There's an old saying in markets: So goes January, so goes the year.

Investors better hope it's not true. The S&P 500 currently sits higher by 36 points on the day to 4362. That puts the month-to-date move at -8.47%. The all-time worst January was in 2009, which produced an 8.6% decline.

To beat that, the index would need to fall just 10 points from current levels with less than 2 hours to go.

This chart from @HedgeyeDJ shows every January going back to 1930.


There is good news on the axiom front though. Last year the index fell 1.1% in January only to power to an enormous annual rally.

And what of February? Over the past 20 years it's the third worst month for the index.