When we see sharp drawdowns in the stock market like we have over the past couple of days, it’s natural to worry it might be the start of something much worse. Indeed, it could be. Odds are, however, that this will be a brief pullback followed by a rebound.

April was the month that everything turned around . . . we hope. Job growth kicked back to very high levels, taking the unemployment rate to a 50-year low. Consumer confidence rebounded in a big way. And, perhaps as a consequence, retail spending also came in well above expectations. On top of all that good news, economic growth came in well above expectations for the first quarter—even as the Fed stepped back from its hawkish stance, leaving interest rates unchanged and likely to remain that way.

On the face of it, this morning’s strong jobs number should elicit a full three cheers. Job growth came in at 263,000. This result was up from last month’s downwardly revised 189,000 and well above the expected 190,000. Looks like a home run, right? In fact, when you dig into the details, the news (while still good) is not nearly as good as the headline suggests. That is why I am subtracting a full cheer from the headline.

Today we will take a look at an old investing adage: “sell in May and go away.” It is supposed to reflect the idea that market returns over the summer and fall are worse than those in the winter and spring. Under this theory, you should sell all your stocks in May and then buy them back in November.

Brad here. In the U.S., we tend to pay very little attention (too little) to what is going on in other countries, even major ones like Japan. Fortunately, we have Anu Gaggar, international analyst at Commonwealth, to keep an eye on things and let us know when to pay attention. Japan is on the verge of enthroning a new emperor, and that is something we need to be aware of. Domo arigato, Anu-san!

This morning, we got the first estimate of economic growth for the start of the year. Despite quite a bit of concern about slowing growth, the figure came in at 3.2 percent. This result was well above the expected 2 percent and a substantial acceleration from the 2.2-percent gain in the last quarter of 2018.

It’s a busy day, I am running late, and, honestly, there doesn’t seem to be too much that’s urgent on the economic and market front. So, let’s talk about something entirely different: my desk treadmill! You, the readers, are smart people. I am going to assume you can figure out that this is a treadmill you can use at your desk. (You can find the one I use here.) All good? 

This morning’s news revealed that, as of yesterday, both the S&P 500 and Nasdaq stock indices had hit new highs for the first time in six months or so. Let’s cut right to the chase here. For me, the appropriate response to this news is, “So what?”

The headlines today are about the impending demise of social security, at least that seems to be the spin that many commentators are putting on it. The real story is that the social security system will start paying out more than it takes in sooner than expected—next year. As of 2020, the social security income statement will switch from a surplus to a deficit. One more thing to worry about and a sign of doom on the horizon, right? Not so fast.

With the Mueller report scheduled to be released later today (as of this writing), preceded by the press conference with the attorney general this morning, the newspapers are on high alert. This report is being billed as a potential constitutional crisis and, if it doesn’t approach that level (as it almost certainly will not), as the beginning of the next round of political wars. Both sides have already started dialing up the rhetoric, without even really seeing what is in the report itself. So it goes.