The new year is off to a lousy start. The S&P 500 is off 2.3 per cent, the Nasdaq Composite is down 4 per cent and the Dow Jones Industrial Average has shed 2.1 per cent.

There are two more telling gauges of how much of a turnround 2005 has been from 2004. First, the bottom 50 performers on the S&P 500 so far this year have shed 11.4 per cent since January 1. Last quarter, the 50 stocks returned 24.4 per cent, leading the robust year-end rally that put the benchmark index up 9 per cent for 2004.