First 5 Days of January Cause Concern

Today, the market set the highs and lows of the day in the morning session. then price bounced around inside this range. In the end, results were mixed. The Nasdaq gained +12 points (+0.30%) and the S&P gave up less than a point (-0.02%). Up/Down volume was about equal, although decliners beat advancers by a ratio of 1.2 to 1. Volume was above average.

Over the first 5 days of January, the Nasdaq slipped -0.26% and the S&P gave up -0.60%. According to the Stock Traders Almanac, if the first 5 days show a gain, there is an over 80% probability of an up year. There is also a saying, as January goes, so goes the year. So far, January is starting out inauspiciously.