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Sell in May, go away... not so fast

Pedestrians in front of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Pedestrians in front of the New York Stock Exchange.

U.S. stocks in the red Friday, the last trading day for the month of April.

The Dow down triple digits.

Some feel the two month period between March and April is historically known to be one of the best times of the years to be invested.

Now that we are heading into May what can investors expect?

Read MoreStreet Explained: A better way to 'sell in May'

Paul Hickey is Co-Founder of Bespoke Investment Group. Hickey says "As far as Sell in May and Go Away," is concerned, he prefers "Hold in May and Go Away."

His research shows returns in May have not been great both long-term and in more recent years. He also points out that May is actually the third weakest month of the year behind February and September.

But, Hickey says he wouldn't sell, instead he'd hold. Why? Hickey says "it's not as if this period has seen outright declines. Stocks do tend to see just modest gains as opposed to strong gains.

Reason to sell would mean a view point of the market being overvalued, expectations of a significantly weakening economy, oil prices declining and the Fed moving more aggressively towards tightening.

If you had those viewpoints then they would be reasons to sell.

With the current backdrop in place, Hickey says "he wouldn't put too much thought into sell in May."