With the Easter break behind us, we can now announce the winner of the $1,000 giveaway – in the Bulls versus Bears trading competition.
This time we focussed on the S&P/ASX 200 index, which comprises the 200 largest Australian stocks by market capitalisation. You were asked to tell us what level the index would hit by Friday 3 April and your reasons why.
The Bulls came out on top for the week, as the market continued its surge for the 4th week in a row. Therefore, all those who said the market would be higher come Friday week were in the running to win the $1000 prize.
But there was only one winner…
Congratulations to J. Ulrich from Paddington, Brisbane. Ulrich was almost right on the money with his pick of 3734.8. It was less than one point from Friday 3rd April 3735.6 close.
9 contenders were also within 10 points of hitting the mark.
Ulrich’s reason for being bullish were simple: “Optimism amongst investors will see the market continue it’s run. Not sure if this is a bear market rally or not, but I think it’ll be up again by the end of the week.”
51% of TheBull members thought the market would end on a positive note; 49% predicted a pullback.
We’ve collated some of your comments. Below is what some of you had to say:
“I believe we are on a mini roll, I think the resources and banks we keep us rolling along for the next couple of weeks.”
“There is a feeling of optimism. The RBA has stated our banking system is one of the strongest and best capitalised in the world, which underpins this confidence.”
“Stab in the dark”
“There appears to be some good momentum building in the local market. I believe the ASX 200 will go close to this years high but ultimately fall just short. I tipping it will hit 3725 by the end of the week.”
“This would have to be a guess – the rally will continue tonight but start to come back after hitting 3850.”
“There will be small surges on some days, held back by slow downwards trends throughout most of most of the days, to end up at 3717.5 points on April 3rd. And, no, I’m not confident enough of this to buy the index.”
“The positive market sentiment will continue, extending the bear market rally to the next Fibo retracement level (hourly chart basis).”
“The ASX200 will be at 3765 on April 3 due to ongoing uncertainty of Rudd’s free for all (except self funded retirees)!”
“ASX200 will rise, target of 3780 points. A sense of optimism is returning to world markets, Volume is up as investors source cheap stocks including the depressed financial sector, start of a new Bull Run”
More articles in this week’s newsletter