“Sell in May and Go Away”: 8 Things That Matter More

Are you ready for what's supposed to be the slowest and least productive period of the year? May kicks off a five-month stretch that is so synonymous with lackluster performance that the term "sell in May and go away" is fixed in Wall Street's vernacular.

The theory has a little merit. On average, the months from May through September are tepid at best, and bearish at worst. But it's not quite accurate to call the whole span a waste of time. Investors who are willing to stay in the market rather than "sell in May" more often than not find that their portfolios are slightly bigger come September - even if just barely.

More than anything, the notion that following the "sell in May and go away" practice will let you sidestep a sleepy phase is irrelevant. There are frequent exceptions to the norm. Stocks reflect what's going on around them far more than they respond to calendar-based tendencies.

Here are eight other factors that should play a much more important role in determining how you should invest (and what you