On Friday, the short-term market price continued to rally. Futures on the RTSadded 2.9%, with some players preferred to fix profit, which led to a reduction in open interest at 1.0%. Activities bidders declined slightly. Trading volume on FORTS declined to 44 billion rubles.

The market experienced growth of options positions in putah to страйках 850-950 points on the RTS. In call options positions on the continued reduction in the level of 900 points and build on the level of 950 points on the RTS. Volatility, both in Russia and in international venues demonstrates a tendency to decrease. VIX, updating the 10-month minimum at around 23.9, closed the week trading at 24.3 points. The index of volatility, calculated FK Opening on Friday, fell from 59.1 to 57.6 points. This is a positive signal, indicating a marked reduction of fear among the bidders.

Throughout the week players are quite actively built up positions in the contracts of Gazprom and Lukoil, but on Friday of the players took advantage of the growth to close positions. This led to a noticeable reduction in open interest at the 3,5 and 4,7% in Futures Gazprom and Lukoil, respectively.

during evening trading session on Friday completed the futures bids raznonapravleno. RTS and Sberbank lost 0.1% and 0.2% respectively. Contract Gazprom and VTB added 1.3% and 1.1% respectively.

Before the opening of trading Monday on the U.S. futures indices gaining 0.4%, contracts for WTI broke the $ 65 mark per barrel (plus 0.7%). This creates a positive background for the continued growth of the short-term market quotations.

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External background again podogreet demand

At the end of last week, the MICEX index gained nearly 11%, having played almost all the losses the previous week. But after such a rapid growth and there is no suggestion in the correction: after the closing of the Russian market of foreign background have improved, leading to a new wave of purchases. Closing of the American market was held near the zero mark, the U.S. futures on indexes traded in positive zone (SP futures on the index traded above 500 marks 940 points), which contributes to the opening of long. CIT was able to partially solve the problems that reduce the risk of bankruptcy of the financial structure in the near future, but the Bank remains tenuous. Also, the reason for the growth as a futures on oil, which are from the closure of the Russian market added about 2% to $ 65.85 per barrel of oil brand Brent.

Take off the world's leading index contributed to published positive reports, which led to the laying of further good results in quotes. Thus, in the case of negative data, participants may resort to massive sales, and in the case of the positive - the reaction of the market participants no longer will be just as turbulent. Today will also be a series of reports, which can adjust the course of bidding. This week is rather sparse on the publication statdannyh. Today, attention is on the U.S. index of leading indicators, which will be published at 18:00 Moscow time.

In the course of five sessions of consecutive growth in the quotations of domestic securities climbed to the highest levels, which in terms of purchase are not very attractive. In the short term the Russian market needed correction down to which market participants can use any excuse. I recommend to record profits and close positions in the event of a change of sentiment, as a wave of sales may result in a massive way in the cache, which uvedet indexes significantly negative.

MICEX index closed the week on the basis of not only higher than the 935 items, which in recent times is difficult for the Russian market, but above 21-day moving average which is close to 945 points. The closest strong level of resistance is 1000 points, to which the ruble indicator may rush to a positive external background.

At the opening of the demand will benefit from commodity paper companies and banks - the traditional favorites of the Russian market. Many stocks of oil and gas came to important resistance levels: Gazprom - to mark 155 rub., Which contributed to declining output from the top channel of the annual maxima, Company - 1500 rubles. We recommend that the levels of data capture profits as investors' desire to record profit growth every day only increases.

shares the banking sector will support the strengthening of the ruble, which is related to the continued growth in oil prices. For example, shares of the Savings Bank will be top of the lateral canal 37-38 rubles., And shares of VTB probyut up resistance 3,6 cop. Mid-week will be an important moment for the shares of the sector: on Wednesday, will be published reports of such financial institutions as Bank of New York, Morgan Stanley and Wells Fargo.

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