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Stocks have continued to recover from the horrendous start to the year with the Canadian market leading the parade on the back of a reversal in commodity prices. U.S. markets have also fought their way back into positive territory for the year, despite weakness in some prior leaders such as growth stocks like Starbucks, Netflix, Apple, Google, Nike and Disney. Investors clearly ignored the warnings of ‘Sell in May and Go Away’ last month as stocks rose, although the gains were fairly muted. The Canadian market added to its strong 2016 performance by rising another 1% last month, although the large gains in the telecom, consumer and technology sectors were offset by losses in the basic materials group, which dropped over 14% in May. In the U.S., the S&P500 Index pushed ahead by 1.5% as it once again tests the prior market highs above the 2100 level. However, the last 3 attempts to break through that level each failed. (more…)