The index of the Frankfurt Stock Exchange Ksetra Daks (Xetra DAX) has grown by 17.89 points (0.33%) and is at the level of 5419.00. The index of London Stock Exchange Futsi 100 (FTSE 100) rose by 15.48 points (0.33%) and is at the level of 4770.94. September futures on the index S & P 500 (SP 500) at Globekse (Globex) fell by 0.2 point at 1013.3. Opening of the American stock index today is expected to bottom.

Exchange rates continue to remain in the European session in a relatively narrow price bands. Activities investors in the market forex low. It is noted that the drop in stock indexes in Shanghai and Hong Kong, as well as the continuing fall of GDP in Spain, contributed to the fact that investors do not want to risk it.

prices for oil and precious metals also stabilized. All this, in turn, increases the demand for yen.

The pressure on the euro rate has a lower rate of inflation in the euro zone. Today, investors will be directed to the publication of important data in the United States.

The final value of the consumer price index (Harmonized CPI) in Europe (16) July -0.7% for the month, -0.7% for the year (estimated -0.6% over the year, the previous value of 0.2% for the month, -0.1% for year).

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Index MMVB10. Volatility decreases

After the largest drop observed after the 1998 crisis, the Russian market for several months, showing a more or less steady growth. Using as a springboard, round of 1000 index MMVB10 rose nearly 2500 points.

Despite the fact that recovery takes place within the time frame is much shorter than some analysts predicted, giving the restoration of the market almost a decade, the market is still far from what we saw before the start of the fall.

For example, the analysis of the volatility of the index MMVB10 conducted using indicator ATR. The graph show that the volatility, and hence the anxiety of participants began to rise at the beginning of the summer 2008 decline. Then it just grew as the downward trend.

Multiple stop bidding and great morning gepy not added confidence in the future (from the word day and not from the word bottom, although there was appropriate and that and another meaning of the word) or long-term investors or short-term speculators . As a consequence, the lack of understanding among most players, what is happening in the market and when it is completed, the volatility has increased and reached its peak in October last year. That is when the market bubble, like milkshakes, which are confusing in the mixer, and then played the whole state and make for a few hours.

Later, at the beginning of this year's passion began to subside, volatility went down slowly.

Throughout the growth that we see from the end of February, the index volatility remains at a constant level. At the same time, their pre-crisis value, it exceeds almost two times (blue horizontal line in the top histogram). This once again suggests that emotion is not fully subsided, and the market continues to fever. A similar picture is observed in the Dow Jones and other foreign sites.

However, the mere fact of reducing the volatility, said that during the market life back on track. What fears and anxieties are gradually to be in the past. What will be quite a few years on the market standard, and the fall of 2008 will resemble a nod to the charts of indexes down, but memories of old: But I remember, when in two thousand eight ....

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The reluctance to sell helps consolidate at current levels

Trading on the Russian market yesterday were vysokovolatilno. Positive sentiment caused by the meeting of the Fed and the positive data on euro area GDP, were reverse statdannymi on the U.S. economy. Futures on the S P500 index pessimistic data tested at 1000 points mark, which has spread. At the end of the session on the Russian market at this factor also has been a wave of purchases on the day of the MICEX index potyazhelel at 1.3%, to close above 1100 points. Holding such an important point will support the market today, during the session.

The opening of the Russian market is expected to neutral, because the dynamics of the set targets mutually нивелируется. Closing of the American market place in the black around 0.5%, futures on indexes are adjusted after the United States a little positive momentum: Futures on the S P500 index was developed to the level of 1015 points, a powerful resistance. In commodity markets following the closure of the Russian market has been upward correction, in which futures for Brent crude oil brands tested $ 74.4 per barrel. However, the observed strengthening of the U.S. dollar had a negative impact on commodity markets, futures before the opening of bidding for oil brand Brent traded below the levels at which shut down the domestic market.

Factors contributing to growth at the opening, нивелируются the finish of yesterday's session: the dynamics of the U.S. market has been laid in the quotations of Russian issuers. MICEX Index cannon of the day from a minimum of about 2%, while futures on the index S P500 adjusted upwards to 1.4%. The growth of futures leaves only symbolic potential for upward movement of domestic ruble indicator. Also at the opening, once again affect the dynamics of the Chinese market, which again is an indicator of outsiders among the indicators for the stock markets of Asia: Chinese index losing nearly 2.4% on the prevailing mood of correction.

Technically yesterday MICEX index continued consolidation in the standard corridor. Support is 61.8%-th Fibonacci correction for passing the level of 1084 points and resistance - 1120 points. This corridor is quite wide, which contributes so long at these levels of consolidation. Exit the corridor can help the publication statdannyh on the U.S. economy. Today will be publicized data on consumer inflation and industrial production of the United States. However, remembering the reaction of market participants in the vast United States the day before the statistics, namely the retention of this corridor is likely, the level of support is also now stand.

corrective mood, zavladevshie the Chinese market could spill over in other stock markets worldwide. So, buy at these levels in the medium term risks. Speculative strategy is still the most attractive. Open position is only for specific ideas, in particular - as a result of statistics.

Dynamics of ADR on shares of Russian companies can help increase the opening of a number of papers. In particular, ADR on shares of Gazprom gaining more than 5%, thus testing the level of resistance - 168 rub. Also, the leaders of the growth dynamics of ADR can take action Severstal, ADR which added more than 6%.

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