Numerous Dark Clouds Hover Over This Market 


Source: The Daily Reckoningby Jim Rickards

It has been an extremely quiet time in markets. If I hadn’t checked the calendar, I might think it was the middle of August, when everyone is on vacation, instead of the middle of May, when investors and traders are still at their desks.

There’s an old expression on Wall Street: “Sell in May and go away.” The idea is that you can get out of positions before the summer and return to them in September without much change expected.

This year the expression seems to be, “Do nothing in May until further notice.” The markets are treading water, waiting for the next catalyst. As I survey the scene, markets may not have that long to wait.

On Monday, the euro briefly touched $1.10 in a relief rally after the French elections. But it just as quickly traded down to $1.08, where…

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