February has historically been a rather bland month. Since 1950, S&P 500 has averaged a measly –0.04%. Over the last 21-year period S&P 500 average performance has declined to a loss of 0.6% in February. February’s first trading day has historically been good, like yesterday, and trading days eight, nine, ten and eleven have offered repeatable long opportunities over the last 21 years. Outside of these five days, the balance of February has been somewhat disappointing for bulls.