small correction in the market - not the reason for the closure of long positions

Today, the cost of currency basket for the first time in the last 6 trading sessions showing positive momentum. Course of the national currency, thus sensitively reacted to the weakening of the inflow of Western capital into Russia, which did not slow down effect on the dynamics of trading on the stock market. MICEX adjusted downwards by 1.5%, while the individual chips subsided considerably stronger. In particular, VTB shares fell below a mark of 7 cents, demonstrating more than 3% decline. Observed a slight decrease in Russia's stock market corresponds to a weakly negative dynamics in the European markets (DAX -0.5%, FTSE -0.2%), only with the usual harshness of our market, it happens more rapidly.

Most of the blue chips are currently trading at a decrease in quotations on yesterday's levels (-3% Rosneft, Lukoil and Sberbank -2%, Gazprom -1%). Against the background of the adjustable mood to continue the growth could only share Uralkaliya (3%) to report that the company can put on the balance half of the emergency stockpile of the mine and to further develop them, as well as paper Severstal (1.5%) and prefecture Rostelecom (0.4% ). But the main interest of speculators, as we expected, the focus today in the shares of generating companies. Paper WGC again demonstrate double-digit growth of quotations, playing prospects launch market power in the next year. This is news indeed, worthy of investors once again drew attention to the sector, a long time lagged behind the market. However, I would like to note that the issue with the definition of pay for power has not been determined, and it seems more meaningful to assess the investment attractiveness of generating companies. So perhaps you should not be carried away with speculation in less liquid securities WGC, fixing the time from them. In this regard, the action RusHydro (6%) appear to be more preferable for speculative operations.

In the next few hours we expect publication of financial statements for the 3 quarter. 2009 companies, Mr. Johnson Johnson and Procter Gamble, which will once again compare market expectations with the reality of the industry. It is important that they were as weak as the October index of economic sentiment in Germany (he was not only worse than forecast, but worse than the values in the previous month).

Statistics from Germany makes us think, but as long as the markets continued to play against the dollar (gold and oil prices rising more than 1%, the euro rose above 1.48 again), and formed strong uptrend, it makes sense to use any correction for purchases.

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