The first session of May presented a bit of a mixed picture, but one that might be indicative of what we might see through the month and the summer period. 

It has been my contention for years that this bull market cycle wouldn’t end with a whimper, but with a roar. The question is, “When will that roar take place?” 

Prior to the start of the 1st quarter earnings season, I had mentioned I was a bit uncertain about how the earnings seasons would go with respect to the way in which investors would receive the results. 

We’re seeing some net positive reactions to some of the marquee names in the market. 

The S&P 500 has moved ahead of the Dow in its year-to-date performance, but both up a little more than 11%. 

For some weeks now I’ve been talking about the old adage, “Sell in May and go away” that could play out here in the market, especially since I believe we’re overdue for a pullback. 

This is a big week for the marquee momentum stocks representing especially technology, but also consumer discretionary and healthcare. 

Yesterday’s abrupt intraday pullback was attributable to the Biden administration’s proposed big increase in the capital gains tax. 

The Dow, S&P 500 and the NASDAQ all posting uniform gains in yesterday’s session, which is in keeping with my forecast at the end of last year that we’d see a balanced gain in the major market indices. 

Some years ago a disappointing earnings result in a FAANG stock may have had a broad reaching impact; but not so in the current market condition despite Netflix’s disappointing results after the close yesterday.