Russian Economy Shrinks on Industrial Slump

Russia's economy shrank 23.2 percent in the first 3 months of the year compared to the previous quarter according to new figures released Friday by the Federal Statistics Service. The GDP was down 9.5 percent from last year.

This was the first decline in a decade for Russia with both plunging oil prices and industrial production.

Russian assets have rallied 100 percent off the lows, so it could be time to take a profit.

We still like natural gas giant OAO Gazprom (GAZP:RU) and Russian cellular companies on the 6 month view, but do not try to day trade these.