This is an old Wall Street adage, and if you followed this advice last year you saved your portfolio from all the carnage that took place last year around this time. The similarities between 2010 and 2011 are very apparent for the following:
1. QE1 & QE2 inflated asset prices = long run-up with no significant pullbacks
2. European debt & usterity issues
3. Ending of government stimulus programs = deflates asset prices
4. Bernanke put in markets = no sustained short presence
5. Weak dollar = risk trade on in full force
6. Summer doldrums = historically weaker investment months
Read More: http://seekingalpha.com/article/263840-get-ready-for-another-sell-in-may-and-go-away-year
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