January Returns

Dow	-2.7%
Nasdaq	-5.2%
Russell 2000	-4.2%
S&P 500	-2.5%
Wilshire 5000	-2.7%

Many people will refer to the "January Effect" which is the pattern that how January performs sets the tone for how the whole year will perform. So when the market has fallen in January, then the market has tended to have a negative return for that year.

I think this year is different. I think the events in Iraq have caused investors to keep their money out of the market until the Iraqi elections. Immediately following the Iraqi elections the market started an upward trend. And I suspect we will have a positive return this year.