At moderately negative external background of the Russian stock market opened the session significantly gepom down. Chinese factor, has recently increasingly significant impact on the stock and commodity markets, has played for local areas defining role - its intraday decline in at almost 8% does not remain unnoticed by the participants of Russian market. It should be noted that virtually all emerging markets were now under attack sales. For example, the Indian index lost during the session of about 3%. In this light, an interesting trend is the Brazilian and Mexican markets (especially given the raw material orientation of the economy of Mexico).

In my opinion, to talk about the major foundations of the emerging markets too early. It is possible that Chinese sites have experienced the partial withdrawal of medium-term investors, which in the absence of reasons for the continuation of the rally chose to record profits after nearly 80% growth since the beginning of the year.

volumes on the Russian market is still at a level below May when the market entered the major funds. This leads to the conclusion that today, with the domestic market does not go resident and medium investors. Fixation profits from the recent good speculators took advantage by closing the shorts and the mercy of the action that led to a rebound in the day. External factors during the session were quite negative, resulting in a lateral trend after the closure of the morning gepa. Sales increased after the data on orders for durable goods, which were four times worse than forecasts, and showed a decrease of 2.5%.

Until the end of the trading day on the dynamics of the market impact on oil and oil products. Given the high volatility in emerging markets, I do not recommend the position to carry on securities in the future, even in the case of positive data. Opening of short is also risky because the market now completed the technical capacity reduction, which is now just over 2% to 21-day rolling on the MICEX.

session tomorrow promises to be volatile. The opening will determine the outcome of trades in the United States and the situation on the commodity market, as well as the dynamics of emerging markets. During the course of the trading day will be adjusted output statistics of the euro area, as well as traditional data applications for unemployment benefits in the United States. Given the proximity of the GDP data Friday, the market may once again become a lateral trend after strong morning movements, therefore, should follow the speculative strategy and record profits. Closure of shorts on the level of 21-day rolling can enhance the rebound.

Worse market today appear to share the Russian banking sector, which reduced after the equity of European banks. The lack of drivers for further growth stocks unattractive to make purchases.

Oil and gas shows obscherynochnuyu the momentum moving for the quotations of oil. The majority of the shares turned to the powerful supports gepa following morning, and the potential downward movement is limited to those of support. In particular, for shares of Gazprom in such a level is marked in the region of 21-day moving, and for shares in Rosneft, the nearest support is at 10-day rolling.

better today, shares are second tier - namely, paper consumer sector, supported by statements by Heads of Templeton Asset Management on the good prospects for the industry. In addition, the total pereprodannost holder makes the action second tier appealing to the rehabilitative period.

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