On Thursday, Russia"s stock market after opening with a gap up showed the lateral dynamics of trades on the MICEX index. Factor to growth in the early session, he had a positive external background with commodity and currency markets, caused by the first speech of U.S. President Barack Obama "on the situation in the country." By 13:15 Moscow time the value of the MICEX Index reached its local maximum, stopping at the level of resistance at 1425 points. Then investors began to subside, the appetite for risk "because of concerns about the situation with Greece, and the possibility of further deterioration of economic conditions in Spain and Portugal. In addition, the fuel to the fire poured news of rising tensions between North and South Korea. As a result of continued yield investors from risky assets, which was confirmed by the strengthening U.S. dollar against the euro and the yen against the dollar. Additional served as a weak negative statistics about changing orders for durable goods in the United States and, as we expected, the number of initial applications for unemployment insurance in the United States far exceeded expectations. As a result, the MICEX index still closed on an optimistic note on the value of items in 1406. As a result of the session the index grew by 1.1%, better than the market looked Paper metallurgical sector.

At the auctions in the U.S. observed the dynamics of the falling of quotations. The reason for the fall served as weak macroeconomic statistics, reduction of "risk appetite" of the deterioration of the geopolitical situation in the world and negative corporate news, which served as the main source of the technology sector, which on this against the background looked worse than the market. As a result of the auctions the index of wide market SP 500 fell 1.18%.

External background at the opening of Russia"s markets adversely. Japanese Nikkei collapsed at 2.07%, Chinese Shanghai Composite is reduced by 0.4%. London Brent traded at a mark of $ 72.2 for the March contract. Currency pair EUR /USD is trading at 1.395. Futures on the U.S. S P500 is reduced by 0.39%.

Today, after opening the bidding with a gap down to within 0.5%, we expect the stabilization of quotations in the 1400 points on the MICEX. The dynamics of bidding will be determined by changes in the "risk appetite" of Western investors, which will affect the movement of quotations in the currency markets, and especially the dynamics of the euro against the yen quotes. Bidders now pay attention to the level of unemployment in the EU at 13:00 Moscow time on a powerful block of statistics from the United States at 16:30 Moscow time, the most dynamic market changes will make the publication of GDP in the United States for the 4 quarter. Then a little bit to adjust the dynamics of the market will be able to publication of the index of business managers in Chicago at 17:45 Moscow time and an indicator of consumer confidence University of Michigan at 17:55 Moscow time. At the moment, the stock and commodity markets are at important support levels, so inf2fthe case of publication of positive data, all markets will bounce up and, if negative, we see a wave of correction on all risky assets in the world, in this case, the level of support on MICEX be important in 1360 points, in the case of penetration by the market can go and for 1300.

Possibility of the outcome of further depreciation of the ruble of Russia in the foreign exchange market in the medium term remains
Expected today the first official estimates of GDP growth in the U.S. 4 th quarter of 2009 could radically change the mood in the market
Day of the dynamics of the market RF may stabilize, and any attempt to win back the morning drop
While the markets are strong corrective mood, decent excuse for a pd09ossible change in this trend is not
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