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hungry_hippo
Aug 17, 2021 4:40 PM

Short the TURd 

NASDAQ:TUR1D
iShares MSCI Turkey ETFNASDAQ

Description

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TURd overbought and at resistance, bought a few Aug and Sept puts.

Seems at this point I'd be chasing the drop on any other stock... No reason for Turkey to rally when all other markets are dropping

Comment

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Let's hope Turkey follows the Asians' lead...

Trade closed manually

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BIST didn't drop much and the rate collapse is helping TRY.

Decided to take the 100% gain on $23 puts since they expire tomorrow.
Chart PatternsTechnical IndicatorsTUR
Comments
wallstreetsgaybear
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just be short turkish lira you will never lose - a hurting turk
hungry_hippo
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@wallstreetsgaybear, yeah, the whole thing is TUR is NOT currency hedged which means it moves with the Lira. I've made a lot of money on TUR puts, especially that time the Lira collapsed. Look how fast TUR can drop on a currency run.
hungry_hippo
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@wallstreetsgaybear, BTW, if you don't like to short your own country then there's EZA (S Africa), EWZ (Brazil), EWW (Mexico), and EWY (Korea but it's mostly Samsung, lol)

I never short US indices, it's better to short foreign ones because of the currency factor. Plus with EWY, you're done at open since it trades overnight
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