NEW YORK (
) -- 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
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 --
and will remain at the monetary policy helm and company earnings have been coming in strong.
in the fourth quarter. Yesterday,
with a 71% gain in income.
, too -- the Internet portal
And let's not forget the big
On the economic front, today's
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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