On Friday, Russia"s stock market, after updating the MICEX index new highs in the first half of the session, there was downward dynamics of quotations in the second. As a result, the index is moderately adjusted to 0.2%. The reason for the decline, despite continued since the beginning of the year of purchase by Western investors, served as a weak reporting JP Morgan Chase, Credit units which showed growth in losses due to growth in overdue loans. At this negative background, oil prices are still not able to get support, which led to further reduce them, as we predicted. As a result, the paper looked worse than the market of oil and gas sector.

At the auctions in the U.S. after the observed downward dynamics of trades, because a number of negative aspects of reporting JP Morgan Chase. On this background the paper looked worse than the market of the banking sector, because of rising fears that the deteriorating financial results of the remaining major banks that we believe is very likely due to a significant reduction in the number of jobs in the country and continuing deterioration in loan recovery population.

External background at the opening of Russia"s market is moderately negative. Japanese Nikkei fell 1.16%. Chinese Shanghai Composite adds 0.4%. London Brent traded at a mark of $ 76.9 for the March contract. Currency pair EUR /USD entrenched at the level of 1.438. Futures on the U.S. S P500 moderately adds 0.23%.

Today, we expect to see the opening of trading with a gap down to within 0.5% because of lower prices for "black gold" and the strengthening U.S. dollar on the major currency pairs. Further dynamics of bidding will be determined by the situation on raw sites, a situation which can be very negative for the bull. Nevertheless, the positive factor is the continuing inflow of funds from Western investors in emerging markets, which keeps them from the correction, but we should not forget that this influx was once stopped and then the market could significantly adjusted. Today, trading in the U.S. closed for the celebration of Martin Luther King Day, so today is not expected any major macroeconomic statistics. In general, after opening with a gap down, expect the upward momentum in the first half of trading session on the MICEX index, changing the most likely correction in commodity and stock markets in the second.

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