Turkey taking an elevator lower – hitting key support level

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Turkey is trading all the way back to key support around 72K on the XU100.  With emerging markets questioning U.S. data strength and uneasy over Yellen hearings it's been a rough ride of underperformance.

Image courtesy Komarov Andrey: http://www.photoxpress.com/search-stock-photos-photographer/Komarov+Andrey/880647 The current account countries have been particularly vulnerable in the last week and Turkey sits near the top of the anxiety trail.

For those playing at home it's been a quick elevator ride lower of 12.5% in the iShares MSCI Turkey ( TUR , quote ) ETF.

The $47.50 level is the low from the summer and something that can be tested if tapering fears are realized in short run.

Turkey appears oversold however at these levels.  Nibbling a smaller position here with an eye on adding lower makes sense.

We are just getting through a slew of earnings in the last couple days where largely there were beats across the board.  Consumer plays and Telco companies remain more conservative vs. banks with attention on the Lira and C/A deficit.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , International , Stocks

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