Sunburned

Wall Street loves to talk about the summer rally. Don't get suckered--it doesn't exist

On Wall Street, they're talking about a summer-long rally as though it were some kind of birthright. Right on cue, the wags note, stocks began shooting higher after Memorial Day. We've survived April showers, or as was the case this year, an April deluge; sunny days must lie ahead. I sure hate to warn of more rain. But the annual summer rally that traders often speak of is unspectacular at best, and this year there's this little matter of being in a bear market.

Oh, yeah. A bear market. Check out the chart. The Dow Jones industrial average, which hit...

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