The Bottom Line Equity markets moved lower last week. North American equity markets remained intermediate overbought. Spread of the coronavirus continues to be a major influence on equity prices. The VIX Index remains elevated. History is repeating this year. Equity indices of developed nations around the world normally reach a seasonal peak in late April/early May. The exception is the TSX Composite Index that normally reaches a seasonal peak early in June instead of early May. Thereafter, equity indices enter into a period of higher-than-average volatility until mid-October. Returns during the past 70 periods since 1950 from May to October have been either slightly positive or slightly negative and have averaged close to zero. The phrase “Sell in May and Go away” is misleading. It implies that opportunities for profits in the stock market are not available in the May to October period. Historically, gains during the early May to mid-October period have been recorded consistently by a few select sectors, notably in the Healthcare, Technology and Precious Metals sectors.