S&P 500

With the S&P having traded as high as 2,400 last month, which is also JPM's year end price target, and having dipped a modest 3% since then peak to trought, some traders were worried if this is finally the start of the inevitable correction that has evaded stocks for so long. Not according to JPM, though. Recall that several weeks ago, JPM's Marko Kolanovic called for an imminent bounce in volatility following the March quad-witching.

Welcome to a new financial quarter.

As part of the usual review of last month and Q1 asset performance, it is worth nothing one surprising element of Q1 we showed over the weekend, namely that the VIX index had its lowest average quarter since Q4 2006.

Most are familiar with the idea of “Sell in May and go away.” Should one take this advice and sell a month earlier this year?

The chart below is from good friend Ryan Detrick, looking at monthly returns of the S&P 500’s performance, over four different time frames.

CLICK ON CHART TO ENLARGE

Gold and Silver Best Performing Assets In Q1, 2017

After the best quarter for US stocks since 2015, global equities have started off Q2 on the right foot, despite caution about the upcoming meeting between President Trump and China's Xi Jinping later this week, and Fed Minutes which are expected to be more hawkish than the FOMC statement.