Liams Last Post : The Bulls strut their stuff for yet another day...a september phenomenon ?

Good Afternoon ,

 

Well what can I say , suddenly the world is a better place ?  The bears have been routed over the last few days , the economic stats this week did us all a favour and Monsieur Trichet whose speech I listened to last night was pretty unequivocal  about a double dip not being on the cards. Even Perma Bear Nouriel Roubini now only thinks the probability if a double dip is 40%  so that means he is 60% positive…(I prefer the glass half full approach myself. After all I decided to remain a broker in the belief that everyday we endure is a day closer to the world starting to turn incrementally better.

 

What we can tell is that sentiment is hugely volatile . It is all very well for me to feel positive this sunny afternoon in Dublin but looking at the prices of some irish stocks it is interesting to see that Irish Life has jumped nearly 12% today , CRH is suddenly being re-habilitated at has recovered 75% of the one day loss the day of its profit warning..

 

We have now been through a two week reporting period in Ireland and CRH was the only company who disappointed. All the others were in bullish and while Grafton mentioned that people were talking about a double dip they did say that It was too early to tell if there was going to be an impact on their business. I suppose Tullow is the special case here… the jury is out on Tullow , I have been a long term fan of this one, there is some big drilling results dues shortly which hopefully should help sentiment but it would seem that they have got themselves into a messy situation in Uganda and I hope that they extricate themselves quickly and credibly.

 

With the US holiday weekend in store and Ireland playing a soccer international in the background , it is getting close to the time to pull the rip cord and head home to unwind.

 

I had Lonza in Dublin today….initeresting if complex story , well received…worth a look…

 

Have a good weekend

 

Liam

 

  

 

 

___________________________________________

Liam Boggan

　

Merrion Stockbrokers

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