Stocks started the new year with a thud, but one day does not a year, or a trend, make.
According to Howard Silverblatt, senior index analyst at S&P/Capital IQ , the opening trading day and the S&P 500's move for the year have been correlated in the same direction just over 50 percent of the time. But more telling is how the whole month of January fares.
As January goes, so goes the year, has been right for 62 of the last 85 years, or 73 percent of the time. January has been positive for stocks 55 times since 1929, and when it has been, the year has been up 80 percent of the time, Silverblatt noted.