This morning in Europe the shares of Bankia (In Spain) were plunging by over 27% as the bank was nationalized last week. Reports are that customers had withdrawn over $1 billion in the last week from the institution. The news has started to affect other banks in the region with Italian banks hit hard. The news along with the Philly Fed index turning weaker along with the U.S. Leading Economic Indicators turning down has hit the S&P index hard.
Sell in May and go away seems to be the trend for this summer. I will join the trend by taking a break from writing for a week while I am on vacation. I will review the S&P 500 targets when I return.
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