Look at the MICEX chart and you can see that we are now back to pre-crisis levels on the MICEX.

800px-Russia_Flag_Map.svgWhile Putin has a victory to show in China (FXI, quote) (still, not the pricing Gazprom (OGZPY, quote) was looking for and clearly Russia was a bit desperate to do a deal), the buzz for the market should wear off soon.

Ukraine elections are this weekend and Russia will not stay on the sidelines for long.

Russia (RSX, quote) was trading range-bound with a mean price of $26.00 on the MICEX before Ukraine/Crimea and before Russian macro started falling out. The MICEX is overbought and should be sold at these levels. Trade the RSX from the short side with a $26.50 stop. With a75 9d RSI the ETF target a reversal to the $23.50 area before assessing changes in the news flow.

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