MorningWord5/31/13?

Lotsofmarketpeepslooktoallsortsofthingstohelpinformtheirmarketcall,oftentimesrecallingyearspastorseasonalpatterns?

ThesimpletonthatIam,IlooktononeotherthanArtGarfunkelslyricsandmelodicvoiceformyQ2Q3inspirations。

andifArtisrightthisyear:

June,she′llchangehertune?

Inrestlesswalksshe′llprowlthenight

AprilComeSheWillSimonGarfunkel

Maywasaback-breakerforthebears,asoflastnightsclosetheSPXwasup3。

5%,notching16%gainsontheyear?

Itappearsthatmostmarketnaysayershaveeitherlostmostoftheirwill,ormosttheircapitalandmaynotbearoundifandwhenthismarketfinallycorrects。

Tobefair,despitethecontinuedstrengthinequities,globalmarketshavechangedtheirtuneoflate,startingwiththevolatilityincommoditiesinApril,spreadingtothemovementincurrenciestheworldoverinearlyMay,followedbywhatappearedtobeabuyingcrescendointheNikkeiandthequickascentoftheyieldofthe10yeartreasuryjustthispastweek?

AllofthispriceactioncomingatatimewheretheVIXsitsalmost30%belowitshistoricalaverage。

We,asateam,havebeentoocautiousduring2013?

Itseemsweconstantlyhavealistoflongswithabuytargetthatnevercomes。

Insomecasesweselltoosoon(seeTSLA)Plainandsimple,wehaventcaughttherallylikeweallwishwecouldhave?

Buttherewillalwaysberegretsintrading,everyonesalwayswrongaboutsomething?

Thekeyistonotletthoseregretsaffectyourdecision-makinggoingforward。

Forus,thetealeavesstilldictatecautionratherthanexuberance?

Probablythebiggestreasonwevebeenreluctanttothrowcautiontothewindforsometimenowhasbeenthelackofearningsgrowthforalmost2yearsnow?

MichaelBatnickandJoshBrownattheTheReformedBrokerpostedthischartyesterday,showingearningspersharegrowthnetofbuybacksandwithoutincludingbuybacks:

Notexactlyaboomingcorporateearningsenvironment?

Butagain,thathasntmatteredforalongtimenow。

WillJunechangethetune?

Maybe,maybenot?

Wewontletourpastregretschangeourprocessforfilteringworthwhiletrades,though?