Perspective: the immediate support of the MICEX index was at 1170 on, the resistance at 1230 ~ n.

At Russia's stock market continues to consolidate.

The average daily turnover on the MICEX index this week dropped to ~ 20% compared with the previous week. One of the reasons - a seasonal decrease in activity of investors as the western areas, and problems with ruble liquidity in the domestic market. Balances on correspondent accounts yesterday, down from 569 to 460 billion rubles. We believe that this is a temporary phenomenon, especially since the situation with the bank's liquidity in the past two months, noticeable improvement. Average balances on correspondent accounts in September (504 billion rubles.) Increased compared to August (458 billion rubles.) By 10%, as compared to July (415 billion rubles.) Growth rate of 21%. Should be added to the bottom point of credit (in May this year) the average balances on correspondent accounts amounted to 405 billion rubles. As you can see, the banking system is gradually filled with money (10% monthly). Apparently, part of this liquidity leaked including the stock market. We believe that this trend may continue until at least December /January. In particular, the volume of budget expenditures in the 4 quarter could reach 3.6 trillion. rub. Thus, in the medium term the market will use this cash cushion.

In recent days, the market shows good stability and does not want to fall. Volatility index on the MICEX index again began to decline, which increases the probability of exit stairs. As often happens, after a protracted pause, the movement may be not only strong, but short. At such moments, and speculators, and investors should not lose sight of caution: the formation of local market extremes - a sign of recurrent October.

immediate support on the MICEX Index is all there is - at 1170 n. breakdown opening shorts. Resistance is located at ~ 1230 on - if the breaks, opens at Long. From the computer not to retreat. In the case of latter scenario, the RTS index could reach as early as October ~ 1485 on, the MICEX index ~ 1460, index MCSI-Ru ~ 900p. And after that - the long-awaited correction. Deep.

Successful investment could be shares of the NUTRITEK, which managed to reach an understanding with creditors on restructuring its debt
There was no definite trend in the market can begin to form no earlier than Thursday
Review of the FOREX market for 29.09.09
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