Traders celebrated when May ended and were optimistic that June would be much better.    Did you realize that during the whole month of May we did not see back-to-back positive days for the S&P 500 Index? Last Wednesday and Thursday –when the SPX was up 2.58% and 0.41% respectively — were the first consecutive up days since the last two days in April. Investors thought that we had worked our back from the “flash crash” and that staying above 10,000 on the Dow was a given.  We ended the week at 9,931. [More...]