Anxiety - a percentage that we pay in advance to our troubles

After yesterday's drop today is probably a neutral opening of the Russian stock market. Yesterday, the main negative for our market is the decline in oil prices. However, this is the position of speculators. From the standpoint of fundamental analysis and discounted cash flow models the current level of commodity prices is clearly bullish. Therefore, with an eye to the end of the year at current levels is worth buying. Afraid to risk a second wave of crisis, investors should not. As they say on Wall Street - anxiety - is the interest that we pay in advance to our troubles. From the standpoint of DCF is a fair assessment of the corridor in the 1300-1500 points on the RTS index. Participants agreed on the Nord Stream scheme of financing the first phase of the project. Nord Stream AG is designed for planning, construction and operation of the eponymous gas pipeline from Russia to Germany under the Baltic Sea. Gazprom owns 51%, 20% - BASF / Wintershall and E. On Ruhrgas, 9% - N. V. Nederlandse Gasunie. Negotiations are underway to join the project GDF Suez. Shareholders of Nord Stream project will pay 30%, 70% - will take. Most of the 3.8 billion euros will be attracted by government guarantees and low interest rates through the German Agency Hermes and UFK and Italian SACE. Autumn it is planned to conclude credit agreements with banks for the construction of the first branch of the pipeline. However, project risks remain, the environmental assessment of the project has not yet been agreed upon by the authorities in Sweden. This news is positive for Gazprom shares. Gazprom has also posted strong consolidated financial results for the first quarter. Now we are waiting for good results from Rosneft and Lukoil. At the same time with high probability in the next few years, the tax burden on oil companies will be reduced and reallocated to other exporters. We expect to release shares of Gazprom in the corridor of 09.07 dollars before the end of the year. Rosneft bought for $ 200 million in Stroitransgaz stake in their joint Algerian company, where he could produce nearly 1 million tons per year. The deal is too small for a company like Rosneft and have no impact on capitalization. Akron and X5 Retail Group publish today the financial results for the second quarter. Merrill Lynch is optimistic about the situation in the Russian economy, respectively, is another argument in favor of purchases of Russian shares to non-residents. Without their arrival a serious rise of quotations of Russian stocks is impossible. Now the share of nonresidents in the market is 20% before the crisis - 50%. Results of today's trading will largely determine American statistics - GDP for the second quarter and the number of applications for unemployment benefits