May Surge Ends With Stocks Taking a Dip

“The barriers are not erected which can say to aspiring talents and industry, 'Thus far and no farther.’” 
~ Ludwig van Beethoven

Good evening,

The S&P 500 ended its weekly winning streak at five with a decline after the Memorial Day holiday, but stocks still ended the month of May up roughly 4.8%. Nevertheless, the lackluster end to the month, with stocks falling 0.51% in a shortened trading week, had Fundstrat Head of Research Tom Lee suggesting that investors “buy the dip.” His constructiveness is driven by seasonality, low levels of leverage, high (and still rising...