Yesterday we speculated that Russia”s market will try to bounce up. Indeed, such an attempt took place, but it looked extremely sluggish. Moreover, the day finished at almost the same levels at which we started, and the marked increase in closed, except that shares of VTB and Sberbank of Russia (the latter can be said that here is working out the expectation of accountability, as well as the effect of massive short positions , which is periodically closed and forced the paper “bounce” up). In addition, tangible support for certain securities (eg, the same energy stocks) have been periodically exhibited a recommendation to “buy” by major Western investment houses.

However, we, for example, in recent times with great caution about the prospects of the market, since the situation with the external background is getting worse. And yesterday”s data on the secondary housing market in the United States, released worse than expected, in general, confirm our fears. In this regard, from a technical point of view, important to retain the MICEX index support level at 1400 points, and oil prices - the level of support at $ 72 a barrel on the sort of Brent. moreover, we believe that with each passing day increases the probability of breakdown at this level down.

In addition, from a fundamental point of view will be important outcomes of the meeting of the Committee on the open market the U.S. Federal Reserve - the final communiqué may be as much to cheer markets and add pessimism. And here also we believe that the pessimistic version of the commentary is more probable.

Therefore, we recommend perederzhivat long positions in the market and comply strictly with safety stops, because a drop in prices can be quite massive.

Today
The world”s leading markets were closed on Monday diverse directions: German DAX -1,12%, Britain”s FTSE -0,80%, DJIA 0,23%. Asian markets this morning, declining, while Japanese Nikkei225 shows -1.78%. Futures on the S P500 demonstrate change to -0,73%.

Pair EUR /USD is1000in the € /$ 1,4076, and USD /JPY - in $ /#165; 90,13. Gold is worth $ 1.094,90 per troy ounce, silver - $ 16.96 per troy ounce, copper - $ 7,327, and nickel - $ 17,830 per metric ton.

Yields for UST-2 0,79; for UST-10 3,57.

Oil prices over the last 24 hours have declined $ 0.29 to $ 72.69 per barrel varieties Brent.

So, today, we expect lower stock market quotes.

MICEX (Daily):

Indexes in Asia, falling due to fears of tightening credit conditions in the PRC
U.S. indexes rose on Monday on 0,2-0,5%, futures cheaper Tuesday
The increase in apprehensions of investors around the world leads to further subsidence of stock indices
Refusal to zero export duty from oilfields in Eastern Siberia would adversely affect the shares of Surgutneftegaz, TNK-BP and, above all, Rosneft
Dollar exchange rate to the ruble on the Moscow Interbank Stock Exchange now stands at 30.31 rubles
In the current conditions under the greatest pressure may be shares of banks and commodity companies
As a result of the morning decline futures Brent crude sank to a level of 72.7 dollars per barrel
Almost all of Russia”s blue chips are in the “red zone”: Gazprom (-1.47%), LUKOIL (-1,97%), Sberbank (-1.95%)
If fear of slowing growth of the Chinese economy will go into panic, full drop in world markets can not avoid