Sell in May? Actually May markets aren't that bad if you look at the past three decades (more here). But May 2013 got off to a bad start. The ADP jobs report was a bit spooky, the Manufacturing ISM was weak, construction spending dipped -1.7% and the 2 PM Fed Minutes reversed the downward market trend for less than 30 minutes. The S&P 500 fell at the open, recovered about half its loss and then drifted to its -0.93% close. The one minor market intrigue was some gaming of the 2 PM release of the Fed minutes: sell the rumor, buy the news. But, alas, the Fed didn't discuss buying SPY shares.
Here is a 5-minute look at Wednesday.
Here is a 15-minute chart of the week so far.
For a "glass half full" observation, we can see on a daily chart that yesterday's selloff didn't have any volume confirmation.
The S&P 500 is now up 10.97% for 2013 and 0.93% below the all-time closing high of April 30th.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.