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Afternoon Note

Waiting and Seeing

By Charles Payne, CEO & Principal Analyst
1/3/2022 1:28 PM

The myths of January have driven investor decision making forever but, how much do they really matter?

Some think the first day of trading day is an omen for the entire year, but that hasn’t been true as the market has rallied most years when the first day is down.  

And if people are fretting about a down month, maybe they shouldn’t. The final 11 months have been up on average of 11.5% in years when January is a loser

Moreover, the so-called January effect that small stocks outperform large stocks.  Today Russell is outpacing the S&P 500 and that's a good sign but there is still a lot of waiting and seeing. 

Breadth is decidedly positive this afternoon across the board, with more highs than lows.

Market Breadth

NYSE

NASDAQ

Advancing

1,785

2,991

Declining

1,533

1,617

52 Week High

89

87

52 Week Low

25

74

Up Volume

1.38B

1.89B

Down Volume

655.3M

692.1M


 

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