The Russian market is expected to resume in order to correct in the region of 800 points on the MICEX index
Jun 26th, 2009 | By admin | Category: News and CommentsGood day. Past auction ended on good growth of quotations of securities of domestic issuers. RTS Index added 2.83%. MICEX index rose by 7.37%. The volume of trades fell over from Tuesday, will remain at above average for the year.
MICEX index increased steadily most of the day, reaching to the closure of the resistance in the region of 980 points. The movement so far within the framework of technical rebound. We recommend to refrain from investment purchases, as well as forward to the resumption of adjustment with a view to the area 800 items on the MICEX index.
The opening bid will be held today, presumably in the neutral zone, or with moderate gepom down. The next goal is the growth in the region of 1000-1020 points, where we recommend you close the speculative long position to resume shorts with the foot above items 1050-1070 MICEX index.
U.S. stock indexes closed down Wednesday, a moderate increase. Support buyers have positive data on orders for durable goods (plus 1.8% when the consensus-forecast of minus 0.5%) and corporate accounts from Oracle.
slight pressure on the market has the Fed decision on rates. The key discount rate was kept unchanged in the range of 0-0,25%. The program purchases of bonds also has been left unchanged, although investors are expecting the demand from the Fed, which allegedly caused a moderately negative feedback into the decision.
tendering stock indexes in Asia are moving in the positive zone, which should provide support to domestic buyers.
Futures on the SP 500 is currently trading above the level of 910 points. A further objective of growth - 920, 930 points. The nearest support - 890-900 points.
Futures on the RTS index in the course of the evening trading session has sales into the U.S. Fed decision. This morning, we expect the resumption of growth in the short end in the region of 95 000-95 500 points. Stop by the long positions can be located below 93 500 or 92 500 points. The next goal isthe growth in the region of 97 000, 99 000 points.
Within days the market will affect the following news:
- 16.30 Moscow time data for U.S. GDP in the first quarter of this year, applications for unemployment benefits;
- 18.00 Moscow time the U.S. Fed statement made by the head of Ben Bernanke.
moderately positive external background. America to close a moderate growth, the oil and gas sector is slightly worse than the market, the financial sector better than the market. Asia traded mostly up.
Final recommendation:
Investor - out of the market;
speculators - playing sales.
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