If you played the stock market in January you probably lost money.
Investment tracking app Openfolio tells CNNMoney that 93% of investors were in the red in January.
The company says the stock market crash in China, a strong US dollar, and slipping oil prices, all contributed to the Dow closing down 5.5% on the month, its largest drop since August 2015.
While the Dow closed down 5.5%, the average investor lost 6.3% in their portfolio.
Investors who switched their strategy to cash holdings managed to make money. Openfolio says those who made money in January held an average of 19% in cash, compared with 9% for those who lost money.
Investors pulled $2.9 billion from US stocks last week, the seventh week of outflows in the last eight, according to Bank of America Merrill Lynch.
Emerging markets have lost $1.2 billion during their 13th straight week of outflows.
Investors are fleeing to municipal bonds which have enjoyed 19 straight weeks of inflows, BofA said.
Here’s a somewhat cheery bit of news for investors. A 6.3% loss still beat the Nasdaq which fell nearly 8%.
Despite a disappointing January, CFOs at some of the country’s largest companies are still forecasting a positive economic outlook in 2016, according to Deloitte’s Q4:2015 CFO Survey.