Epicenter Leads May Performance, Tech Has Losing Month

The S&P 500 closed at 4,204.11 which was roughly flat for the day but was up from 4,155.86 last Friday. This increase of 1.15% on the week is respectable but that mere fact does not reflect how utterly volatility collapsed. We’ve been speaking a lot about the rising levels of institutional capital on the sidelines. What do you think is going to happen to that capital, in terms of where it will go, if markets keep melting upward? Will it go to the put options that must be losing money? No, we don’t think so and we think it will likely go long and it will go into the cyclical/value names that we refer to as Epicenter stocks.

The NASDAQ had its first monthly loss in six. You might be thinking to yourself Sell In May And Go Away was right again. Except it wasn’t if you were invested in the Epicenter sectors of Energy, Financials, and Materials. In May, these sectors went up 5.7%, 4.8% and 5.1% respectively. The more cyclical areas of Technology like semi-conductors also performed well and even Sales Force had an unusual blow out day. Coincidentally, it is being used by many Epicenter businesses to go on a blitz to engage the pent-up demand of new and existing customers.

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