There are some concerns that if equities fall it will drag down other markets, including gold, because of the correlation markets have had together.

FORBES: Gold Seen Rising Next Week

According to Jeff Hirsch, whose father, Yale Hirsch, invented the barometer in 1972, the positive correlation between performance for January and the whole year has failed only seven times, including in 2009 and 2010.

FORBES: Goodbye January Effect and Other Superstitions