MIXED SIGNALS

The January effect and theSuper Bowl theory have sent physician-investors cloudy messages thisyear. The NFC team won the SuperBowl and the first week of Januarywas on the plus side for the market,both supposedly signals of a highermarket at year-end. Overall, however,January was a disappointment,with the market finishing 2.7% inthe red after a torrid first week.Since the end of World War II, whenthe market has ended January innegative territory, it has gone on tolose ground at year-end two thirdsof the time. Market historians offersome hope, however; since 1982, adown January has led to a downyear only half the time.