Monday, July 11, 2011

Summer in the City

There's an old saw, "Sell in May and go away", that used to be regarded as received wisdom on Bay Street. This year, however, we're seeing so much activity that the saying seems more wishful thinking than advice.

The city is buzzing with events, from the Indy to Jays games (anybody still go to these?) to Summerlicious.

The Street is also humming. Everyone is watching the US with some trepidation, while the New York markets and the US economy act in diametrical opposition, each hitting highs and lows respectively. Greece is a concern. Copper prices are strong, then weak; gold is weak (if you can call $1500 weak), then strong. China is flavour of the month, then hits the skids with the Muddy Waters Sino Forest exposé.

So many issues to juggle.

And -- here's the thing -- nobody goes away anymore. All my clients say they're going on vacation, but they're really on their computers and iPads and cellphones, and pretty much accessible at all times.

Sell in May and then watch like a hawk for opportunities -- that's the reality.