Time will tell how well the old saying “Sell in May and Go Away” works this year but, at least for May, bullish investors were rewarded with major equity indexes solidly positive for the month. Continued large cap tech leadership combined with cautious optimism about the potential for Fed policy to remain neutral if not outright supportive seemed to provide encouragement for bullish sentiment. Meanwhile, the VIX Index or “fear gauge” which had spiked to near 20 last month on Middle East hostilities, eased back to the low teens for much of May. For the full month, the Dow Jones Industrial Average increased 2.3%, the S&P 500® index was up 4.8%, and the smaller cap weighted Russell 2000® increased by 4.9%.