After reaching 950 points for the index of Russia's MICEX stock market began to fall

By opening with gepom top of the main paper on the Russian stock market today has overcome the MICEX index of 950 points - the goal for the observed in the last 4 days correctional rebound to top the market, corresponding to 61.8% correction to decrease from 1 to 10 July. Therefore, after opening higher on the market became dominated by the sale. Speculators, opened in the last days of long positions, playing on the rebound, began to record profits and even open shorts. All the more so as the correction on the U.S. stock market after 3 days of very strong growth is also very likely. Especially given the information on the likely bankruptcy of CIT Group - the first significant bankruptcy in the financial sector after last year's collapse of Lehman Brothers. As a consequence, the morning gepy in excess of 2% of individual securities, were shut down very quickly, and for dinner quotes almost all blue chips went into the negative zone. Reducing the MICEX index exceeded 1%. Increase in other declining stock price yesterday, the leaders of the recovery - MMC Nornikel (-1.7%) and Lukoil (-2%).

We continue to believe that observed in the last days of the movement up on the Russian stock market correction has been rebound, and talk about changing the attitudes of investors and the early formation of a new upward trend is premature. More than likely, in our view, it is continued downward movement of the market, after corrective rebound has exhausted itself. Accordingly, and our recommendations remain the same - to record gains on speculative long positions. Only if by the end of the day we will be able to overwrite the current maximums for the MICEX index, a timid hope that the growth of the last 4 sessions was more to it than rehabilitative rebound.

Today is not the important statistics of the United States, as it was yesterday, but will be publication of corporate reports. JPMorgan has been able to repeat the success of Goldman Sachs, surpassed market expectations for net profit for the quarter, which has now added support for the markets. Now we wait for, how successful was the last quarter for the two other major corporations, to present statements today - Google and IBM. Their statements will be presented to the public after the closing of tenders on NYSE.

Recommendations on the stock market: LUKOIL, MMC Norilsk Nickel, Rostelecom, Gazprom, Mosenergo, Surgutneftegaz, Sberbank
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