The interest of investors in securities of Russian companies is restored thanks to the continued favorable conditions in commodity markets

the MICEX index was moving along the top border of the downstream channel. Disruption trend can occur at any time, but so far this has not happened it makes sense to be very careful with shopping

MICEX Index (1.7%) third of the upper limit of 4-week dauntrenda. Quotations oil futures aircraft coming this morning to $ 73, the main factor in maintaining the optimism of investors and speculators attempt to break the downward trend in the market. But while these attempts are breakthrough does not yield results. With its current maximum of quotes Brent has fallen by 2%, and that puts pressure on shares of Russian oil and gas companies, which opened with more than 2% on MICEX by the growth has not yet closed the morning gepy. Uncertainly trading near yesterday's levels (and occasionally extend to minus), European stock indices (DAX 0.2%, FTSE 0.1%) is also added to market nervousness the Russian participants.

The combination of the two technical points - unsecured gepy bottom and resistance in the form of upper bound of the downward channel - combined with the intraday decline in oil prices from early morning highs create the conditions for the opening of shortovyh 'positions on the securities of oil and gas companies. The prospect of more modest than previously anticipated tariff increases for gas in 2010, and the likely increase in export taxes on gas to reduce the budget deficit next year, make additional Bear factors for Gazprom's shares today. So far they have held above the level of 160 rubles. (1.5%) per share, but if the improvement in foreign markets by the end of the day did not happen, there is a risk of a return to yesterday passed the level of 155 rubles. Of the blue chips today, only select stocks Rosneft (2.2%), which reversed the June descending trend, adding to the paper Tatneft, did a few days earlier.

So, we are seeing more and more signs of reducing the interest of investors in securities of Russian companies, thanks to the continued favorable conditions in commodity markets. Would it turn the negative trend last month, is now difficult to say, given the enormous amount of vital statistics on the U.S. economy over the next three trading sessions. Today, in particular, we expect the data to an index in real estate prices SP /Case-Shiller (17.00 Moscow time), Chicago PMI (17.45 Moscow time) and the index of consumer confidence (18.00 Moscow time). If the statistics actually show improvement in the U.S. economy, the closing day of can be expected to be punctured and the downward trend on the MICEX index, and the dramatic revitalization of shopping on the Russian stock market. This suggests that the equities of banks and commodity companies are among the leaders of the recovery.

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