I’ve just updated my stock market performance page for January results.

Last year’s relative losers have been having their typical early year bounce. IT service companies have been outdoing makers of IT infrastructure, in what I see as a relative valuation catchup. Both the US currency and US stocks continue to lose ground to the rest of the world, as they have since the inauguration–the first time in a quarter century this has been the case. The US consumer, understandably, continues to be a bad place to be.