First days tell the tale?

If the first five trading days of the year tell the tale -- an old market saw with a grain of validity -- 2008 will be awful. The S&P is down 5.3 percent already.
Our "Five for 2008 portfolio," which was built for a near-recessionary environment, is holding up well, up 1.0 percent YTD. Unfortunately, there's a lot in my personal portfolio that isn't doing so well, starting with the big T, which cracked today after AT&T's CEO cited consumer weakness -- not so much sales as disconnections due to non-payment. That's a bad sign right there.
I've made a few small sales so far this year, haven't bought anything yet.