Looking for an early Thanksgiving dinner? Try Turkey (TUR) (August 14, 2018)


I want to look at Turkey ( NASDAQ: TUR ) today; not the bird. You know what has happened here; this ETF got really knocked down because of all the economic problems, the sanctions and this and that. Basically, when you have got a country run by a socialist, contrary to what some of you young kids think, socialism isn’t particularly a good thing. The bottom line is, this is a problem for this country.

Yesterday this thing really did look like it was in the tank. I have not made a trade on this; I may do it tomorrow. But, frankly, I was looking at this and I thought, I think I feel like buying this, because how much worse can it get? What’s the worse thing that can happen? And that’s probably not going to happen, because Turkey ( NASDAQ: TUR ), there could be a real contagion here; I am talking beyond the bird flu, we’ll call it the “financial bird flu”. This could be a real problem. You know the central banks are going to come in or somebody is going to come in and do something to save this buffoon, over there, from killing his country; that’s the buffoon that I am talking about.

I didn’t buy this and the reason is because catching a falling knife is generally not a good idea. And so, frankly, it was kind of one of my rules. If this had been a STOCK and I had a better understanding of it, then maybe I would have taken a shot and just buy a little bit into the close; keep a fairly tight stop on it but keep a watch on it. Because a lot of times you get something like this, it will gap down and then if you are not careful your stop gets hit and then the stock will reverse.

I didn’t do that because I don’t understand Turkey ( NASDAQ: TUR ). I don’t know that much about it, I have never been there, God willing, I never will be there; it’s not my deal. They don’t speak English very well and I don’t I don’t speak whatever language it is that they speak very well either so distance is our friend, it helps us to not know each other. But I was looking at this and I thought, maybe I will make a trade on it; wished I had. But I am looking at this as something that we can do tomorrow. This is a really “gappy” thing because it is an ETF on a foreign country, different time zone.

What I would do on this is, if the stock starts trading a little higher I think you can buy some stock and maybe keep about a 2.5 percent stop. Don’t give it 5 percent just give it a little bit of a stop and then hope to get up to 23.00. The stock looks like it is close to filling the gap, a lot of selling. This looks like huge puke here for two days. Now you are getting a move higher.

So who do you think has the day right now? Is it the sellers or the buyers? I would say it is the buyers and this is why: Because all these sellers have already sold. And once you have sold, what are you? You are either out and you are on to something else or you are a buyer. You can’t sell twice unless you are running a Ponzi scheme. This is not a Ponzi scheme it is an ETF; it is probably going to go up tomorrow so check that out.

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