The Uganda shilling has been steadily improving. It closed at 3404 on the US dollar, 4869 on the British pound, 3794 on the Euro, 33.44 on the Kenyan shilling and 2455 on the Canadian dollar.
Coffee Arabica closed at $3.03 per kilo.
Coffee Robusta closed at $1.66 per kilo.
Gold fell $5.75 and closed at $1203 per ounce.
Oil fell. I have been saying that the chart was not hot and lo and behold, today Saudi Arabia and Russia say they will not cut back production till other producers agree. This is as worse as watching teenagers negotiate to get along while the kindergarteners do it without pulling a punch. You might want to read this article. http://www.reuters.com/article/us-global-oil-idUSKCN0VO01K
Brent Crude Oil fell 0.98% ($0.32) closing at $32.34 a barrel. I am watching the after market trading and it seems to have recovered quite a bit since the close of trading in Canada and USA. The only thing is the after market trading is usually very thin volume so we will stick to the closing price on Tuesday. This chart is something you need to see. It rose and then pulled right back from the 50 day moving average (resistance). So it will not go up until it breaks through and up above that blue line you see on the chart.
Shanghai finally made up its mind a tiny winy bit. It rose 3.29% (90 points). The chart shows that it is struggling to beat down the big bad red negative candle from last week so you may want to hold off opening that champage.
Hong Kong did a nice move. Gapped up above yesterday’s closing level and remained above it and above the last big bad red candle. It has potential. It rose 2.91% (12 points).
Tokyo tried and rose 0.20% (32 points). This rise should not excite anyone because it is wrapped in 3 big red drop candles so this is likely due to shorters covering their positions or some bargain hunters or both.
Frankfurt fell 0.78% (72 points). It did not fall through the gap so it could be recovering.
Paris fell a little bit. Only 5 points but the chart looks like the DAX up above.
London bridge did a good move. It has formed 3 white candles in a row rising 38 points today. These are the things we were warned about. White and Red. The chart is awesome but still sitting under the 50 day moving average which means it can shoot up and then bounce back down.
Toronto rose 1.4% (174 points). Given that oil fell, the TSX did pretty good. Something like the oil fall had already been priced in by the professional traders.
Dow Jones Industrial Average rose 1.39% shooting up by 223 points. The chart looks promising.
Standard and Poor rose 1.65% (31 points).
NASDAQ rose 2.27% (98 points). The chart still looks bad though. The rise was covered in a big red negative candle from last week. However, if the S&P keeps moving up, it will bring this small cousin up too.
Global news: Check the update I posted in the Mind Your Health Magazine group (Cameroon) earlier in the day.
Martha Leah Nangalama
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The writer is an IT analyst for an oil company and has traded stocks, options and forex in the past. All my opinions are mine and mine alone. They do not reflect on my employer or any organisation I am affiliated with.