The Federal Reserve begins its two-day policy-making meeting today and not much news is expected, as has been the case ahead of many of the most recent meetings.

Why?

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The central bank has clearly stated it will continue its $85 billion per month bond-buying program until the unemployment rate drops to 6.5% and as long as inflation remains stable. The jobless rate for fell from 7.7% to 7.6% in March and remains well above the Fed's threshold for drawing back its monetary stimulus.

That said, inflation has been falling and may be even more reason for the Fed to continue its current program. The Wall Street Journal's Jon Hilsenrath details as much in a recent article:

The Commerce Department reported Friday that its personal consumption expenditure price index—one of the Fed's favored measures of consumer price inflation—was up 1.2% in the first quarter from a year earlier, well below the central bank's target. It was

Had you adhered to the old adage "sell in May and go away" for the past three years, you would have not only avoided a lot pain, but you would have likely outperformed the benchmarks, as well. This as the springs of 2010, 2011 and 2012 each marked the starting point for sell-offs that would shave anywhere from 9% to 19% off of the S&P 500 (^GSPC) in just a matter of months.

In the case of Jeff Hirsch, the editor-in-chief at the Stock Trader's Almanac, it's not just about going away from the stock market, he says investors need to have a strategy that will carry them through until the fall.

"When you come around to the end of the best six months, e.g. April, and the market is up as it is, we start to get defensive," Hirsch says in the attached video. By putting what he calls "the prevent-D on the field," he implements a host of portfolio changes, such as tightening up stop-loss levels to bring them closer to the appreciated value of assets; limiting the new purchase of positions; undergoing simple profit-taking in winners and culling losers; and looking for possible short ideas and some asset shifting into bonds.

Historically, since the 1950s, Hirsch says the longer-term "sell in May" results are also compelling, but never more so than in the past three years. In 2010, for example, the high watermark set in late April did not get permanently eclipsed until December — and then, only by about 3%. In 2011, the high of the year was hit on May 2 after the S&P 500 had gained 9%. But over the next five months, stocks fell 20% and would ultimately finish the year flat, which was still 8% below where they were eight months before. And then again, in 2012, a searing hot first quarter saw a high set in April, followed by a sell-off and five unproductive months while the market got back to even.