Tomorrow (Thursday 28 Feb) will be the last trading day (LTD) of February.
As explained in the 2013 edition of the Almanac the LTDs of months used to be stronger than average, but in recent years they have been weak. This is quite different from the first trading days of months which strongly out-perform the average for all days, and where the effect has strengthened in recent years.
Since 1984 the February LTD has been the second weakest of any month, with an average return on the day of -0.09%. In the last 13 years the market has only risen three times on the February LTD .
The following chart shows the FTSE 100 Index returns for every February LTD since 1984.