary Policy Problem Of This Era<br /><br /></h3>
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An Economic Tragedy That Everyone Saw Coming Is Now Unfolding In Europe...

<p><div class="image-container float_right" style="width:325px"><div class="image"><img src="http://static4.businessinsider.com/image/512cbea4eab8eac32700003c-580-435/building-implosion-demolition-collapse.png?maxX=325" border="0" alt="building implosion demolition collapse" width="325" /></div><p class="source"><a href="http://www.flickr.com/photos/31608675@N00/2391463824/">Paul-W / Flickr</a></p></div>Markets were up for most of the day.  Midday, the Dow was up as much as 75 point.  Stocks were about to close at a new highs. But the rally disappeared.</p>
<p>First the scoreboard:</p>
<p>Dow: 14,054, -20.8 pts, -0.1 percent<br />S&amp;P 500: 1,514, -1.3 pts, -0.0 percent<br />NASDAQ: 3,160, -2.0 pts, -0.0 percent</p>
<p>And now the top stories:</p>
<ul>
<li>The Dow and S&amp;P closed almost at a new post-crisis, bull-market high again. But a weird late day sell-off put the markets barely in the red.  Still, both indices are very near their all-time highs. The Dow closed at its <a href="http://en.wikipedia.org/wiki/Closing_milestones_of_the_Dow_Jones_Industrial_Average#Record_highs_and_decade_lows">all-time high of 14,164 on October 9, 2007</a>.  The  S&amp;P closed at its all-time high of <a href="http://www.cnbc.com/id/49208910/SampP_500_to_Hit_Record_High_in_2013_Strategist">1,565</a> that same day.</li>
<li>Meanwhile, the we have reached the deadline for the sequester.  Sequestration is the $85 billion worth of Federal budget cuts that will begin to ripple across the economy tomorrow.</li>
<li>There were two big economic reports today.  First was the <a href="http://www.businessinsider.com/us-q4-gdp-second-estimate-2013-2">revision to Q4 GDP</a>.  It was bumped up to +0.1 percent from -0.1 percent a month ago.  However, it was still worse than the expectation for +0.5 percent.  Even worse, the personal consumption component was revised down to +2.1 percent.  "In a way, I would have rather had it stay negative and had the old details that I had before," said <a href="http://www.businessinsider.com/positive-gdp-mired-by-consumption-number-2013-2">UBS's Drew Matus</a>.</li>
<li><a href="http://www.businessinsider.com/initial-jobless-claims-february-28-2013-2">Initial jobless claims</a>, however, was more encouraging.  Claims fell to 344k from 362k a week ago.  This was lower than the 360k expected by economists.</li>
<li>In notable stock market moves, JC Penney cratered today after the company reported a <a href="http://www.businessinsider.com/jc-penney-q4-2012-earnings-2013-2">massive quarterly net loss of $1.95 per share</a>.  This was due to a breath-taking collapse in same-store sales.  One of the big losers in this was hedge funder Bill Ackman, who has a massive investment in the company.</li>
<li>Another big mover in the markets was Herbalife, the company that's being accused of being a pyramid scheme by hedge funder Bill Ackman.  Herbalife announced that it was adding <a href="http://www.businessinsider.com/herbalife-halted-news-pending-2013-2">two Carl Icahn nominees to its board of directors</a>.  Icahn, who has a big investment in the company, benefitted from the stock's 7 percent rally today.  Meanwhile, Ackman was a loser again.</li>
<li><strong><strong>Don't Miss:</strong> <a href="http://www.businessinsider.com/walter-zimmerman-warns-of-financial-crisis-2013-2">WALTER ZIMMERMAN: Every Indicator I Follow Shows The Market Is Going To Tank, And There Will Be A New Financial Crisis &gt;</a></strong></li>
</ul>

MARKET RALLY CRUMBLES IN THE FINAL MINUTES OF THE DAY: Here's What You Need To Know

