The higher the stock index will go under the current expansion, the more painful will be a correction

Shopping forgotten crisis

external background now speaks in favor of the bulls, the opening of Russian indexes in the green belt should be approximately 1%. Front-runner bidding will be oil and gas sector, especially Rosneft. In their review, we have repeatedly noted that in the long term, Russia's most interesting companies that are dependent on a fast-growing Chinese economy. Rosneft is the central chip. RTS surely coming to the upper boundary of our fair Corridor - 1500 points. And probably a good accounting of U.S. companies said unequivocally in favor of the bulls.

However, in terms of cash flows of Russian companies the market is becoming more expensive, we still recommend you sell Russia's actions in favor of bonds. We will change the strategic recommendations for the Russian equity c HOLD to SELL, if the RTS index has overcome the line of 1500 points. Shopping forgotten crisis, however, little fur can still recall him. Today, as part of his European tour to visit Russia, U.S. Secretary Hilary Clinton. In our view, large-scale improvement of relations between Russia and the United States is hardly possible, however, we now have reset, which means good PR, which is very much global investors. The main thing is to reboot is not over shooting as the summer of 2008 in the Caucasus. In the early years of zero and the United States and Russia were allies in the fight against international terrorism. The optimism of the markets no longer corresponds to reality in enterprises. The higher the stock index will go in the current recovery, the more painful will be a correction.

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