"In a year wracked by economic uncertainty and stumbling global stock markets, Russia has been an unlikely standout performer," explains global investment expert Nick Vardy.

In his Global Bull Market Alert, the advisor asserts, "The Market Vectors Russia ETF (NYSE: RSX), is a bet that Russia's buoyant stock market performance this year is set to continue."

"Even as China is now down by more than 50%, bad boy Russia's performance has been second only to Brazil this year and it actually has outperformed its BRIC rival by a hair during the past three months.

"Despite Russia's reputation as a country rife with corruption, scant respect for genuine democracy and the Rule of Law, it's always hard to argue with success.

"Scan the Russian press, and it quickly becomes apparent that the contrast between the collective economic mood of Russia and the United States couldn't be sharper. While U.S. drivers cringe at $4 per gallon gas, Russia celebrates high oil prices as the source of its newfound wealth.

"To add insult to injury, the most recent Forbes 400 list confirms that Moscow now boasts more billionaires than New York City.

MOST NOTEWORTHY: EV3, Steel Dynamics and Sonic were today's noteworthy initiations:

• JP Morgan initiated EV3 (NASDAQ: EVVV) with a Neutral rating. The firm sees risk to guidance and finds it too early to recommend the stock.
  
• Steel Dynamics (NASDAQ: STLD) was assumed with an Overweight rating at Morgan Stanley.
  
• Lehman initiated Sonic (NASDAQ: SONC) with an Overweight rating.

OTHER INITIATIONS:

• HSBC initiated Rostelecom (NYSE: ROS) with an Underweight rating and $36.50 target.
  
• Keefe Bruyette assumed German American Bancorp (NASDAQ: GABC) with a Market Perform rating and $13 target.
  
• JP Morgan initiated Perdigao (NYSE: PDA) with an Overweight rating.