bullish absorption

Bidding on Tuesday are in sharp contrast to trading on Monday. Yesterday's drop today is fully redeemed by exchange bulls. High morning opening of our market, then was continued by a new round of dollar weakness against the euro. Currency pair EUR /USD, breaking through resistance at 1.4755, flew to the next annual maximum (1.4820). I think in the near future the dollar will continue to easily lose position as to the level of $ 1.4855 resistance is almost expected.

characteristic feature of the reaction of commodity markets is that the gold price this morning grew faster rate (1.5%) to oil (0.7%). But even on such a weak dollar more active play on energy contracts does not work. I believe that those players who yesterday pushed through an aggressive petroleum by -4%, now is not ready to quickly turn around and play to improve, as the new devaluation of the dollar this morning for many a surprise.

It is significant that on the background of the devaluation of the dollar, the markets once again awakened interest in buying high-risk assets. Drawdown of the market that we saw yesterday, today, the players use for their speculative purchases. Thus, at the hourly charts the movement of our indexes can clearly see Saw. Scores of one, she saws, accounts more successful players, by contrast, is increasing its profit from short-term speculation.

In today's leaders in growth shares VTB and Sberbank, which together added to 5%, after it had been raised by the recommendations and target levels by Western investdomov. Papers of our oil industry, in particular, Rosneft (2.8%) and Gazprom (3,1%), today do not suffer from the desire of players to participate in the race to the top. They will remain the market leaders.

Today and tomorrow will be the Fed meeting, which will be resolved with the prospects of continuing to pour money into the debt market. Perhaps hinting at curtailing monetary incentive and will cool the stock quotes, but in general the statement the Fed is likely to be conditioned to the optimistic tone, but with notes of concern over the weak labor market.

Given the positive start to trading in the U.S. by the end of the trading session on MICEX I expect our index is slightly above current levels.

Yesterday, the euro /dollar at the U.S. session was reduced to a mark 1.4610
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