Today, the Russian stock market continued its downward momentum. However, in contrast to yesterday's trading session, stocks showing positive dynamics was much smaller. In the electricity sector continues to demand actions generating companies, which may have additional loading due to the accident at the Sayano-Shushenskaya GES. This demand for such a large scale is likely to lose in the next few days. In the oil and gas sector was the highest pressure over the shares of Lukoil and Rosneft. In the steel sector have been more aggressive selling.

After passage of 1030 the aim is to mark points in the region of 960-980 points on the MICEX index. Movement to these levels will be gradual, depending on the aggressiveness of rehabilitative sentiment in overseas stock markets.

In Asian trading session at the beginning were auctions with moderate optimism, but then began another collapse of Chinese stock market has led to a rapid transition to the negative dynamics of the Japanese, South Korean markets. Futures on the U.S. stock indices rather quickly lost about 1%. European stock indices declined steadily in the course of today's auction. Thus, yesterday's rise was temporary, and only a corrective to a decline Monday. The decline is likely to continue, the market will not show the vast developments. This downward adjustment will be fairly smooth with occasional small upward movement.

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Today for the first time in a long time, we were mistaken in trying to predict how the stock market opens. We expected that the bulls will re-quotes in their own hands, but before our bidding main index of China went into a steep peak, and the quotations of oil have become sharper adjustment, lubricate external news background.

However, the error was not critical, but on the contrary, even something nice, because even with the Monday we play for the Bears, and yesterday dilute short positions, lifting its price selling blue chips.

Now we calmly wait, when the paper of Gazprom, Lukoil, MMC Norilsk Nickel and Sberbank prosyadut below, a further 3 - 5% from yesterday's closing price to buy short and partly to replenish speculative of the portfolio, and part of the portfolio based on a period of two to three months.

engage in a race for a relatively small shares of energy companies, we did not, though always had a liking to the paper Irkutskenergo and OGK-3. We perceive this paper as a long-term investment with extreme shade, which is true and makes a profit, as happened this week. That is not being grown, but makes for a few days or hours of the annual goal.

If you did not hesitate to jump into one of the trains that were once created from RAO UES , then stop, where you go, it is better to learn from the Fibonacci lines, they are predicting Facing hysterical and emotional movements.

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By 13:00 Moscow time Wednesday MICEX index dropped to 0.71% and was thus 1 028.12 points.

looked relatively weak in the early hours of today's trades shares of RBC, podeshevevshie at 2.43%, which continue to take into account in their quotations uncertainty relating to the debt restructuring the company. In addition, it became known yesterday, a net loss of OAO RBC Information Systems for RSA in the I half of 2009 increased by 8.8 times to 1,015 billion rubles. against 116 million rubles. in the I half of 2008.

relatively active today, and reduced rates of capitalization of Russian automakers. Paper AvtoVAZ now cheaper at 2.97%. According to the Association of European business, the production of cars in Russia has fallen since the beginning of the year more than doubled. Employment in the industry while not declined by more than 10%. The production efficiency of this sector remains relatively low, although the share of Russian automobile industry in the domestic market during the crisis has increased significantly.

On the other hand, the shares of electricity continues otygryvat relatively favorable corporate accounts that have emerged in recent days, which generally stimulates the growth expectations of real investment activity for the manufacturing segment.

The Russian market seems to be a new stable enough for its performance engine of growth, which is obviously good from the standpoint of the medium-term assessments of the dynamics of this segment of investments.

Papers Irkutskenergo, DEK, Yakutskenergo, OGK-6 went up today at 2.43%, 3.72%, 5.43% and 2.65% respectively.

The only exception to this trend are the indicators of market capitalization RusGidro, which today showed a decrease of 9.15%. The reason is obvious: the cost of restoring the Sayano-Shushenskaya hydroelectric power station, damaged by a recent accident, is estimated at 40 billion rubles. However, it is estimated Ministry, set during the reconstruction of the station more powerful machines allow currentproduction to recover all costs for the reconstruction of the engine room HPS.

In general, despite the heterogeneous price dynamics of the situation on the Russian stock market seems fairly stable. Existing in this segment of the investment risks associated with possible reductions in the coming quarters the rate of monetary expansion in the United States and China, largely нивелируются expectations of growth of financial incentives on the domestic Russian market and in a number of other leading economies of the world, for example - in the EU.

