Unsecured gepy morning and published late in the evening constrain the Fed beige book purchases in the Russian market

As we expected, the rise in oil prices above $ 70 mark per barrel of Brent has led to the revitalization of the Russian stock market participants, while the MICEX index was able to depart from the level of support (1100 points) at 4%. But not all paper is now interested in market participants. As expected, following the trends in commodity prices we are seeing buying in shares of commodity companies. While banks in the current environment looks very unconvincing. Continue to purchase shares of electricity companies.

However, we are not inclined to believe The current growth of the Russian stock market as the current shift last week, the lateral trend. Now on the MICEX Index, we are only in the middle we have previously identified a range of trade items 1100-1200. This situation does not have to purchase or generate sales. At the same time, not closed the morning gepy indicate that a return to yesterday's (lower) price levels on the main feature is very likely. Apparently, this technical point and deters speculators from continuing to increase the active game, even though the Europeans (DAX 2.1%, FTSE 1.9%) is steadily increasing.

In addition, we pay particular attention to published today, late in the evening (22.00 Moscow time) Beige Book The Fed, which will assess the current situation in the U.S. economy. At the same time, we are not sure that its characteristics match with very high expectations of the current market participants. If, however, disappointed to happen, tomorrow the market will once again be thrown back. Therefore, we recommend partial m record profits on the open in the last 2-3 days the level of 1100 points on the MICEX Index speculative positions. Data on the U.S. trade balance (16.30 Moscow time), of course, will also have an impact on the market, but the beige book will be the main intrigue of today.

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