S&P Cursed to Fall? Today's Outrage - TheStreet

S&P Cursed to Fall? Today's Outrage

The S&P is poised for a January decline that could curse the whole year. As historical records show, so goes January, so goes the year for the S&P.
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NEW YORK (

TheStreet

) -- Today was the last trading day in January and as market records show, January's S&P trend sets the trend for the year.

If that's true, then the bears may win this year. The S&P closed lower Friday and ended January 41 points lower than it ended 2009.

The January Barometer has seen only five major errors since 1950 for a 91.4% accuracy ratio, according to Yale Hirsch's

Stock Traders Almanac.

Despite a host of positive signs, the bulls lost their mojo.Frankly, I don't understand why since they've pretty much been getting what they wanted --

Fed

Chairman

Ben Bernanke won his confirmation battles

and will remain at the monetary policy helm and company earnings have been coming in strong.

Just today,

Mattel

(MAT) - Get Report

said

net income rose a better-than-expected 86%

in the fourth quarter. Yesterday,

Amazon

(AMZN) - Get Report

blasted past Wall Street's fourth-quarter estimates

with a 71% gain in income.

Yahoo!

(YHOO)

, too -- the Internet portal

beat expectations for both profit and sales.

And let's not forget the big

Apple

(AAPL) - Get Report

iPad

announcement.

On the economic front, today's

GDP

report shows economic growth of 5.7% in the fourth quarter, faster than economists had predicted.

What more do the bulls need to put the January Barometer into positive territory today?

Now the best we can hope for is that 2010 will be another of those rare major errors in the January Barometer.

--Written by Glenn Hall in New York.

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