Remember when I wrote this about this Wall Street Journal item on May 31, 2007?

Here's what the august Wall Street Journal blog wrote:

The hell with selling in May. The S&P 500 finished the month with a 3.2% gain, the Dow rose 4.3%, and the Nasdaq picked up 2.7%. Month-end window dressing may have played a part in the market’s resilience today, at a time when there are still negatives to be concerned about, but for now, equity investors remain steady. “It’s not a perfect world, but it’s not too bad either,” says Charles Rotblut, equity strategist at Zacks Investment Research.

And here's what I said:

No one, I repeat, no one can pick tops. It can't be done. I've a feeling when we look back at May from say September, October or November of this year those of us who did sell--or raised cash, reallocate, whatever you want to call it--will be pleased with our choice(s). It's that whole buy low, sell high concept, ya dig? Performance is important, but it's all about how much alpha you capture: wouldn't you rather have 80% of 1,000 point move than 30% of one?

There is a reason people say 'Sell In May and Go Away.'

Hell, August isn't even over and I get to say it: told you so. Suckers.

Only two elements ultimately control Wall Street: fear and greed. Remember that because folks are scared, spooked and freaked and they haven't even come back from Martha's Vineyard, yet. It's going to get much, much worse before it gets better.