Astrology and numerology rule markets, ok, Julian?

"We're all prone to a bit a Calendarism thanks to the birthday cult, but this "worst start to the year" thing doesn't make sense even by time measurement standards. A year is the unit of time the earth takes to make a revolution around the sun, so every day is the start of another 365-and-a-bit-days period.

And one man's calendar is another's papist intrigue. The Gregorian calendar would have you believe today is February 1, and all that January stuff is over. By the Julian calendar, it's actually January 19. The All Ordinaries Index has had a positive start to the Julian year, it hasn't fallen at all. And the Julian is only one of many alternative calendars to play with or live by.

Never mind months, there are myriad years to choose from. Go all North Korean with the Juche calendar (it starts on Kim Il-sung's birth) and it's only 105. Or break out your ab urbe condita toga to make this 2769. (I thought we'd have intergalactic travel by now.) Personally, I like the choice provided by the various Hindu calendars – we could be pretty much anywhere between 1938 and 5117.

It might help to apply some perspective to the market's outbreak of Calendarism by looking at a graph of the All Ordinaries Index over the past five or 10 years – either Julian or Gregorian.

"There's suddenly nothing particularly special about the latest tooth added to the saw – it's just another one. There have been falls bigger and smaller. It matters little what name the calendar puts on it."


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