Staying Onatopp of the Russian Market

The RSX, country ETF for Russia, made its way over the 20-period moving average on the 30-minute chart (orange line, below) yesterday, which we looked at as an actionable long setup. Nonetheless, trades need to be kept on tight leashes here, as Russia remains a risky, headline driven special situation. At issue now is whether we have another actionable trade setting up in Russia. I view a move over $15.80 now as triggering another long entry (RUSL is the levered long Russia ETF), which a move back under $15 likely triggers a short (RUSS is the levered short Russia ETF). Oil continues to struggle to put in a bottom, despite how many are interested in playing for one, and we know how sensitive Russia is to oil. So, that is another wildcard in this trade. Still, if you want action and can maintain a disciplined approach (triggers, stop-losses, etc), Russia is worth watching.