it means people were nearly wiped out on their margin accounts...

it means people were nearly wiped out on their margin accounts last year in May and June.
it was a crap time.
it is a saying that the USA traders dont like to hold positions over their summer holidays so they sell down and reassess after their break.
It can cause weakness in the USA market and then u have the ripple affect.
But cos we expect it this year it probaly wont happen.

cheers