May 1, 2007 - Sell in May and Go Away

There are several seasonal memes that come and go, and right now the meme du jour is SELL IN MAY AND GO AWAY.

Memes have their season in the sun. So we have to contend with weakness.

I was expecting weakness down to the where it is trading now 1482-1488. I walked in this morning, and I was nervous that I wasn't filled on any of my bids overnight. So I started bidding at the open 1489 and established a position of 6 ems to start.

This was a mistake. My original idea based on sentiment was that we would have 2-3 days of weakness to start establishing a position. WHY WAS IN IN SUCH A RUSH?.

I have been conditioned like everyone else to be afraid of missing the upside.

I have wide stops now - 10 pts to be able to capture a decent rally once all this selling moves out of the way.

I have a 21 em position. Pretty large. A trade back to close to UNCH would be terrific. I will sell 1/2 of my position if it gets there.