Chris Kuflik - ScotiaMcLeod Montreal

With summer fast approaching, we are once again reminded of the old market adage "Sell in May and go away," and the uncanny historical bias with which it is substantiated. Should you sell in May to protect your gains and is this a sound risk control strategy?

Irrational exuberance was the term that the former chairman of the Federal Reserve Board, Alan Greenspan, used to describe the speculative fervour in financial markets in 1996. With the markets having regained the losses suffered in late 2008 and early 2009, should this term, once again be used to describe the current equity markets?