The old Wall Street chestnuts aren't working ... or are they? Several traders have inquired why the old Wall Street chestnuts don't seem to be working any more:
- As goes January so goes the year — but the S&P is up 7 percent so far this year!
- Sell in May and go away — but the S&P is up 5.8 percent since the end of April!
- August is the weakest month of the year — the S&P is up fractionally, though it's still early.
Have we entered some weird new universe? Is the Fed causing these signals to fail? (That's what a lot of traders think.)