Re: X Factor
The thing with Markets is that you can make almost any reational argument that anything will happen. Barry's argument above for example is rational and he could well be right.
Another "Plausable" theory would be that a falling property market in the US might drive money into other investments like equities, which might drive up the performance of equities, which might make them more attractive, which might convince some Irish investors to take their money out of Irish Property (which already gives reasonably low returns) and transfer it into equities.
The bottom line is we haven't a clue. Listen to all the theories, make up a few of your own, and then decide what YOU want to do with your money.
-Rd