It makes sense to steer clear of the market during the periods of high volatility

High prices for oil practically don't render positive influence on quotations of Russian liquid shares, most of which have fallen in price on 3-5% during the first decade of February. Though analysts unanimously repeat that pre-election years usually bring quite good "crop" to investors, there is a probability that this "crop" can start to collect from lower levels than we observe in the market at this moment.

Market tendencies testify that large investors still don't hasten to buy the Russian actives. But the market is hardly capable to promote upwards seriously without monetary buyers. At the same time investment negative continues to collect, which is connected as with Kuriles and actions of antimonopoly structure of government concerning the oil companies. Besides, last loud exposures (the statement of assistant of judge Danilkin, support of a situated near Moscow gaming companies by bodies of Public Prosecutor)  specify that the created in the years structure in federal public authorities falls, though is positive signal in questions of independence of judicial system and fight against corruption, and means confusion in relations bitween business and officials can amplify.

Thus it makes sense to short-term players to ster clear of the market, while "long" positions of strategists can bring income of 20-30% till the end of the year.

Analytical department