Sell in May - Part 2 stock sold

On my 1st post "Sell in May" dated 2 May. I recommended to sell stock and buy bond. And my another  post dated 23 May "Withdraw of QE will not crash USA market" . My opinion was "market over react" to Federal Chairman's announcement. I bought REIT with 7% discount instead of selling.

After market recover on Monday and Tuesday, I sell 30% of my stock included REIT.  My opinion remain in "Sell in May". Reasons are

1. USA market reach record high, upside is restricted but not downside. World markets are interacted. Singapore market will follow.
2. Markets are expecting that US$ go up further. US asset will look more attractive. i.e. investor may sell Asia $ asset to buy US$ asset
3. China share ,especially all major Chinese banks, their dividend book closure date are concentrated on June. They pay dividend once a year. Therefore dividend amount are more than those shares pay 4 times a year. After book closure, dividend will be deducted from Share price. Share price will look like drop 3 to 5%. It may trigger margin call selling. Besides, China share will normally go down after book closure. This year may be the same.

My strategy

 Sell in May. Maintain high cash and bond level.  Buy Bank of China after book close on 7 June 2013