The long standing market cliche (for short-term trading) suggests a summer break, with a return to the market in October or thereabouts.
It has not really been statistically accurate over the years.
The last couple have certainly been "break-even" propositions at best, although buying in October has ended well for most investors as markets have fared well into the end of the year:
The S&P 500 is currently breaking out of its recent consolidation, through the February highs, likely because traders are getting more comfortable with Q1 earnings announcements:
The S&P 500 remains "pricey", with the 12 month forward Price to Earnings (P/E) ratio at 17.1.
The 10 year average is 14.1.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist