This statistics is incredible and the fast correction style is almost like, being careful here, a characteristic of bull market correction. Nevertheless, if market price action is working well, the fast correction style is fitting the 1998 scenario style which noted before.
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Major Indices Set for Worst January in History
Posted By:Ariel Nelson
As we go into the last trading day of the month, the Nasdaq and S&P are already having their worst January in history. The Dow is not far behind and is currently having its worst January since 1978. With the futures pointing lower we could hit records across the board. As of yesterday's close here is where the major indices stack up:
* Dow
DOW JONES INDU AVERAGE NDX
.DJIA
12593.46 150.63 +1.21%
Dow
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[.DJIA 12593.46 150.63 (+1.21%) ] down 6.2% so far - record loss of 8.6% set in 1916
* S&P
S&P 500 INDEX
.SPX
1372.6 16.79 +1.24%
Chicago
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[.SPX 1372.6 16.79 (+1.24%) ] down 7.7% so far - record loss of 7.6% set in 1970
* Nasdaq
NASDAQ NMS COMPOSITE INDEX
COMP
2381.24 32.24 +1.37%
NASDAQ
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[COMP 2381.24 32.24 (+1.37%) ] down 11.4% so far - record loss of 8.6% set in 1990
With the markets down, many investors are flocking to gold. Gold is up about 10% this month, far from its record January gains set in 1980 when gold gained 26% of that year. Today's WSJ points out that on an inflation adjusted basis gold hit $2,228.60 in January 1980, well above today's prices of ~$920.
The Dow has been down 5% or more in only 11 Januarys. When this happened, its average performance for the following Februarys and for the rest of the year was 0.07% and -0.05% respectively.
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