The American day traders have popped up in Russia for the first time.

It doesn't take much to move Russia.

They will muddle through for a few months, but then you run into the parliamentary elections in early December.

After the initial 'Oh my god' reaction when the market lost 15 percent, things have settled and we are seeing some buying, particularly in oil stocks.

There is a risk that as investors wake up and smell the coffee, the market will suffer gradual selling pressures.

It is a mix of desperate short covering by domestic banks and a relief rally.