Bears not funny

to 16.00 lower MICEX index was 1.944% (1335.28). Reporting VTB in the first half of IFRS was somewhat worse than analysts' expectations, the dynamics of futures for the opening of the American market was worse than the expectations of traders. Market declines fairly smoothly - the number of hardcore of bears over the past few months significantly diminished - throwing action in glasses of applications, not looking at current quotations, is not nobody will. Three months ago, word that Sberbank handsome prince of the stock market caused laughter among many market participants, but after the growth of quotations of the shares in two and a half times the bears are not a laughing matter. Ask 80 rubles (our estimate) does not seem fantastic.

main chips formed a strong technical resistance levels: 71 for Savings Bank, 200 for Gazprom, 250 by Rosneft and below these levels the market went stupid money. Now you can count on the arrival of smart money, or at a penetration of these bulls levels of resistance or by decreasing the market - the latter is more likely. By my estimation, the next levels of correction, where we can see the arrival of smart money, are close (at 1300 and 1280 in terms of MICEX).

previously believed me for Short interest shares of Rosneft, but now circumstances have changed, and I am more inclined to take short positions in shares of Gazprom and especially Sberbank. The afternoon rallies Savings Bank there is a bearish divergence on MACD histogram, RSI, MFI, but on the weekly on MFI and MACD. On the weekly chart Gazprom has a strong bearish divergence on the MFI and the MACD.

As for the external background, it is not conducive to long-term investments. Confidence in the financial markets is not restored, so credit the real economy is happening. Higher commodity prices associated with protective investment strategies, but not with recovery of the economy. In the economic ratings (rating of financial centers, rating the openness of the economy) for the year Russia dropped down a few positions. And the only bright spot on this background - the resumption of growth amusement.

Reporting PPR Group and automaker PSA Peugeot Citroen may deepen Russia's market drop at the end of the session
Russia market after the drawdown at the opening of trying to resume growth, the success of attempts will depend on the news from the U.S.
At 16.00 Moscow time the volume of trading in the market for government securities MICEX amounted to 67.31 billion rubles
Litvitsky: Freezing dezretsessii in the Ukrainian economy requires additional efforts by the authorities
Medvedev: Russia's State expects big business investment in the domestic economy
Russia stock market locally looks like an overrated, in the near future initiative will be on the side of the bears
Outsiders today's session were again ex-leaders - shares of oil and gas and banking sectors
Despite the negative dynamics in the market, it is premature to talk about the beginning of a full-scale correction
Victory bears it will be possible, if the shares are popular companies will close the day at a strategically important milestone