MICEX FUTURES LIMIT DOWN:  As we indicated last night market would open down 10% but then margin calls would settle in.    

Image courtesy The Kremlin: www.kremlin.ruMICEX index does look to have some technical resting place around 1260 which is where it held on the lows of Oct '11 and May '11. 

Both of these moments were global dysfunction moments not uniquely Russian dysfunction moments thus all analysis may not hold. 

Locals believe it goes lower.  Western investors are starting to wonder if there is an opportunity.  No reason to get involved here at this juncture is my view.



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