The Uganda shilling closed at 3423 on the US dollar, 4889 on the British pound, 3807 on the Euro, 33.64 on the Kenyan shilling and 2501 on the Canadian dollar. I am not seeing much momentum up or down for the Uganda shilling. Is it the calm before the storm? The Central Bank Rate is 17%. I hope you were not drinking anything. The commercial banks are lending at 20-30%. Ouch!
Coffee Arabica closed at $3 a kilo.
Coffee Robusta closed at $1.66 a kilo. Steady Progress!
Gold ended at $1207 per ounce having risen by $3.68 an ounce. Huh! I wish you could see how much it dropped recently. Profit taking just.
Brent Crude Oil gained $2.60 a barrel closing at $34.94 a barrel. YES! There is a God after all. We closed up above the 50 day moving average so now the real fun will start for the longers. Iran can hold off their 500,000 to 1,000,000 barrels pumped on the world market for a little while. We need a break.
Shanghai rose nicely and the chart pattern has promise. It went up 31 points.
Hong Kong did not make up its mind. The $HKDOW opened at the same level as yesterday and then remained in the tight range and only lost one point.
Tokyo – but there was hope this week. Why did you have to go and lose 218 points? The Nikkei has a lot of work to recover from the recent hard dropping it has been doing. I would be careful if I were trading on it.
Frankfurt caught fire. Nice chart too. It rose by 242 points. Not only that but closed above the last big bad negative red candle.
Paris did the same pattern. I think these two are colluding. Same formation promising a rise.
London – oh my. Dear FTSE, I love you. This is the best chart of the day. London did not only shoot up with 4 white positive candles in a row but shot up and closed above the 50 day moving average (the blue line). This chart formation is what we look for.
Toronto flew above the 50 day moving average as well. Awesome move and much appreciated.
Dow Jones Industrial Average has put in 3 positive white candles but it is still well under the 50 day moving average.
Standard and Poor also has put in 3 beautiful white positive candles and it leads the markets in one way or another. The only thing with the chart pattern is even if it looks great today, the closing price was still under the 50 day moving average. My take on this is that markets are going to recover soon unless some people decide to bomb each other and they shoot panic into the traders.
NASDAQ is such a copy cat. It did the same as Toronto, Dow, S&P! All good though.
Nothing happened. Some countries were bombing each other. Ugandans were being arrested, shot or intimidated ahead of the polls on Feb. 18,206.
Martha Leah Nangalama
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