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analysts on Wednesday, August 19

Analysts Baltic Financial Agency

Oil prices recovered significantly yesterday, but the trend is negative in the morning, Asian markets traded differently. Perhaps, the MICEX index in the morning try to go back to 1 point 050 points, but the gain above this level will not be easy. In general, we remain of the opinion that the movement of markets over the past few days points to turn down to a more substantial correction

Today in the United States is not expected to publish any important makrostatistiki, with the exception of oil. According to preliminary data API, oil reserves in the United States for the week declined by 6 million barrels. While information on the background of this growth in the oil market is not there. But during the day, however, are likely to resume growing movement of oil prices, the more so as the euro is much to grow. With regard to the dynamics of the American stock market, the situation still remains uncertain. In our view, in the coming days on the market will experience high volatility lateral movement

Stanislav Savinov, Analyst, Finance-Invest

Despite the fact that yesterday evening regarding the price of black gold added almost $ 2, strong support is the Russian stock market on Wednesday will not. Recovery of interest in commodities has not led to an equally enviable positions to strengthen the shares of oil and gas and mining companies in the world. In Russia the day before and did a series of papers these segments of the market managed to lose in value. Opening the market is likely to be held near the previous day, and then can be expected to attempt to delete the quotes most liquid securities to a minimum yesterday. MICEX index in this case may come down to 1025 points, where the bulls can get themselves into the hand and make a counter, drawing attention to the divergence generated by the oscillator. However, if the Bears show perseverance and broken, these structures could accelerate the movement down. Click to continue »

These macro-and microeconomics, published on Tuesday appeared to have been relatively positive for the segment of the risky investment.

The August index of economic situation in the EMC according to the ZEW was 54.9 pt. to 39.5 points in the previous month and the average forecast in this case is 43.0 points.

Despite the fact that in the process of forming the said statistics - in anticipation of the September elections in Germany - to intervene political component, as well as the continuing problems in the European credit and fiscal sectors, in general, this information, however, it is clear could serve as a pretext for reducing the short positions, including - in the European market of corporate securities.

Quarterly Financial Statistics Home Depot Inc. and Target Corp. s, published at the opening of yesterday's New York session, was more favorable than expected on the market. The situation in the area of inflation at the moment, the retail sector, enabling enterprises to effectively optimize costs.

American indicator of price pressures on the manufacturing segment, as well as reported Tuesday, has demonstrated in July TG decrease to -6.8% (g /g) compared to -4.6% in June 2009 and their average forecast stood -5.8%.

July the number of bookmarks of new homes in the U.S., yesterday was slightly below average market forecasts. It amounted to 580 000 against the expected market value of 600 000, but the rate of the index for the previous month was revised with a relatively significant increase, up to 590 000 to 580 000 before. The number of building permits in the U.S. last month has proved to be 560 000 in the projected level of professionals in 590 000. However, in this case, the value of this indicator in the previous month had increased in the revision, amounting to 570 000 to 560 000 before.

Finally, the typical reaction is very active in the commodity market data API, showing a reduction of last week's oil reserves in the U.S. refining industry.

The demand for energy remains high in the market, as a consequence of long-term risks of global commodity shortages, and under the influence of significant growth in money supply in circulation, carried by the world's largest financial institutions regulatory anti-crisis policy.

The long-term potential for improved commodity quotations segment remains in the background, apparently, significant.

At that background developing in recent days, a reduction of investments in risk is not sufficiently stable trend. This is despite the relatively high medium-term risks of the devaluation of the European currencies to the USD, in the short term, perhaps prejudge conservation quotations euro to U.S. dollar generated in the second half of July, TG price range.

By 11:00 Moscow time Wednesday to Russian ruble and USD bivalyutnoy basket on the MICEX was 31.82 and 37.79 rubles. against, respectively, 32.10 and 37.92 rubles. Tuesday morning at the auction.

Quotations Russian currency on the international FX in recent days have reached the mark, near the significant level of resistance that, from a technical standpoint, it seems, limits the potential growth in the short term.

In the coming weeks, reducing the relative value of RUB in the world market, may continue even in a favorable result in the development of the situation on financial markets of Russia. Expected in the medium-term strengthening of central financial support for domestic consumption and investment in the environment may have a relatively smooth process of improving the performance of external payment Russia will contribute to the development of this trend.

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The Bears is a cause for sadness. Today, for their arrival on the Russian stock market is only a slight price factors - a weak negative on Asian trading floorsand a sense of incompleteness of the local correction of domestic prices.

Given the dynamics of oil prices and positive closing of trades on U.S. exchanges, we can safely assume that in the morning, the power bulls in our market is unique.

However, most players fall into depression for a fall is not worth it. Figures major indices and the Russian blue chips from 7 - 10 August, 2009 proglyadyvayutsya not outset, and the full top-down short-term trends. They will have the effect of the quotations while the MICEX index below 1100 items RTS index below 1080 points, the paper Gazprom under the hallmark of 159 rubles, the shares of Rosneft for level 195/197 rubles shares GMK Norilsk Nickel mark for 3400 rubles .

dealer with a short positions on the common stock Surgutneftegaz need to be doubly careful, if short-term descending trend in the graphs of other popular papers a few blurry, then the graph of shares of the issuer's downward trend is very clear, in fact vertical. Puncture through such a clear trend that is now at around 23.5 rubles to lead to rapid increases in prices. There is a danger, not to have to close the short by hand, so do not neglect safety pause.

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