27/10/2017 Update- USD Position reduced

Since last update, BIST 30 had a sharp run up despite the tensions between US and Germany. However due to USD/TRY testing new highs, market is consolidating close to all time highs.

USD/TRY has been in a strong uptrend since the low around 3,38. "43.000 TL" worth position is closed and transferred to fictitious monthly interest 3 account.  Position will be increased around if market comes back to 3,65 -3,7 range. The rest long position will be kept for the mid term.

EUR/TRY is trading around all time highs. Long position will be considered around 4.1.

Gold/TRY is also trading around all time highs due to increase in USD/TRY.Long position will be considered around 4.500.

Overall summary is below. Fund performance has been better than interest or USD performance however with its recent up move, BIST30 performance is slightly higher than the fund performance.

9 10 2017 Market Update / USD Position Reduced

Due to recent political tensions between US and Turkey, markets reacted sharply.

Since last update on 7th of June, BIST 30 made record highs after a significant rally and sold of 10% since topping around 136.000 past month. Looking for a long position around 110.000-115.000.

Almost 1 month ago, USD traded briefly 3,38 and bounced up. Since then, it has been trending up without a decent pull back.
30.000 TL worth of USD position is exited today and transferred to fictitious monthly interest account 2.
Next target to reduce long position is around 3,80  level where the upper bollinger band of the weekly chart is standing at the moment.
Long position will be increased around 3,55.

 EUR is on an uptrend supported with EUR/USD going up. Long position will be considered around 3,95-4.

Gold is also testing the highs against Turkish Lira. Long position will be considered around 4400-4450.

Current position and the performance compared to underlying instruments is summarized below :