3 JUNE 1989, Page 21

Fluctuations

THE City and Suburban theory of market seasonality is based on the achievements of an elderly broker, in a modest way of business, who astonished his acquaintances by leaving a fortune. How, they asked his partner, had old Thingummy done it, had he taken his secret to the grave? 'Well', said the partner, 'you'll remember that in his last years he didn't come up to the City very often. But sometimes in May, when the sun was blazing and the corks were popping and the girls were looking stun- ning, he would come in and sell a little stock. Then we wouldn't see him until November, when the air was murky and the streets were slushy and the whole place was dreary — and he'd come in and buy a little stock.'