Yesterday's decline, a small down day with poor volume, is being mostly dismissed.
The first five days indicator —and in particular the "As goes January, so goes the year" barometer (88% accurate since 1950, according to The Stock Trader's Almanac)—are far more widely followed. One wag said yesterday's debacles brought us back to levels last seen on…December 26th!
Regardless: your view on how 2014 will go depends on your view on two subjects: earnings and interest rates.
