Kenneth Alkire, a California man who's working as a Defense Department contract worker in the Middle East, is the winner of Money Morning's inaugural "Predict the Dow" contest.
Alkire, 60, predicted a second-quarter close of 12,414.27 for the Dow Jones Industrial Average - a stunning guess that was only seven-hundredths of a percentage point (0.07) away from the actual second-quarter adjusted close of 12,414.34. For this near-perfect guess, Alkire wins a top-of-the-line Apple Inc. (Nasdaq: AAPL) iPad2 (MSRP $829).
When posting his prediction on the "Predict the Dow" Website (www.PredictTheDow.com), the San Diego County resident said he believed U.S. stocks "would go up a little - and then down," and noted somewhat grimly that "it is not a pretty picture for the future with the debt ceiling rising."
In a telephone interview, Alkire's wife Diane - the family's actual investing aficionado - revealed that her husband's guess was more sentimental than scientific. He figured the market would go up in the near term, so he predicted a second-quarter Dow close north of 12,000. But he filled out the rest of his prediction in a manner that was intended to honor his late daughter, Nicole, who passed away in 2000, Diane said.
Predict the Dow
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California Man Wins Inaugural "Predict the Dow" Contest ... With Help From a Surprising Source
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Predict the Dow Contest Update: Where Do You Think the Dow Will Close?
The Dow Jones Industrial Average ended its six-week losing streak last week as fears of debt defaults eased and the global economy appeared to improve.
The blue-chip bellwether rose for the third straight day yesterday (Monday) to close at 12,080.38 as bargain-hunters moved in and investor concerns about a Greek debt default continued to ease.
But where does the Dow go from here?
That's what we're asking Money Morning's readers as part of our "Predict the Dow/Win an iPad2" contest, which started last week. We're asking readers to predict where the Dow will be when the second quarter comes to a close on June 30. Deadline for entries is June 26.
Margaret Riddagh of Wilmington isn't sanguine about the market's outlook. She sees a second-quarter Dow close of 11,489.25 - a drop of more than 500 points, or about 5%, from present levels.
"I believe that the market will reflect more closely how the economy is really doing," she wrote with her entry. "The decline will start slow but continue as people realize that bad times are ahead, due to governmental policies."
The blue-chip bellwether rose for the third straight day yesterday (Monday) to close at 12,080.38 as bargain-hunters moved in and investor concerns about a Greek debt default continued to ease.
But where does the Dow go from here?
That's what we're asking Money Morning's readers as part of our "Predict the Dow/Win an iPad2" contest, which started last week. We're asking readers to predict where the Dow will be when the second quarter comes to a close on June 30. Deadline for entries is June 26.
Margaret Riddagh of Wilmington isn't sanguine about the market's outlook. She sees a second-quarter Dow close of 11,489.25 - a drop of more than 500 points, or about 5%, from present levels.
"I believe that the market will reflect more closely how the economy is really doing," she wrote with her entry. "The decline will start slow but continue as people realize that bad times are ahead, due to governmental policies."
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Predict the Dow, Win a "Tablet"
The Dow Jones Industrial Average got pounded again yesterday (Wednesday), sending the blue-chip index down below the 12,000-level and threatening to extend a losing streak that's already six weeks long.
That's the Dow's longest losing streak in more than eight years and it probably has you - like most investors - wondering just where the bottom actually is.
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That's the Dow's longest losing streak in more than eight years and it probably has you - like most investors - wondering just where the bottom actually is.
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And that's what we want you to tell us