How’d this happen? The oil heavy Russian index is at new highs. The last time it reached this level was back in 2007. The Russian economy has been through a lot since then, surviving a run on its currency post Ukraine war, the collapse of crude and other indelible circumstances that has menaced the Russian people.
All that being said, NEW HIGHS FOR THE MICEX.
The Micex Index of 50 stocks advanced as much as 0.8 percent to 1,976.69, eclipsing the previous all-time high reached on Dec. 12, 2007, before trading up 0.4 percent at 1,967.20 as of 10:18 a.m. in Moscow. Gains on the benchmark index were led by natural-gas export monopoly Gazprom PJSC and Sberbank PJSC, the nation’s biggest lender. Oil was little changed at $45.72 a barrel after jumping 4 percent yesterday.
It’s worth noting, however, the Russian ETF traded here isn’t even close to its all time high.
Wow. I am more shocked by the comparison of the Russian market to the ETF. Pay attention to your trading vehicle.
I wonder if it has to do with the dollar v. ruble.
In any event, Russia should make it’s move on a few more countries if it wishes as 0bama is only going to be around a few more months and the 0uros could care less as they are too busy regulating Google and Danish butter.
That’s exactly it. All market indices are traded in their native currencies (makes sense). ETFs are all traded in the currency of theirexcahnge (so usually USD). There are some ETFs that are currency hedged, so they trade in USD but some of their assets are currency hedges.
True, Tradercaddy. Now is Russia’s chance, with Obama still in office. Obama is not a neocon and decided not to fight with Russia over its Syrian support of Assad. If a neocon gets in office, they will start Nuclear World War III over Russian involvement in wars in countries that are of no consequence whatsoever to the security of the United States.
wtf is suppose to make up the RSX etf then? lol
I thought the gold stocks had key bearish reversal day yesterday, but looks like I was wrong (I dumped my Rydex PM fund after buying in since last Dec.).
Weird.
Must be hedge funds piling in .