Now we look down on the market. In the coming days, the fall may continue. Rubicon for the medium-term investors is slightly below the level of 1000 points on the MICEX Index.

After the sharp drop in Russian stock market on Friday, will continue this morning, accompanied by a sharp fall in prices in the oil market, we are changing our expectations of the market with a moderately optimistic for the same effect on the negative. Left at the end of last week's extremely weak data on retail sales and consumer confidence index in the United States demonstrated that the main engine of growth in the American economy - consumer demand of its own people - is not growing, which means the pace of economic recovery, at least in jeopardy.

At a time when the foreign market exacerbated the negative trends that rely on stock market growth in Russia, where GDP in quarter 2. 2009 showed the largest decline of all major economies, are not accounted for. Furthermore, based on technical analysis, the decline in the domestic market shares in the coming days with a high probability will be continued. The goal for him is the region 980-990 points on the MICEX Index. Consequently, speculative players are configured to open the meaning of short position on the most liquid securities, primarily in oil and gas chips. Medium term investors can still stay in the Long and their further actions in the market will be defined as the time evolution of the situation close to the levels specified by us on the MICEX Index.

Today, practically all blue chips to lose in price from 2 to 5%. Attempts to close the morning gepy no avail. Quotations minimum break point today, and go even lower after the price of Brent, which after yesterday's more than 3% case falls today reduced to comparable values. Exception of Polyus Gold shares (0.6%). But most likely, the current stability of gold mining company shares - it is rather a habit. Recall that at the beginning of this year, the paper Polyus Gold is perceived by many as a natural hedge for the falling market. But, in our view, it is unlikely that this dependence will continue at this time.

Today, we do not expect changes in the market. Most likely, the downward movement will continue and win back the losses to a large extent, hardly anyone will be able to. Statistics published today - the industrial index FRB of New York (16.30 Moscow time) and a net inflow of foreign capital in the United States (17.00 Moscow time) - can not compete on its relevance came at the end of last week's data on consumer activity in the United States. Therefore, we do not expect that today's figures as it can affect the mood of investors.

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