Forget ‘Sell in May and Go Away.’ SocGen Says It Won't Work in 2019
- Bank finds link between summer performance and earnings cuts
- Firm sees S&P moving to 3,000 from benchmark’s current levels
Buildings stand in the lower Manhattan skyline as tulips grow at J. Owen Grundy Park in Jersey City, New Jersey.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
With the S&P 500 up 17 percent just four months into the year, investors could be forgiven for thinking about taking profits ahead of the usual summer doldrums. Not so fast, says Societe Generale.
“In our view, 2019 will be different,” Societe Generale strategists including Sophie Huynh and Alain Bokobza, the firm’s head of global asset allocation, wrote in a note Tuesday titled “Why ‘Sell in May and go away’ won’t work this year.”