NEW YORK ( TheStreet) -- This week will go a long way toward determining if Buy in July has any legs as a new market mantra.
After the major U.S. equity averages roared back to levels unseen since early May late last week -- rendering toothless the last two-plus months of churn -- Sell in May is looking a lot less prophetic in 2012. But a snap-back could very well be looming if the next round of stimulus the global markets are now counting on either doesn't arrive or is less aggressive than desired.
This week, of course, features the results of the Federal Reserve's latest policy meeting on Wednesday, the conclusion of European Central Bank's own confab on Thursday and the July employment report on Friday.
Much has been made of similarities between the market's swoon this summer and the pattern of the past two years. Steven Wieting, an analyst at Citigroup, offered up this commentary on Monday, positing that while stocks may be holding up better this year, the macro situation could turn out worse."
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