Morning Market Commentary

The average unfavorable period return over the past 20 years was –0.25%; the average changes slightly to –2.04% when unfavorable periods following below average favorable periods are isolated. Declines between May and October are definitely not a certainty, but it often is prudent to be conservative in equity allocations by reducing beta and correlation versus the market during this period of random performance.

050515 CGI Morning Market Commentary & Charts US$ to correct further, 10-Y treasuries in US, Europe to correct further, Time to sell US, European, Japanese equities into period of Weakness until end of summer