This morning on the Russian stock market overall will grow by one of two scenarios - either directly at the beginning of the trading quotes stand on slippery slope of negative correction, or the action of inertia porastut in the first few minutes of trades and sduyutsya already closer to the opening of European trading platforms. However, a market day, one thing is clear - Bears have to take revenge after indecent growth of recent sessions.

At the spot bulls we would not have been particularly rely on the support of the American indexes. At this week's overseas indicators, no doubt, achieved major success, overcame sign frontiers and made application to the emergence of bovine trend. But given the pace in which they went to the goal now is to count at least a retest of resistances holes, that is, the correction of major setback for the American indexes 2,5-3% from yesterday's closing level.

run look at the diagrams of Russian issuers, we believe the most attractive to the opening of short positions of stocks of Gazprom. Apart from the fact that the paper yesterday, is very close to the strong resistance of 170 rubles (line correction to the Fibonacci 61.8% to the fall of quotations from 2 June to 13 July 2009), they have a surprising dislike for gepam on their schedules. The subsequent growth of quotations of shares the issuer is hardly possible until they closed the window on the schedule from July 20, 153.7 -154.65 ruble.

enough to short will be watching the shares of Rosneft, if not probyut resistance to 188.3 rubles (double delay of the line of neck on the time schedule up height head figures head-shoulders is not able to deploy quotes below), and paper Sberbank, yet they show weakness in front of resistance to 41 rubles (line correction to the Fibonacci 61.8% to the fall of quotations from 2 June to 13 July 2009).

Papers MMC Norilsk Nickel in terms of psychology must now be the first contenders to get to lunch Bear. But from a technical point of view, if the morning, shares of the company to overcome resistance to 3230 rubles (already known line correction on Fibo 61.8% to the fall of quotationsfrom 2 June to 13 July 2009), they will receive very strong growth potential, at least mark of 3600 rubles (up to meet the double bottom noticeable even on a weekly schedule).

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Today, we look forward to the opening bid higher than the previous closing levels on the Russian stock market.

yesterday on the U.S. stock market once again dominated by a very optimistic mood among market participants.

So support the market had quarterly financial results of companies, as well as data on sales in the secondary housing market, the United States. Nevertheless, we believe that at this point in the world already are hysterical-eyforichnye movement, and as we know, these feelings quickly and bad ends. Now, someone else believes in the continuation of the crisis? No?, But in vain. Indeed, in a global economy, nothing has changed for 6-9 months. The real sector has been low, and remained, the authorities only banks to pump liquidity, which went to the stock market, but no more. A consumer boom era has long ended, and we at least at the threshold of an era savings. And finally, look at the volatility index VIX, which is at a minimum of 2007, which suggests that people completely lost his fear and he has the appetite to take risks than later and take advantage of puppeteers.

At the end of trading session, U.S. stock indices closed in the black /Dow Jones 2.17%, S P500 2.32%, NASDAQ 2.45% /.

From the technical point of view, the index yesterday, Dow Jones, after the break, continued formation of the vertical beam in the formation of waves in the global wave of B. As we have noted previously, the developed markets should rebound to complete the last.

In addition, the Dow Jones index has set the 9th best in the formation of 8-11 new highs, which may be the bulls turning. Also worth noting that the Americans perekuplennost highly on all technical indicators, and this situation was not already a very long time.

At day schedule optimists see the potential the flag, which is 1200-1300 points, goals, paragraphs 9400-9500. Also on the way from the bulls will mark the 9290-9300 points

At the time schedule for the MACD indicator double bear divergence. Indicator Stochastic's are on sale. During the afternoon schedule index Dow Jones is in the zone perekuplennosti.

C global wave point of view, we believe that the Dow Jones index is still at a formative stage in the global wave, which will edit all fall to 23.6% -38.2% -50% of Fibonacci to 9450-10400 counts. Perhaps the formation of double peaks.

For temporary factors rebound U.S. indices should be about 6-7 months after the 1.5-year decline.

So, at best, index Dow Jones has formed the first stage rebound within a subvolny. In the future, was the formation of the wave b, which consisted of zigzag abc, and it has been too short to reach only the range between the levels of 23.6% -38.2% by Fibonacci.

We can now see the final run up to 9400-9500 points in the wave with a large wave B.

Once complete the formation of a global wave, it will begin building a global wave C up to 2012 with the aim of 2550-3500 points.

From a technical standpoint, yesterday opened the MICEX index was slightly above the previous closing level, after which bulls have tried to reach the local maximum, but the Bears did not allow them to do so and have corrective setback.

In the second half of trading session, bulls once again intercepted the initiative, but in the last hour of trading, and is causing a devastating fiasco Bear. The volume of trading session of about 62 billion rubles.

MICEX index yesterday, we noted that one-day decline is not an indicator of the completion of an upward trend. As a result, as we anticipated yesterday, Bulls' first tested overcome rising trend upwards.

But on the last trading hour optimists are overcome fractal for purchase at the mark of 1018.35 points, thereby setting a new maximum in the continuation of the formation of at least a large rebound. Nevertheless, we believe that today bears can have a serious battle bulls who arranged the current euphoria. Too much positive in the world, that it was true, it radically in the world economy over 6-9 months, nothing has changed.

Today marks the level of resistance will be 1040 and 1085 points, which is 50% -61.8% of all Fibonacci of the drop, as well as 1065 points.

It is also worth noting that the indicator MACD formed a double bear divergence. At the same time the indicator is in the Stochastic's buying, but today will reach the zone perekuplennosti.

From the short-wave point completed the first phase of downward movement in the form of 5-wave phase in the global wave C.

remind that the decline may be a first down subvolnoy as both normal and the 1st wave of reduction in the global wave C.

MICEX index yesterday continued the formation of large corrective rebound by 20% -40% from the fall to 996-1040-1085 items, representing 38.2% -50% -61.8% of all Fibonacci from falling. If the index MICEX stopped at these levels, it will begin a new stage of decline.

Regarding the optimists, they saw the reduction as the 4th subvolnu and now see the formation of the 5th subvolny to 1230-1330 points, but for the MICEX index should not take 890 points, as well as cope with 1085 points.

closest daily fractal for sale is located at around 881.95 points, a full-time fractal for purchase is located at around 1226.61 points. Time to buy fractal is at level 1108.87 points, but on sale at around 974.75 points.

Yesterday, we were advised to close short positions. Today, we advise not to take action.

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