Sell in May and go away? Not so in 2018, as U.S. stock markets have rallied strongly over the past 3 months. The S&P 500 gained 7.10% over that time period, recouping its losses from early in the year and even hitting a new all-time high. International and emerging markets have not fared as well, due to ongoing trade disputes and currency crises in Turkey and Argentina. Both the MSCI EAFE and MSCI Emerging Markets are roughly flat since May. Thanks to ongoing economic strength in the U.S., the Federal Reserve is all but certain to raise interest rates at its upcoming September meeting.