Yesterday the markets clearly panicked. Recurrence of the January sales brought down the U.S. stock indices.

One of the discussed cause of the fall - the growth of unemployment in the U.S. - we do not seem convincing. The number of initial applications for unemployment benefits rose for the week from 472 to 480 thousand it"s not such a great difference to bring down stock prices by about 3%. The range of statistical deviation of the indicator in the annual downtrend is now 400/487 Thousands As we see, the evidence is quite fit into this range and are not critical: for the past three weeks, this figure actually does not change and remains in the range 472-480 th

The main source of threat - a growing wave of fiscal problems in the EU countries and including in the USA. Since the beginning of the month quotes cds on U.S. debt rose from 44.7 to 57.4 Clause and thus returned to the values crisis in December 2008 followed by Greece in the black list of potential bankruptcies hit Portugal and Spain. Yesterday there was a sharp rise of sovereign risk: quote cds (5Y) Greek debt rose from 396 to 428 p, Portugal - from 196 to 229 p., Spain - from 152 to 170.8 Clause Against this background, the European markets as shares collapsed by 2.6%.

Undoubtedly, today determinants of the stock market will conduct the European currency (there is hope for the technical support at current levels), as well as publication of data on U.S. employment (NFP report for January).

At such external background today, the MICEX index the morning to test the levels of medium-term support in the area MA60 (1362) and UDP-60 (1365).

In general, trading can be very volatile. Investors are nervous. The panic, the more the market - the state, forced us often make illogical actions and errors. Let us remember that if you want the market there is always a cause for a positive. For example, the index of freight rates (Baltic Dry Index) after 7 days of continuous decline for the first time yesterday, showed an increase, albeit small. CRB index of commodity markets came close to the line of long-term support MA200, and it also gives hope for the approaching stabilization.

The possibility of further outcome of the devaluation of the ruble of Russia in the foreign exchange market in the medium term remains
If the data on the U.S. labor market will be weak sales in global venues have every chance to continue
If today the U.S. will come good data on employment, the Russian players will buy locally resold securities
Today there is a real danger of starting a new sweeping away everything in its path a wave of forced sales in the market
Judging by the pattern of recent days, markets confidently turned down, and the likelihood of deepening the correction is very large
Potential reduction of U.S. stock market today may be about 10%
The worst of the market will be the financial and oil and gas sector
FAS fined the Saratov branch of Sberbank "more than 1.8 million rubles for the imposition of paid services
SB EU: Electricity consumption in Russia in January 2010 by 7,2% more than consumption in January last year