Sell in May and Go away effect is diminishing. Straits Times Index is setting up for further upside.

Volatility struck Straits Times Index again as the market enters into the mid of May. STI had a bullish start for the week but was struck with strong selling pressure on Tuesday; throwing market participants into dismay. Many feared that the effect of “Sell in May and go away” on that day. However, the market did not turn out into bearish mode when the market rebounded strongly on Wednesday. This draw confusion in the market as volatility sets into the market. More bullish confidence was seen on Thursday which brought STI to a new high for the month. However, the bullishness did not manage to stay as profit takers ended the market on Friday to avoid the weekend risk. Hence, for the whole week, STI closed at 3263.59 level and gained ...