Medium-term prospects, not only the stock market, but the economy as a whole, we seem to be quite bright. It is fashionable to say that although prices of raw materials and returned to their pre-crisis levels (in 2006-2007), a flow of credit and portfolio investment in Russia's companies will never be. However, proponents of this view forget about two important things.

First, in 2005-2007, loans, and funds engaged in the IPO SPO were, for the most part, not in production, and most other purposes. These goals were two:

A) aggressive the merger-absorption.

B) Protection of property rights to the 2008-th year with the burden of business debt (the so-called poison pill) and by attracting foreign minority shareholders.

Therefore, by itself the absence of external credit money production can not hurt.

Second, there is no reason to believe that this flow of credit will never be. Credit markets have started to open, including, for Russia's corporate borrowers: the yield of most Eurobonds have returned to pre-crisis level. Moreover, the yield of Eurobonds Sberbank - generally at historic lows. Of course, those amounts have not yet, but it is - a matter of time. So it is very likely that already in 2010 will be restored both China, which until recently kept Russia's economy: the high price of commodities and credit money. Of course, to talk about any further development (not to mention the modernization and innovation), while maintaining the current economic model (vechnozanizhenny ruble, vechnovysokaya vechnovysokie inflation and interest rates) is not necessary. However, in the well-fed years of stagnation (in the image of the period 2006-2008), we may well return.

Thus, in 2010 we can see the achievement levels of stock market 2000-2400 points on the RTS index.

In the short term, they are also very positive. Firstly, against the background of fundamental cheapness of Russia's actions on the bonds (and this despite the fact that the crisis we have credit!) Schedule of the RTS index has drawn model triangle with the breakdown of the top. Secondly, the price of oil (due to inflationary expectations) is reflected from the bottom of the sloped bottom of the channel. Also do not forget about the possibility of the emergence of positive news from U.S. financial authorities this week.

We expect growth in oil prices to a level of $ 100 before the end of the year and raise the index of S P500 to a mark of 1100 points. We recommend to buy Russia's actions to 1800 points before the end of the year. We also recommend selling dollars for rubles, and look forward to strengthening Russia's currency to 27 rubles. per dollar by year-end.

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