Here's what B. of A.'s Michael Hartnett thinks investors should buy and sell in May

A cyclical uptick in economic activity in May is expected to reverse recent sector leadership, with semiconductor strength cited as the leading indicator. The note suggests a broader rotation into out-of-favor cyclical sectors as activity improves. Impact appears modest and primarily relevant for sector positioning rather than the broader market.

Analysis

A cyclical uptick in economic activity in May is expected to reverse recent sector leadership, with semiconductor strength cited as the leading indicator. The note suggests a broader rotation into out-of-favor cyclical sectors as activity improves. Impact appears modest and primarily relevant for sector positioning rather than the broader market.