After the initial 'Oh my god' reaction when the market lost 15 percent, things have settled and we are seeing some buying, particularly in oil stocks. |
It doesn't take much to move Russia. |
It is a mix of desperate short covering by domestic banks and a relief rally. |
The American day traders have popped up in Russia for the first time. |
There is a risk that as investors wake up and smell the coffee, the market will suffer gradual selling pressures. |
They will muddle through for a few months, but then you run into the parliamentary elections in early December. |