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.
I just got back from a week in the islands and tried to escape the chorus of emerging market bears. It’s been a nasty week and emerging markets has been near the top of the loser board, but the reach of journalists and voices of marginal observers of emerging markets found its way to me on a quiet beach in the Caribbean.
Lots of noise in the media from sources that don’t know Turkey, haven’t invested there, and certainly have never been there.
This is why emerging markets always gives your chance and why I don’t chase stocks.
The latest fund flow data is out and emerging market funds have posted a small increase (+$0.02 Billion) for the week ending May 22.