What's Wrong With Turkey Today?

On a glum day for emerging market ETFs, the iShares Turkey Investable Market Index Fund TUR is standing out and not in a good way. Down 4% on volume that has already eclipsed the daily average, TUR looks like the worst performing liquid emerging markets ETF on the day. Coming up with reasons why TUR is getting rocked is a difficult task today. Or is it? In theory, news that Turkey looks poised to be the first majority-Muslim nation to join the European should be a good thing. Press reports are saying Turkey is aiming for EU membership by 2014. Then again, this may be the drag on TUR. After all, the EU has lost considerable luster in recent months and the union may need Turkey's rapidly expanding economy more than Turkey needs to be in this confederacy of dunces. TUR has been a stud performer this year, but a November flirtation with $80 ended in a bad, bad way and if support at $65 is violated, TUR will turn into a real turkey. On the bright side, press reports are saying Shaquille O'Neal may opt to end his playing days in Turkey at some point. Maybe that's why TUR is down.