Market Analysis

There were a low-bid situation, the most liquid securities moved in the red zone. Quotations slowly but surely descended down to 1-2%. Small volumes. In the absence of significant news, several participants observed a profit, but judging by the volume and the spirit of the general mood of uncertainty was waiting in nature. RTS has once again overcame the mark in the 1000 section, after which the motion of the top suspension. Today, the leaders of reducing MMC NorNikel (-1.8%), RusGidro (-2%). Better market looks Uralkaliy Paper (6%), plus a small show of paper, Rosneft (0.2%). In the short term, after two weeks of growth after the consolidation phase. For the sustainable growth necessary to continue to hold the market in the region of 1000 established a foothold section will provide an opportunity to little blood to get bulls to 1200-1300 points on the RTS index.

This week is traditionally made by an engine of growth factors trades oil contracts and reports of American companies. In general they were positive, which enabled American DJ index to rise above the level of section 9000 also expected to address heads of the Fed Ben Bernanke, who briefed the investors with plans to withdraw from the financial system of excess liquidity, which in the long run, threatens to turn into a sharp rise in inflation. In his statement of noted that the U.S. economy is too weak to now start tightening monetary policy. Despite some positive shifts in the economy and financial markets, the Fed will leave for an indefinite period of base interest rates near zero.

The Russian authorities are now concerned lataniem holes goskazne. Vladimir Vladimirovich has signed a government decree on the allocation from the contingency fund to cover the federal budget deficit of around 1, 36 trillion rubles. If we can not find new sources, the fund will be depleted in 2010.

Dmitry Medvedev in the Budget Address, talked about increasing funding deficits by borrowing. In this regard, the planned Eurobond issue and obtain loans from the World Bank and International Monetary Fund.

The stock market lives its own life. In the short term can be expected

consolidation at the levels achieved. The recommendation is hold. The level of support 960 and the RTS index.

Central Bank of Belarus and Ukraine have agreed to hold a currency swap deal
Banks are returning to equilibrium
The National Bank did not respond to market
Shares of metallurgical companies still show divergent trends: NLMK 3.1%, Mechel -0.6% -0.8% IMC, MMC Norilsk Nickel -1.5%, Severstal -2.5%
By the end of the session, investors can reduce long positions in anticipation of disappointing reports Amazon.com., American Express and Microsoft
By the evening can increase sales, and the MICEX index could test 1000 points
As long as growth continues, only in actions Surgutneftegaz and MTS, added more than 2%
Analysis of Futures and Options VTB
Sberbank open Tyumenenergo line of credit at 4.6 billion rubles

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