little setback on the market after yesterday's shot the top, followed by waiting for the continuation of the recovery

After yesterday's rapid carry the top Russian stock market is trying to stay on the achieved levels. Doubters to continue to rally in equity markets and a short-term speculators record profits, which leads to the Drawdown stock quotes. Most of the local blue chips are currently trading down on yesterday's closing levels. This Gazprom (-1%) and MMC Nornikel (-1%), with Severstal (-2%). Growth continues until shares Surgutneftegaz and MTS, added more than 2%, as well as securities Uralkaliy (6%). On the evening of the initiatives announced yesterday by the Government of the Russian Federation on the reform of taxation of the coal industry continues to grow Raspadskiy shares and Belon.

In general, a small roll back on the market after the passage of significant levels of resistance and test these levels on the strength already in support of a routine. Therefore, we do not see anything terrible that quotes the most liquid securities are reduced today to a maximum of the last 3 days. This reduction is not advisable to use despite everything yesterday to buy the investors to build long positions. Is likely that by the evening of the Russian stock market could continue to rise. All the more so that the external background significantly improved compared with the opening of the tenders.

S P500 futures and European stock indices instead of declining by 0.5% is already showing very strong growth. Animportant contribution to maintaining optimism in the stock pads made statistics from Europe - and the indices of procurement managers in the euro, and the index of business climate in Germany of IFO were better than expectations, confirming the positive developments in the region's economy in recent times. At 18.00 Moscow time to release a revised value of the Index from the University of Michigan consumer confidence for July. It is expected to be adjusted for the better (up to 65 points). Recall that the prior value of this index, published on 10 July, it was lower than the June results, which added to the negative stock market 2 weeks ago.

We look up the market and expect to climb higher in coming days. A guide to the 1080 mark favor the recovery of items on the MICEX index. First and foremost, we recommend that you pay attention to shares of oil companies and banks. By industry, which in recent days were better than the market, we are waiting for a fixed profit after meeting Putin in the industry. Under pressure, is likely to be, and after Gazprom announced by the Ministry of Finance plans to increase NDPI and export duties on natural gas next year - forced the measure to reduce the budget deficit country in crisis.

Central Bank of Belarus and Ukraine have agreed to hold a currency swap deal
Banks are returning to equilibrium
The National Bank did not respond to market
Better market looks paper Uralkali (6%), plus a small paper today showed Rosneft (0.2%)
Shares of metallurgical companies still show divergent trends: NLMK 3.1%, Mechel -0.6% -0.8% IMC, MMC Norilsk Nickel -1.5%, Severstal -2.5%
By the end of the session, investors can reduce long positions in anticipation of disappointing reports Amazon.com., American Express and Microsoft
By the evening can increase sales, and the MICEX index could test 1000 points
Analysis of Futures and Options VTB
Sberbank open Tyumenenergo line of credit at 4.6 billion rubles