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The McLaren driver clocked one minute 18.871, the fastest time any driver has managed in two weeks of tests in southern Spain.
Rain has hampered progress for the teams in Jerez but there was decent weather on Saturday with a good crowd turning out to support home favourite Fernando Alonso, sixth fastest in his Ferrari.
The wet conditions and teams having different fuel loads has led to various drivers topping the timesheets during the two weeks but the general feeling in the paddock is that Ferrari, Red Bull and McLaren are ahead of the rest.
A final test takes place in Barcelona next week before the season-opening race in Bahrain on March 14.
“I think the Ferrari is a very strong car. I think they have better consistency than anyone at the moment,” Button told reporters on Friday.
“I think our pace is good but there are still areas we need to work on for me to be happy with the car.”
World champions Brawn, Button’s former team, have become Mercedes this year and their car looks slightly behind the top three despite F1 great Michael Schumacher returning to racing with the German outfit.
Red Bull’s Mark Webber was quickest on Friday but his car stopped on the track on Saturday.
New teams Virgin and Lotus have been the slowest this week but are confident about their progress while fellow newcomers Campos and U.S. F1 have yet to test or complete their driver lineups.
Campos restructured their ownership and recruited the experienced Colin Kolles as team principal on Friday but U.S. F1’s chances of making Bahrain look remote amid media reports they have asked to miss the first four races of the season.
Serbian team Stefan GP say they are ready to step in despite not having a 2010 entry.
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