In a previous post titled Sell In May and Go Away? I warned of the market seasonality where bullishness in the beginning of the year often gives way to selling in the spring. The same post also noted insiders (who must file their intent to sell with the SEC) were lessening their buying, possibly giving a clue to early bearishness sentiment. This year that is exactly what happened.
The S&P 500 was at 1,419 on April 2nd when I posted.
It was slightly lower May 1st at 1,405.
Today, on May 31st, we're at 1,310. That's about a 7% drop in one month.
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