If the saying "as goes January, so goes the rest of the year" holds true, Wall Street could be in for a rough year. The major market indexes dropped nearly 4% across the board last month, setting an unnerving tone for the rest of 2010. What's more, the S&P 500 Index (SPX) broke below its 80-day moving average for the first time since the March 2009 bottom last week, providing more technical fuel for the bears.
As for the CBOE Market Volatility Index (VIX), the fear barometer remains trapped between its 10-month moving average, near the 27 level, and its 20-week moving average, near the 23 level.
Economic Calendar
The economic calendar offers up December's personal income and spending data, as well as December's construction spending and the January Institute for Supply Management (ISM) manufacturing index today. On Tuesday, January's auto sales and December's pending home sales reports will hit the Street, while the January ADP employment report, the ISM services index, and weekly crude inventories are on tap.
On the docket for Thursday are weekly initial jobless claims, the fourth-quarter productivity report, and December's factory orders. Friday ends the week with a bang, as January's unemployment rate, nonfarm payrolls, and December/s consumer credit report are on tap.
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