Market Overview

S&P 500 Up Again, This is Our Next Target

 

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German investor confidence jumped more than economists forecast in February to the highest in almost three years, helping to propel US equity indices to new 2013 highs this morning. Another element we notice may be helping the stock bulls take action in the markets is the increased buzz of mergers and acquisitions this year. Almost $40 billion in deals were announced in the U.S. on Feb. 14, bringing the total this month to more than $140 billion (Bloomberg). Our first target for the MAR13 emini SP 500 of 1530 is very close to being hit, with this market trading up 6.5 points today. More on that later…

 

An interesting story we see developing is the British Pound. Since incoming BOE president Mark Carney’s statement that he wants to achieve escape velocity for the UK economy with potentially more stimulus, the Pound has had one short covering rally to 1.59, but since hitting that key level, the Pound has sold off sharply. Today, the Pound futures are trading down 52 ticks to 1.5460. We believe 1.54 is very important resistance. If the Pound continues to sell off beyond 1.54, we could see some major long liquidation down to potentially 1.50.

We also focus on the silver market today. Silver has also been in a steady recent sell off, and today sellers are in control again, forcing the market down 1.37% to $29.44. We continue to hold our first downside target at $27.50. Silver could even stay below that level and trade down to an important level of 22-23$.

We focus our technical analysis on the MAR emini S&P emini futures. We have our first upside target at 1530, and the market traded all the way up to 1525 this morning, before a slight retracement. We continue to believe that the market is in extreme bull mode as long as it stays above 1460. We believe the market is indeed headed to all time highs, and we think these levels can be reached this year.

SP 500 futures

 

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Lido Isle Advisors is an elite provider of futures and options brokerage and Mobile Trade Alerts signals. The CEO of Lido Isle Advisors has been featured on CNBC and referenced in leading publications such as Financial Times, Wall Street Journal, Reuters, Benzinga, Futuresmag, & Marketwatch for his expertise on the futures and commodities markets. 

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