Liams Last Post : What goes up , maybe maybe build a base..

Good Afternoon ,

What goes up....Maybe , maybe might hold on these levels or at least begin to form base at these levels.

Markets see sawed today , Dublin opened just below yesterdays close , rallied turned sharply down and fell 72 points ,rallied above the previous intra day high and then fell to back again from these levels but managed to hold a gain for the day of +1.5% , London closed down -0.3% and European markets held a 1% gain while Wall street began brightly and has stayed in positive territory though off the highs. Wall street is +1.8% at 16:45pm.

The banks in Ireland went suddenly weaker this morning when Brian Lenihan spoke about the grave economic difficulties the country faces.

Ryanair was in focus again today with good two way flow in the stock , I have to say my gut feeling is that the stock should be bought here and the weakness is technical rather than fundamental. The stock eventually found support today and closed +1% . Aer Lingus is struggling at these levels +1.7%

CRH was weaker earlier but rallied with Wall Street strength , Grafton and Kingspan fell prey to some short term profit taking

Elan had a strong day and rallied +7% as US broker Cowen suggested that the stock might trade positively through the next month ahead of presentation of data to the American Academy of Neurology (AAN) meeting.

United drug traded down in decent volume today. The stock looks cheap but until the budget on April 7th , it is not clear how the budget will impact the stock and this uncertainty coupled with the market not being terribly impressed with the performance of one of the last acquisitions the company made as it appears that the Due Diligence process was somewhat lacking in focus or that the produce portfolio that the company bought was misunderstood.

Short and sweet today… markets look like they may be finding a bottom. Hope they do.

Getting a bit more bullish I have to say that the market may have bottomed here , not seeing much selling pressure or panic which is re-assuring.

Have a good evening

Liam

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Liam Boggan

Merrion Stockbrokers
www.merrion-capital.com
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