FRIDAY IS HISTORICALLY UP

That is an interesting theory and legend on the floor except it is not true statistically. And, on the other hand speculating daily basis or intraday is the best way to burn all your money as the paper tissue in the fire. Our strategy is looking for longer term and trying to identify the underlying trend for weeks. You can enjoy our managed account performance. http://bfmassets.com/managed-account.html

Yesterday gauges:

• Dow 17,986 -0.24% 
• Nasdaq 4,925 +0.38% 
• S&P 500 2,097 -0.13% 
• Russell +0%

Thursday and the whole week was fairly muted. Yesterday only Nasdaq was able to deliver some gains and closed higher for the seventh consecutive day and delivered its longest winning streak in 2015. Everyone is sitting and waiting to figure out what happens with Greece. The volatility, the watchword of 2015 has gone this week. In January the Dow swung by 1% or more during ten days, but so far in February, it has only done only three times.

Stocks tried to rally further, but were only able to hold around the record levels and doing a ranging pattern in a narrow band. Everything is sitting on new highs in Europe and in US just the Nikkei sets 15 years new high. When does it come the break out? My bet is for sure not today, but if somehow occurs any bigger moves today it wouldn’t mean break-out clearly. The break out in my view is a process not a moment, ordinarily takes 2-3 days.

In technical terms the indices still have room to head higher, especially FTSE, IBEX, SMI and AUS 200. On the IBEX chart there is a key resistance level at the current price of 10.900 and if it is taken the Spanish benchmark index could easily jump up to 11.150.

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The BFM Assets Team.