Sell in May? Maybe not this year

Sell in May? Maybe not this year
http://r.reuters.com/vyb35c

NEW YORK (Reuters) - Betting against the latest upsurge in U.S. stocks is likely to be a losing proposition even for the balance of May, a month historically associated with the onset of a volatile period for equities.

Now that the U.S. government's stress tests have been released, relieving the market of some of the uncertainty surrounding the financial sector, the old "Sell in May and go away" adage might need a rethink this year.

A series of stronger-than-expected economic reports and hopes that U.S. banks are healthier than previously thought have fueled a 36 percent jump in the benchmark S&P 500 from a 12-year low on March 9.

After such a heady run in markets many experts anticipate stocks will pull back.

Owen Fitzpatrick, head of Deutsche Bank Private Wealth Management's U.S. equity group, termed the latest upswing -- notwithstanding Thursday's more than 1 percent losses -- a "relief rally" that will require some kind of consolidation.

However, he said, "we're looking to add on any type of pullback," underscoring the ongoing optimism despite the surge.