April delivered the goods, but investor swagger hasn’t kept pace. Our latest Bear and Bull survey shows 56.6% of readers are bullish heading into May, a notable step down from last month. That cooling sentiment stands in contrast to a standout April, with the S&P 500 delivering its strongest monthly gain in over five years, driven by the Magnificent Seven’s momentum.

• The S&P 500 has risen in 9 of the past 12 months, with the index climbing 10.4% while the tech-heavy Nasdaq 100 has also enjoyed a 15.5% gain during the same period.
• In the past month, the Roundhill Magnificent Seven ETFMAGS
  rose ~14%, while semiconductor, memory, and storage stocks surged on AI-driven demand.

Forward-looking: The “Sell in May” trade is losing its edge, with Deutsche Bank’s Maximilian Uleer showing it worked just 22 of 53 years. Bloomberg Intelligence’s Athanasios Psarofagis says nonstop, algo-driven markets have weakened any seasonal pattern, with the last decade even favoring summer gains. The real wildcards this summer are oil volatility and geopolitical tension, so expect a more uncertain ride than the calendar ever priced in.