The main mover on the Irish market this morning is Elan, up 59 cents (+7.76%) at €8.19. This is in response to a stong close in Elan ADRs on the US market yesterday, boosted by a recommendation on the popular Motley Fool web site. Motley suggested that now could be a good time to get in to Elan, as the market may have over-reacted to recent bad news regarding Tysabri and Phase III testing for its Alzheimers drug.

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‘Mind the gap’ is the warning announced at all London Underground platforms as a tube train arrives or departs from a station. It refers to the gap between the platform and the train, and is broadcast loudly and incessantly at every station. Visitors to London who use the tube will have ‘Mind the gap’ still ringing in their ears long after they have arrived home. It is an essential part of the sound of that city.

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Irish and UK bank stocks were generally down about 3% in early trading this morning. This is in response to the announcement from JPMorganChase (JPM) yesterday of continued losses in the mortgage sector, with losses in the third quarter expected to exceed losses in the second quarter. JPM closed down 9.5% at $37.92 (-3.97).

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Friday’s strong close on US markets (with the Dow up 300 points, 2.65%) has lead to a bright opening on European markets this morning. Bank shares in particular are benefiting; most of the Irish and UK bank shares are up, with AIB leading the way at €9.15 up 31 cent (+3.55%)

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There was a general in the American Civil War – his name escapes me – and the last words he ever uttered were:

‘Nonsense! They couldn’t hit an elephant at this dist..’

I guess that shows the danger of complacency in the field of battle. The above story comes to mind whenever I hear someone say:

‘That share has fallen so much! It surely can’t fall any further..’

It sure can, is the answer. And these have often been the famous last words of stock market traders.

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