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It's worth to read this article.
Options Market Says May Will Be No Merry Month For Stocks at Forbes(Mon, Apr 23)
Highlight May, a rather weak expiration cycle for the
market, with the SPX averaging a loss of 0.75%. However, this has been
skewed by a couple of very poor months — specifically, an 8.8% loss in
2010 and a 3.4% loss in 2006. Most of the time, in fact, the May cycle
has been positive (67% of the time).
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