Market Commentary

The market is off to a good start with the benchmark S&P 500 gaining +5.04% in January. A number of 
years ago, Yale Hirsch, the originator of the Stock Market Trader’s Almanac, introduced the “January 
Barometer”. Simply put, if the S&P finishes in positive territory in the month of January, the entire year 
has a good chance of also being positive. While this is no guarantee how the year will turn out, at least history is on our side.