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In this week’s stock picking tournament we focussed on the S&P/ASX 200 index. Will the market finish the week on a positive or negative note?

The member who picks the direction and the percentage gain for the week wins $1000. So check out next Thursday’s newsletter to see if you are $1,000 richer.

Interestingly, 51% of TheBull members think we’ll end the week on a positive note; 49% think we’re heading lower.

 Bulls vs Bears  % Vote
 Bulls  51%
 Bears  49%

Below are some comments from both Bulls and Bears.

The Bulls 

“3754 – the positive market sentiment will continue, extending the bear market rally to the next Fibo retracement level (hourly chart basis)”

“3560 – Just a small rally, nothing that will maintain itself in the short term. Enthusiastic investors who have waited for a bit of an upward trend to get in again only to be dragged down with the next doom and gloom big news story from the USA.”

“3631 – Range bound but with some volatility as the market takes it’s time to digest the impact of government interventions to unfreeze credit.”

“The ASX200 will close Friday April 3 at 3780 continuing the bear market rally before hitting resistance levels by later in the week.”

“We have had 3 up weeks of average ~4.2%, so another positive week will see us rise to 3805.  There might be resistance at 3818 based on Jan 07 peak.”

“I think the asx 200 index will reach 3840 by April 3rd.Positive macd,rsi. and slow stochastic.There is resistance around 3850 area.”

“3832 – Of the 12 constituent indicies, four rose 20% or more, 8 March to 26 March (XFJ, XEJ, XMJ, XIJ). Three more rose at or above the XJO’s 15% (XNJ, XPJ, XDJ). With the exception of XUJ at 11% over the period, the rest bombed (XSJ, XTJ, XHJ, XXJ – is that a real index?). So, that’s 5% per week.”

The Bears 

“The ASX will fall leading up to April 3rd with a target of 3455. This is a typical retracement as the index makes its way to 3800 later in April.”

“I believe the XJO will be at 3549 on 3 April because it is close to a prior resistance/support.”

“3473 – We’ve had a fantastic rally during March, totalling approximately 20% to the 26th. I feel that we’ll se a small period of consolidation as people take some profits leasding to a slight decline ove the coming week from current levels.”

“ASX200 is well overdue for a breather with target level being about the second line of support from a T/A point of view.”

“3450 – April fool’s day comes hard on the end of the 1st quarter – reckon the banks will be struck by rumours of small to medium foreclosures in the business sense. also the end of month window dressing in the commodities area will come off affecting our miners as well.”

“3380: The market has sharply rallied lately and will be running out of steam. Disappointing results of the G20 meeting, in combination with the US rescue plan that will increasingly be regarded as NOT the silver bullet
to solve the US banking system problems, will trigger the end of the current rally.”

“3407 – This is only a bear rally and some bad news will send it backwards.”

“3403 – Has risen too far too fast, and technically due for a pullback due to a lot of company share prices in the overbought area, and also in a lot of cases approaching , or already at,  some sort of resistance.”

“S&P 200 will hit 3610 on 3rd April 2008. Why? Because the recent bear rally won’t last too long, the market will pause after this breif buying spree. Still some bad news to come out of the states and europe, and it always takes a few bear rallies before the real this happens.”

“3482.7 – Nostradamus told me so.”

“3545.1 – I expect to some resistance to be encountered around the 3750 mark, so have chosen the 38.2% retracement level (don’t know that it will get there by the 3rd though).”

“3,169 – Latest upward movement was a suckers run and things will trend down further as we reach newer lows within the next couple of weeks.”


More articles in this week’s newsletter

18 Share Tips – 30 March

Has the market bottomed? We canvass the industry for the verdict

Bulls versus Bears – stock picks from this week’s tournament

Stock in focus – Carnarvon Petroleum

Top 10 CFD stocks for the week

Stocks & Stats to watch out for this week

All the latest Breaking News


Please note that TheBull.com.au simply publishes reader comments on this page. The publication of these comments does not in any way constitute a recommendation on the part of TheBull.com.au nor on the part of the reader who wrote the comment. You should seek professional advice before making any investment decisions.