On the U.S. stock market continues corporate reporting season. This week will report Citi (19/01), BoNY, BoA, IBM, Conoco, Wells Fargo, Morgan Stanley (20/01). Participants hope that the U.S. economy remains on the road to recovery, albeit weak.

second business week of the new year for the index ended the week SP500 black candle, however, should be noticed that, despite the relatively high turnover on Friday and an index, a key support level at 1130 n. ~ still resisted. Profit participants at the end of the week was generally expected, considering the progress to this maximum in the 1150 Section and issued a mixed report, JPM (even though revenues declined, but profit was higher). Nevertheless, we believe that the US-market shares remain the prerequisites for the continuation of positive dynamics, and the past profit-taking as we do appreciate the technical movement. VIX volatility index still remains at the lowest comfortable level. Substantive support to the market shares is a factor of excess liquidity and cheap. Printing press the Fed continues to work. The intensity of this process can be judged by the size of the Fed balance sheet (figure). As we see, over the past year between the growth dynamics of this index and the dynamics of the SP500 index, there is an obvious correlation.

mood of earlier in the week certainly tarnished cheapening oil, although we hope to support in the medium-term moving average МА60 (~ $ 77), the more so that the index of world stocks of oil companies and demonstrates the stability of approximately the same level МА60. Also drew attention to the positive dynamics of the freight cost index Baltic Dry, which grew throughout the week.

We expect that the preponderance on the side of the bulls may continue until the end of this month, ie at least until the next meeting of the Fed (28/01).

Recommendations on RTS Index futures for Monday
The balance of power in the oil market today, designed to be a major obstacle to domestic bull
Recommendations on the shares of Gazprom, Lukoil, Transneft "and" FGC UES "
Speculative recommendation on shares of Polyus Gold, Gazprom, Lukoil, Sberbank and VTB
"Finam" summed up the asset management in 2009
During the Christmas holidays enterprise "KES-Holding" increased generation of electricity by 3.8%
Residential real estate will continue to cheapen, office - has reached bottom
By the market close on Friday, the index Dow Jones Industrial Average fell by 0.94%
§ ¯ § a § U § N § U § U § a § Q § W § a § W § I § a § d § d § b § b § I § U § U § d § d § b § a § a § U § P § I § b § a § I § P § a § P § Q § I § b § U § P § p § l § k § h § g § a § a § P § I § b § P § s: § k § I § X § Y § b § g § I § N § N § g § a § I § X Market Vectors Indonesia