Sell in May and go away - it's working again. $$
It's sad to see the losses mount in the latest wave of seasonal market selling. The reason du jour is Greece, Spain, or a slowing US economy. Maybe "all of the above."
The big question is how far is this thing going to fall?
I'm still mostly in cash with the low beta holdings. I dumped my pre-Facebook IPO play yesterday as it fell, just to lock in the gains and move on. Not sure if I will even try to play the $FB IPO tomorrow.
My strategy now is to wait for a summer trading range to develop and play it. So far, we haven't seen a bottom establish itself. But when it happens, this is where I'd look for retests of the bottom and top of the range to go long or exit the market. Not there yet... And hopefully we're not back in the secular bear market trend and heading much lower. Bleh.