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The Moscow Times Stock Index (MTMS) yesterday closed at 7550, which was down over 11 pct since I wrote about the cycle top. Today the MTMS was up 3.87 pct to 7842. It is possible that the Russian equity market is now on its way higher."

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And, here is the chart. Note the point at which I made that call. It was the absolute cycle bottom. The RTS Index is up +22.1 pct in the two-and-a-half months since I made that call.

As an aside, the RTS is now extended on the upside and is in the distribution zone, where traders need to lock in gains and protect against losses going forward.

Do you also recall in that article, that I wrote the Russian mining company Norilsk, in my view, had hit the cycle bottom.

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If you search this blog you will find links to what I have written in the past few months on Russia. I hope you find the material useful. It is, like everything I write, original. I rely on my own experience and knowledge to source the material, and the conclusions I reach " right or wrong " are my own.

I mentioned Mining & Metallurgical Company Norilsk Nickel yesterday. Norilsk is one of the great base metals companies of the world. Today NILSY was up 2.43 pct to $54.80. There is a link at Yahoo to a premium report (May 15) on Norilsk that I hope you read. That's because NILSY may have hit a cycle low yesterday at $53.50. At least the stock has now dropped down into my accumulation zone, and the company is on the Cara Global Best 100 Companies list.

I prepared a big note on Norilsk Nickel on March 15. I didn't recommend buying NILSY at the time because the stock was trading then at $62.25, and I had just (March 2) called a bear phase to take down the broad market, including Basic Materials stocks."

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Here is the Yahoo Finance link to NILSY, and a chart of the performance, which notes the point where I recommended it, May 17. Since then, NILSY is up +27 pct, which is about +125 pct ROCI annualized.

I note that Yahoo Finance has dropped coverage of the Russia Trading System, for whatever reason, but the material is well covered by ADVFN. Here is the ADVFN link to the Russian market.

Norilsk trades on the RTS under the ticker symbol GMKN. Here is the 6-month chart of GMKN, which shows the same point where I recommended Norilsk as NILSY on the U.S. OTCBB trading system.

As to where Norilsk trades from here, I will not comment today other than to say the stock has enjoyed quite a run to the upside. The metal commodity prices are enjoying a bull market too. I'd like to say more, but there is only so much I can say in a blog without having readers starting to follow my recommendations rather than study my methods, which is my intention.

People ask if I have a crystal ball about these things. I do recognize I have a gift or an acquired skill in assessing capital markets. It's not something I dwell on. I think more about trying to improve.

The problem in not being even more accurate, I feel, lies in the distractions of personal life, and of misinformation generated by market players, which requires an intense focus on market prices and interrelationships to be able to overcome. I continue to work on the latter point, but as you know it is not easy.

So much to do; so little time.

Before I leave this point, I want to remind you that during the trial of Russian Mikhail Khodorkovsky in May, the U.S. Talking Heads (in particular, Larry Kudlow) were trashing the Russia stock market, and the Russian political system, Mother Russia, and so forth. They were doing it every day.

Are you starting to understand what I mean when I say that serious people ought to ignore these clowns?