The following is, in part, an excerpt from this week's "The Effective Investor". Information on the report and related research service can be found via the links at the end of this commentary.
Investment Strategy Implications
For investors (as opposed to traders), what happens in July is of minor importance. It's what happens throughout the third quarter that matters quite a bit, as the high probability of a sideways outcome from mid May into the fall will produce one of two major trend impacts: either sideways = the pause that refreshes and a resumption of the bull or, sideways = a topping process from which the bear emerges from hibernation.
*Source: Sam Stovall, S&P Capital IQ; click image to enlarge
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