Does January Effect still work?

January Effect study says usually Jan stock market performance will determine the whole year's performance. Yr 2008 seems proved this saying. Let's have a look at Jan 2009 of the major maket indices:

* Dow -775.53 / -8.8%
* S&P500 -77.37 / -8.6%
* Nasdaq -100.61 / -6.4%
* STI -15.09 / -0.9%
* HSI -1109.27 / -7.7%
* Nikkei -865.51 / -9.8%
* ShangHai +169.86 / +9.3%

Surprised? if this is true, then you know where you should park your money this year.I already standby an acct for China mkt. I remember another report that I read not long time ago, it says amongst the 3 biggest economy in the world: US, Japan and China, the first two's GDP for this year are negative, only China's GDP is targeted at 8%, despite the current financial crisis, albeit at a slower pace. This also means China's economy will lead the world's growth this year. Comment?