Swap Your Month-End Plans for Tequila and Avocados: Taking Stock

It’s month-end, a Friday, and the President is on the (trade) war path. This, as we’re poised to see the worst May since 2012. Godspeed.

Thursday had provided some consolation to the terrible performance we’d seen over the month (before brand new developments on the trade war -- more on that below) as the tape felt like it really wanted to stay positive -- a small sign at least that investors are finding bargains in some corners of the market. Strategists for their part had come out assuaging some concerns about how far to the downside we’ve come, trotting out figures not from current S&P 500 levels that were deemed “fair value.”