19Dec1:46 pmEST

A Bear of a Russian Bull

Russia is making international headlines today, with a Russian Ambassador being shot dead in Turkey and a video of it, to boot. 

Regarding we stock traders, the RSX (Russia ETF) has been explosively strong since just after the Election, likely a double whammy of Trump and oil both being bullish for the Motherland. 

On the RSX, below, after an initial move to green on the news, Russia is back to red. I suspect a few more days of pulling in down to $20, no worse than $19, should be viable in setting up a new long. Overall, Russia is threatening a new bull trend after a multi-year bear market. 

Alternatively, Turkey, which is also red on the TUR ETF, is not in a good spot technically. I view Turkey as a short setup going forward. Unlike Russia, I also suspect Trump will be a bit less friendly to Turkey unless some serious changes are made there during his administration. 

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