Bank of America Global Research discusses May seasonality patterns in equity markets.

"It is commonly suggested that the equity market cycle favors selling in May to reduce exposure to risk assets ahead of a mid-year/summer lull period as market participants take vacations, liquidity declines and drawdowns may worsen," BofA notes.

"When we review 6-, 3- and 1-month average trends, we do not see this bias. In fact, we could argue that seasonality favors buying in May and selling in July/August ahead of Aug-Oct weakness," BofA adds.