On The Markets | May Recap

GAMCO Vice President, Katherine Boccaccio recaps the month of May, 2017.


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Hi I’m Katie Boccaccio and welcome to our MAY edition of On the Markets

Financial markets in May once again were beholden to politics --- and likely will be for some time --- leaving many investors contemplating the validity of the old adage “sell in May and go away”.
Devoid of any major directional drivers --- the market remains near ALL time highs --- while clinging to headlines coming out of Washington.

Markets were -- once again -- victims of a mid-month outburst of risks to a pro-growth agenda following the new controversies from the Trump Administration.

Losses were quickly recovered as a --- “buy the dip” --- mentality prevailed -- given the extent to which policy expectations had already been pulled back earlier in the year --- -- setting off the unwinding of the post-election – “Trump trades”.

An unchanged fundamental narrative around an -- earnings recovery -- AND -- positive global growth momentum remains a POSITIVE and IMPORTANT driver for the markets

Companies reported strong earnings and positive surprises across BOTH industries and geographies --- giving confidence to the case for global expansion AND easing worries about a maturing US business cycle.

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