| January | 2009 | 2008 | 5 Year | 10 Year | |
| Dow Jones | (3.5%) | 22.5% | (36.3%) | (3.5%) | (6.3%) |
| S&P 500 | (3.7%) | 27.8% | (41.0%) | (8.3%) | (21.1%) |
| Nasdaq | (5.4%) | 48.3% | (42.3%) | 5.5% | (44.8%) |
After 10 months of rallying, the markets saw some selling in January. This pull-in is healthy and I would expect a larger correction to take hold in the near term. Active traders should be excited by the prospect of the increased volatility because it spells opportunity. Active trading has been difficult lately as the market has been grinding higher but without much conviction. Finally, a decisive move has taken place to the downside. And, as I posted on Friday, the market has been unable to bounce after dropping 6.6% from highs in two and half weeks. This is in stark contrast to what we have seen for months. We have seen a significant sentiment change in just a week's time. The Reformed Broker has a great post outlining the strategy for January 2010 Earnings Season. Stocks are being sold, just go with it.