GBP consolidated yesterday’s almost 1% gain against USD holding above the $1.30 level as a new month starts. The FTSE 100 initially rose before sliding 0.5% in what currently looks like a sideways consolidation.
As we start May, the adage of “Sell in May and Go Away” will whisper in many investors and traders ears. It is worth taking a look at the year thus far as there are clearly considerable gains in many of the markets and individual shares with the AIM 100 up almost 18%, FTSE 250 14% and FTSE 100 10%. Some profit-taking would not be unexpected, the question is whether this cascades to broader selling given the jitters seen in late 2018? Market sentiment remains remarkably unremarkable in its relative torpor. When markets are this calm, any resulting storm can be fast and fierce so a eye to the forecast is always useful. US markets are making new highs although Alphabet's recent disappointing results may be a sign of some strain
