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The hangover from the "no change" out of the Bank of Japan rolled into Friday's action and stocks opened lower. The Dow was down about 180-points at the low on Friday, but buyers stepped up in late afternoon trading and took stocks off their lows, and the Dow ended the day down 57 or 0.32%.
The major averages posted gains for the month of April, but the S&P 500 was up only 0.39%.
Still, it was a gain.
Now we have entered the weaker of the two 6-month cycles. "Sell in May and go away" is an old adage and it has been largely a good one for those who follow it's longer term advice.
I posted this chart recently, which is a weekly chart of the S&P 500. I have embedded some envelopes above and below
The markets ended the week on a sour note, but did manage to close the month positive.
Closing out the month of April, the S&P 500 had a below-average month, closing with a .27% gain which is the 27th best over the previous 41 years. Fortunately for the S-Funders, the Wilshire 4500 fared much better, with a 1.72% gain, ranking it as the 11th best over the previous 28 years. Based on the monthly close in March, I felt a bit disappointed with this month's performance, I expected more
Stocks were initially down this week but the bulls fought back to keep things at par as traders awaited the FOMC policy statement. Nothing particularly new was announced by the Fed; they sustained their dovish behavior as they know how sensitive the market can be otherwise. The statement didn't change the mood of the week too much except it left traders looking for guidance as to their next move. They found that guidance after the Bank of Japan held back from adding stimulus to the Japanese economy
Stocks opened lower on Thursday after the Bank of Japan (BOJ) did not offer any new stimulus or cuts sending the Japanese Nikkei down over 3% on the day. Buyers stepped up in the U.S. market once again after the initial selling, but a comment from Carl Icahn regarding Apple and the market in general, gave investors a reason to go back to selling. The Dow closed down 211-points.