Daytrading to earn a living: Russia's power

MOSCOW -- Russia's First Deputy Prime Minister Igor Shuvalov said Russia will become the world's sixth largest economy by the end of 2008, Russian news agencies reported Sunday.
"For the past eight years, Russia has been developing. By the end of this year, we will become the world's sixth largest economy," Shuvalov was quoted by the RIA Novosti news agency as saying at the 12th St. Petersburg International Economic Forum.
Russia, which joined the G8 in 1998, has now "become a fully-fledged member of the world's largest economies, the deputy prime minister said.
"We are beginning to put behind us the severe crisis of the last decade, and have given ourselves new goals to become a country with developed institutions, a modern democracy with a post-industrial economic structure, and to build a global financial center," he said.
As to the government's future role in the economy, Shuvalov said the government will scale down its dominant role in the economy. "Reducing excessive state interference in the economy is now an important factor," he said.
However, he added that new state companies would be established in the future. "We believe they are needed to act where market agents are not able to act independently. We will create them in such a way that they will work entirely openly, under the rules of corporate governance," he said.
The St. Petersburg International Economic Forum, running from June 6 to June 8, is a major economic forum in the Commonwealth of Independent States, central and east Europe region, held annually in June.

Tracking the Dow on Monday 09/06/08

09:30am--Bullish 40.0 points gap up.
Despite Moody's lowered Lehman's credit ratings to negative from stable, citing the second quarter loss and decline in hedge effectiveness,Crude prices have eased 2.3% to $135.48 per barrel helped bolster sentiment.
10:30am--Bearish Engulfing.
Session high noted, just hitting the wires, April pending home sales unexpectedly bounced 6.3% on a seasonally adjusted annual rate, according to National Association of Realtors.The tech sector (-0.5%) is facing selling pressure.Index just hoovered around the MAV,difficult to open position as the current candlestick is like a bullish inverted hammer.
11:30am--Shooting star.
The Dow is handily outperforming the Nasdaq and S&P 500.Technology stocks Apple (AAPL 181.97, -3.67) and Google (GOOG 553.95, -13.05) are acting as the biggest drags.
12:30am--2nd shooting star
A second quarter earnings preannouncement from Lehman Brothers (LEH 29.97, -2.32) topped headlines this morning. The struggling Wall Street firm expects a massive $2.8 billion second quarter loss and plans to raise $6.0 billion in new capital in common and preferred stock offerings -- which is on the high end of previous speculation. The $4.0 billion common stock offering was priced at $28 per share, a 13% discount to Friday's closing price. The firm also priced a $2.0 billion public offering of 2 million shares of 8.75% noncumulative mandatory convertible preferred stock.The 3 black crows hammering the market during this time.Candlestick pattern still a bullish inverted hammer.Look to buy-long position.
01:30pm--A shooting star at MAV.
It is dangerous to open a position at MAV area as it can go either way.The major indices have suffered a sharp contraction in the the past half-hour after news wires ran headlines that noted New York Fed President Geithner said global inflation will probably require tighter policy.
02:30pm--Another shooting star at MAV

The major indices fall to session lows and then recover a bit, with the Dow briefly touching negative ground.Buying opportunity.
03:30pm--A morning star doji
Below MAV good buy area.
04:00pm--Bearish short cover