Non-Turkey specific, but the the schedule for "tapering" also has an effect. Note the strengthening at today's/yesterday's open. I agree with you however - high inflation, rapid credit growth and a rising trade deficit suggest overheating.
Well you were right on target here. My stop loss was triggered and I'm vacating this trade until I can determine whether the market's new perception of the fed is going to shift the prevailing bias back in favor of EM. The Borsa 100 is up over 10% in the last week or so, looks like this bubble may be reinflating.