The month of May was a counter-trend rally where investors used good news as a reason to temper their bearishness and cancel out short-selling contracts.
Increased volatility can certainly cause increase tension, but that's not a reason to step out. It is certainly white-knuckle time, but that does not necessarily mean the good run has ended.
I think investors are a lot like dieters. They look at January as a good month to start anew.
We think investors should own companies like Wal-Mart, like Alberto-Culver and Neighbors Industries because they have good fundamental prospects in a recovering economy,
Our feeling is that energy stocks will be good performers, ... While inventories seem to be in balance with demand now, we see that as being temporary, that demand will soon start to outpace supply this summer.