The market is now moving upward. The main contributor to growth, are extremely low rates on dollar loans, they are close to zero. It is due to cheap credit worldwide and are growing - come from a zero-rate loans in dollars, converted at the relevant currency, especially in emerging markets, and thus get a double benefit. Throughout the world, the credit rates are much higher, respectively, translating the dollar in the local currency for Russia - is the ruble, players earn on the difference in interest rates and the strengthening of the ruble against the dollar. Due to the saturation of the monetary systems of developing countries, including Russia, and the strengthening of local currencies creates the illusion that all is well.

Strengthening global currencies against the dollar supported commodity markets, and this further reinforces the desire of investors to buy shares. All this allows the market to grow. While the situation with a cheap dollar will not change, the probability of continued growth in the stock market is great. When can change this situation? It seems to me that no monetary contraction by the authorities will be the urge to increase interest rates on loans, namely the change in inflationary expectations of participants. So far, the demand for products, goods, raw materials, throughout the world is not very large, so the producers to adapt and reduce their production capacity. But when demand starts to rise, the likelihood that they will recreate production capacity, it seems unlikely. Most likely, they simply try to increase their profitability due to the fact that the demand is great, but the proposal - no. This will facilitate a shift in inflationary expectations in the wake of increasing inter-bank rates and the inverse correction in the market of raw materials. In the market of raw materials, quite possibly, the correction will be negligible, as the stock market decline will be felt. This process may begin in the middle of next year, until then continue upward movement, perhaps with corrections.

Today, the dollar strengthened slightly, causing a desire to fix some profits after significant growth. If after the weekend things do not change, and the dollar goes down, you can again try to buy and move the market higher. In a couple of euro-dollar, in my opinion, the main still is the euro. While market participants are moving up the European currency, the probability of growth and other currencies, and commodity markets, and shares there.

At the moment shares substantially overvalued, and I would not recommend buying. It is better to enter into any bond, even if they do not bring a very high percentage.

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