GO
Loading...

Sell in May, Go Away? Yes, Says Senior Analyst

David Lariviere
Friday, 30 Apr 2010 | 3:44 PM ET

Advocating the old Wall Street saying, "sell in May and then go away," a analyst said there are "dark clouds ahead" in the markets.

Sell in May and Go Away?
After a downgrade on Spanish debt and the Greek economy on the verge of a melt down, what will be the effects on earnings and is now the time to "sell in May and go away"? CNBC asked Bob McDowall from TowerGroup.

The ongoing Greek debt crisis puts banks in a holding pattern, senior research analyst Bob McDowell of TowerGroup told CNBC Friday.

"They don't know what the details are so it's very difficult to put strategies together," said McDowell.

"Banks are acting very tactically at the amount, and understandably," McDowell said. "Europe's in hiatus until the Greek crisis is solved," he added.

McDowell advised to "get out of cyclicals first" and focus on basic services and segments like food and transport.

______________________________
CNBC Data Pages:

______________________________
CNBC Slideshows:

______________________________

______________________________
CNBC's Companies in the News:

Goldman Sachs

BP

Massey Energy

Continental

______________________________
Disclosures:

Disclosure information was not available for McDowell or TowerGroup.

Disclaimer

  Price   Change %Change
BP.
---
CPT
---
GS
---

Featured