February may be the weak link in the “Best Six Months,” but
its first trading day is now the best first trading day of the month. Over the
past 24 years, S&P 500 has advanced 75.0% of the time with an average gain
of 0.46%. DJIA and NASDAQ are even stronger. DJIA has been up 79.2% of the time
with an average advance of 0.41%. NASDAQ has been best, also up 79.2% of the
time but with an average gain of 0.56%. All eyes and ears will be on the Fed announcement
tomorrow and no one knows what they will say. Any hawkish remarks could derail
this February 1’s bullish tendency.