<div style="width: 100%; overflow: hidden;">
<h2 style="text-align: left;"><keyword id="1740547" type="UNKNOWN" weightage="60" keywordseo="Monday-Scouting-Report">MONDAY SCOUTING REPORT</keyword></h2>
<br /> <img src="http://static3.businessinsider.com/image/5130e6526bb3f7d14400004e-501-198/monogramge-capitalwhite.png" border="0" alt="GE" title="GE" width="90" style="float: left; padding-top: 6px; padding-right: 1em; padding-bottom: 1em; padding-left: 0px; margin-top: 0px; margin-bottom: 3px;" /><span style="color: #000000; text-decoration: none; font-size: 13px; font-family: Georgia, Times New Roman, serif;"><em>This post is part of the <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report"</a> series, a weekly look at the stories and issues that most affect mid-market businesses. <a href="http://www.businessinsider.com/category/monday-scouting-report">"Monday Scouting Report"</a> is sponsored by GE Capital.</em></span></div>
<div style="width: 100%; overflow: hidden;"><strong><a href="http://www.businessinsider.com/category/monday-scouting-report"><span style="color: #000000; text-decoration: none; font-size: 13px; font-family: Georgia, 'Times New Roman', serif;"><em>See more Monday Scouting Reports &gt;&gt;</em></span></a></strong></div><p><div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static3.businessinsider.com/image/51804d7769bedd405a00000b-620-465/tul-1.jpg?maxX=400" border="0" alt="red tulip flower" width="400" /></div><p class="source"><a href="http://www.flickr.com/photos/8525214@N06/6449081141/">Flickr/antonychammond</a></p></div>According to Friday's jobs report, the economy added <a href="http://www.businessinsider.com/the-april-jobs-report-2013-5">165,000 new nonfarm payrolls in April</a>, which was much more than what economists had expected.</p>
<p>Furthermore, the numbers for February and March were revised up significantly.</p>
<p>And it was just a few days ago everyone was worried that the economy was heading for <a href="http://www.businessinsider.com/monday-scouting-report-april-15-2013-2013-4">a spring slowdown</a>.</p>
<p>This will be a relatively quiet week for economic data. This should give economists some time to think more about the <a href="http://www.businessinsider.com/april-2013-global-pmi-2013-5">mixed signals</a> being sent by the economy.</p>
<p><strong>Top Stories</strong></p>
<ul>
<li><span style="text-decoration: underline;">One Great Jobs Report Won't Prevent The Spring Slowdown</span>: "The news is not all positive," said High Frequency Economics' Jim O'Sullivan. "Both ISM indexes fell in April, as did the average workweek in the employment report; the manufacturing ISM index fell 0.6 points to 50.7, the non-manufacturing index fell 1.3 points to 53.1 and the average workweek fell 0.2 hours to 34.4 hours. Those data suggest a weak start for GDP growth in Q2 after the only moderate 2.5% annual rate in Q1."</li>
<li> <span style="text-decoration: underline;">But...</span>: "...but the employment data suggest that any such soft patch at present will be shorter and shallower, especially if claims stay below 350k," said Deutsche Bank's Joe LaVorgna.</li>
<li><span style="text-decoration: underline;">About That Labor Force Participation Rate</span>: Skeptics have been quick to point out that jobless Americans have been falling out of the labor force, which has actually helped the unemployment rate fall.  But in April, the unemployment rate slipped to 7.5% while the labor force participation rate stayed unchanged.<br /><br />"While one month of stability clearly does not signify a turn in any compelling fashion, we think the developments in April may be hinting of a broader change of trend for participation," said Deutsche Bank's Joe LaVorgna who notes that participation rates rebound when companies ramp up hiring. "This follows logically, because a stronger economy and a more robust labor market tend to draw marginal participants back into the labor force—because job and income prospects are more appealing. When jobs are scarce and income growth is tepid, participation deteriorates."</li>
</ul>
<p><strong>Economic Calendar</strong></p>
<ul>
<li><span style="text-decoration: underline;">Senior Loan Officer Opinion Survey (Monday)</span>: "The survey has been signaling an easing of lending standards on consumer and business loans, but not on residential mortgages yet," said High Frequency Economics' Jim O'Sullivan.<br /><br />While this report is overlooked by most, savvy economists keep a very close eye on it thanks to its predictive powers.  "Easier lending standards are usually associated with later employment growth," said <a href="http://www.businessinsider.com/ubs-easier-lending-leads-to-more-jobs-2013-1">UBS economist Ethan Harris</a>.<br /><span style="text-decoration: underline;"></span></li>
<li><span style="text-decoration: underline;">Consumer Credit (Tuesday)</span>: Economists estimate that consumer credit expanded by $16.0 billion in March following an $18.1 billion increase in February.<br /><br />"Consumer spending growth has been relatively slow over the past year, but is getting a bit of lift from the rising consumer credit," said Wells Fargo's John Silvia. "Growth has been heavily skewed toward nonrevolving credit, driven in large part by student loans and auto lending. Revolving credit, on the other hand, has risen only 0.7 percent over the past year as consumers remain cautious in their purchases of more discretionary items and lenders have reduced the amount of credit extended through revolving accounts."</li>
</ul>
<p><strong>Market Update</strong></p>
<p>There's an old adage on Wall Street: "Sell in May and go away."  Indeed, since 1950 this rule has had <a href="http://www.businessinsider.com/the-sell-in-may-and-go-away-trade-2013-5">unbelievable and almost unexplainable success</a>.</p>
<p>"The other half of the proverb is ‘Buy Back on Saint Crispin’s Day,’" <a href="http://www.businessinsider.com/the-sell-in-may-and-go-away-trade-2013-5">said United-ICAP's Walter Zimmerman</a>.  "That would be 25th October."</p>
<p><a href="http://www.businessinsider.com/jp-morgan-hedge-fund-beta-2013-5">JP Morgan's Tom Lee</a> sees the warning signs for another sell-off this year.  But he thinks selling this year would be a mistake.</p>
<p>"We want to take the other side of this trade for multiple reasons," wrote Lee <a href="http://www.businessinsider.com/jp-morgan-hedge-fund-beta-2013-5">in a note to clients</a>.  Among other things, he points to falling gas prices, falling initial jobless claims, strength in the junk bond market, and the contrarian signal being sent by the bearish hedge fund industry.</p>

You Searched For "Walter Zimmerman" and got 7 results

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