Global Chemicals – Dissecting the “sell in May” effect

Global Chemicals – Dissecting the “sell in May” effect
· Sell in May untrue on a market return but valid on a chemical fundamental basis
· See at most 11c/lb PE pricing declines; margins would still be better than 2011 highs
· We rate US commodity chemical names – DOW, LYB and WLK - Overweight

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