Small Caps lagged the Year- End festivities.......

S&P600: Small Caps Daily Chart @ Close 01/13/2014

As the Year- End "we own them as well' crowd 'window dressed' their portfolios; the Small Caps were always lagging.
That should have been warning enough that the January 'hangover' was likely especially given the 1st day's trade of 2014 being a Negative one!
The 50day SMA has provided immediate Support thus far; beyond that & matters become interesting as IT (50day) has been the trigger point for the Rally to reinvent itself since June 2013.