So if I am looking for a turn in markets against the recent narrative then, rather than deny the narrative, the subject will change. Wrong on the market responses to Brexit news? Wrong on market responses to Trump? Then change the subject and Europe is there ready as it’s been out of the limelight since Italy didn’t last blow up.
Emerging markets is where I really should be playing as they have been doing so well, but I am loath to. I’m more willing to wear a downdraft there. My bête noire of TRY is still proving that political upheaval and fundamental realignment of the political seismic plates swamps charts, oversoldness and historical value measures. The only EM counter-trend trade I have put on is long Mexico ETFs.
More at Polemic’s Pains