Good Afternoon ,
And so October grinds to a soggy and depressing end… The ISEQ index is down a whopping -14.16% for the month
The Eurostoxx 50 index records a decline of -4.5% and
The list of winners and losers at the end of the Month shows the sharp fall ou of favour by the Banks with Bank of Ireland -49.9% and AIB down -41.6%. The Woes of Elan continue with a sharp rise in PML cases and some deaths and this has been reflected in a -27% performance.
In the less spectacular fallers , Ryanair whose results are due on Monday is down -13.5% and looks very oversold. This might benefit from some relief post results , it has given up a lot of ground lately.
Grafton -12% and Norkom who we met a few weeks ago and were bullish but the story did not come across that well also fell -14% .
The top performers were the amongst the tiddlers and small exploration stocks. Irish Continental rallied on speculation of a resolution of the Carroll situation and a potential ultimate resolution of the future of the company which will ultimately come with a bid.
Paddy Power which is one of my favourites stocks and ICON and Kerry recorded small positive returns in the 1.5% to 3.5% range.
The pull back does not look so pretty on the charts and there are stocks which have now clearly broken down out of their previously upward sloping trading ranges. The Banks sector across
The Wall Street relief rally of last night has been erased already. It was treated with scepticism initially this morning and then as the day wore on the negative sentiment which has been to the fore re asserted itself.
It is a miserable evening and I am afraid I don't like the feel for the start of November , I hope I am wrong but I don't see where the trigger to restart a rally will come from , Maybe I will be inspired over the weekend..
I have not given up hope but stocks are at or actually have broken down through critical levels so markets need to find some stability for the bottom of the trading ranges to hold and we might move up to the year end….
There is one thing for sure , that there are opportunities for those who need to get money into the market to do so now , this is the pullback that everyone was saying they wanted…lets hope it gets bought…
Here is hoping…..Happy Halloween !!! Feeling a tad ghoulish right now myself right now …. Trick or treat ?
Liam
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Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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