by Lance Gaitan
David Stockman’s Contra Corner
It’s only June 1, and it feels like the dog days of summer have arrived here in Florida. School is mostly out, humidity’s soaring, and we’ve already seen highs in the 90’s…
Even the markets seem to be treading water in ultra-calm seas. For instance, we didn’t really see the “sell in May and go away” phenomenon this year. Instead, the markets seem stagnant – stuck in the doldrums.
The “doldrums” is a maritime expression referring to a band of low-pressure that wraps around the equator and keeps the prevailing winds calm. The doldrums are also famous for periods of disappearing wind, leaving sailors stranded for days or weeks at a time on the high seas.