🚨🚀 Bank of America Analysts Advise Investors: Don't Sell in May, Expect Summer Rally.
On Tuesday, Bank of America analysts advised investors not to sell in May but to stay out of the market, as statistics suggest a summer rally is likely in a presidential election year.
"The S&P 500 (SPX) typically experiences summer rebounds, and presidential election years are also marked by significant summer rebounds," stated the bank.
Their analysis shows that from June to August is the second strongest quarter of the year since 1928, with the S&P 500 increasing 65% of the time and yielding an average return of 3.2%.
Additionally, during a presidential election year, the S&P 500 has gained 75% of the time from June to August, with an average return of 7.3%.
In this comprehensive report, the bank also stated that it views U.S. high-yield option-adjusted spreads (OAS) as a leading indicator for U.S. equities. Yesterday, "the credit spread reached new cyclical lows, indicating a trailing trend, which is a bullish leading indicator supporting SPX gains in the summer of 2024."
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