The market is taking a big drop because of our Russian counterparts. What is adding fuel to the fire is plain and simple: market valuation. On Dec 27th, we cautioned of an impending correction in January. What we did not expect was the rapid move back up to new highs. Granite Group Advisors believes the market is at a premium to historical S&P valuations, trading at 16 times 2014 earnings. When taking into consideration the slow, lukewarm economic data, tapering, and now political instability, we would again caution new allocations until a more reasonable valuation persists.