The situation on the stock market is alarming: there are no reasons for growth

Despite the continued rise in oil, the Russian stock market lost almost 1.7% in the main session. Thus, it can be stated that the emerging upward trend has run out of steam.

At the same time, the closing of the main trading was at the peak of the decline of American indices, by the end of the day America rebounded. Today in the morning American futures are traded in a small minus, so we are waiting for the opening of the market on the Mosbourg Index with a slight growth.

The lack of positive reaction of investors to the continuing rise in oil is caused by the fact that everyone understands that the rise of "black gold" quotations is associated with weather anomalies primarily in the United States. As soon as there is a slight warming, U.S. oil producers will seek to compensate for the lost volumes.

Shares of Norilsk Nickel looked better than the market yesterday, and this suggests that the interest of non-residents to Russian shares has not dried up and they will also support it with their money.

In general, the situation looks shaky. There are no internal reasons for the rise, and any negativity will be used to take profit. However, the resumption of growth overseas may well send the Moscow Exchange Index to new historical highs.

In such conditions, medium-term investors can still maintain positions, and speculators focus primarily on the dynamics of U.S. futures, the impact of oil will not be so significant. But this morning can briefly rebound and, strongly sifted yesterday.

As is often the case, shares of the Moscow Exchange were traded against the market, which did not participate in the growth of the beginning of the year and lagged behind the market as a whole. The paper tries to get out of the side to go to rewrite the historical highs. For now, the shares of the Moscow Exchange can be kept in portfolios.

The miners, who were among the leaders of the decline in the shares of gold miners on the background of half a percent growth of gold, which turned out to support 1750 dollars per troy ounce, will rebound today. In recent months, gold has lagged behind the growth of other commodity assets. It is possible that this year we will see a new rally in gold, as it was observed last year. In the long term, the shares of gold miners can be left in portfolios, they, by the way, will serve as a good protection against the devaluation of the ruble.

It does not react to expensive oil and ruble. Today, in the low-liquidity market Forex pair dollar-rouble remains in the area of yesterday's close – 73.7. It is possible that at the opening of trading we will see a short-term downward momentum on the pair, but the mark 73 remains an impassable barrier.

Currency traders also realize that expensive oil is a very temporary phenomenon, and Russia's balance of payments continues to deteriorate. Therefore, medium-term investors can be recommended to open long positions on the dollar-rouble pair.