Market Commentary July 2018

The old stock market adage, “Sell in May and go away” continues, “don’t come back till St Leger Day”. However, analysis of the historic data shows that the worst returns over this period occur in May and June. After June, returns up to St Leger Day (in September) tend to be quite flat. In fact, after traditional weakness in June, prices quite often bounce back in July – making this month a small island of strength in an otherwise weak six-month period.