Liams Last post : Tiger triggers rally after discount window scare..

Good Afternoon ,

 

Today was all about Tiger Woods....well he brought markets to a standstill this afternoon, our dealing room hushed to hear his speech , there was a market in the number of times he would say sorry. Five was the market, I regret now not taking part as I thought i would sell five and I was right , Three times was the score. The Dow Jones rallied after  the Tiger speech and moved into positive territory for the day…

 

The day started off very nervously after the FED raised the discount rate. This is essentially a technical move but it does represent the first step in the FED moving towards exiting the emergency accommodative stance to liquidity. It is also designed to force the Banks to actually source funds in the market and to get back to lending rather than riding the yield curve. 

 

It was apparent early that whil markets were down , there was no panic and indeed some buying began to emerge and quickly markets bounced higher. There was the usual bout of pre lunch nerves ahead of the USA waking up but when the US cam on stream in the pre market it was obvious that the markets would continue to rebound. 

 

In Ireland there was another dearth of news so the market tracked international trends. Irish Life continued to benefit from the takeover speculation started a few days ago.  CRH was weaker though it was being impacted by the negative reaction to the Lafarge numbers. I would expect to see some switching into CRH now as the Dollar Euro is a strong positive or CRH. 

 

The end of a pretty boring week...ICON and Kerry have results next week... Kerry is the big consensus call in the market as everyone loves it. Lets see if there is any evidence of the 'Go to market' strategy delivering in a substantive way. And ICON will give guidance for 2010 with their numbers and would expect to see ICON report a higher level of business wins in line with their peers who have just reported.

 

Have a good weekend

 

Liam

 

 

 

 

___________________________________________

Liam Boggan

　

Merrion Stockbrokers

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