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Sell Stocks in May and Go Away

The old Wall Street saying “sell stocks in May and go away” may have more than the usual ring of truth to it this year.

The unleashing of massive liquidity into the world’s financial system, lead by the United States Federal Reserve Bank, has brought about a heady sense of euphoria among investors. The quarter of a basis point cut in the federal funds rate to 2% announced at 14:15 hours on Wednesday afternoon was enough to cause yet another celebration on Wall Street with the Dow advancing some 189.87 points to close at 13,010.00 on Thursday. This sizable rally occurred even though the Fed indicated that the aggressive  round of interest rate easing was near an end.

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1May2008 | taipan | 0 comments | Continued

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