You can look at the EAC currencies as how they ended the day on the major currencies.
Coffee Arabica – no change that could be rounded off to the closest 2 decimals per kilo.
Coffee Robusta – same behaviour as Arabica.
Gold finished at $1173 per ounce. Gold is creeping up on us slowly and ever so slowly. It has climbed more than $100 in the last month. It is still not moving violently up to signal that money is taking flight into safety.
Oil found the cure for world hunger. It closed at $34.70 a barrel, up a whole $1.60 from yesterday. Hold on right there. Before you write home about oil or tell #Museveni that his oil is doing well, remember that the Total CEO while in the Middle East in December 2015, he said, that they do not envisage a big improvement in the oil price till 2017 when they hope to break even at $60 a barrel. Do not listen to jokers who tell you that #Uganda can produce oil for less than this cost. In fact, the break even cost for Uganda is $68 a barrel. Leave that crude in the ground!
Shanghai caught Tokyo’s fever and went up 3.09% (82 points) closing at 2738.
Hong Kong is acting like one of those kids on the playground who cannot decide which way to go. It shot up and then closed at the same price as yesterday. I would say it is waiting for Shanghai to set the momentum before it decides to move up or crash.
Tokyo shot up 2.8% (477 points) closing at 17518. There is a story with this one. Japan did a reverse lending rate. This means you make more money when you borrow from the central bank. Here is the article related to this one. It threw the markets into some kind of commotion though. http://nanonews.org/bank-of-japan-adopts-negative-interest-rates-shocks-market/
Frankfurt rose 1.64% (159 points) closing at 9798. There is a story about German too. Some 40% of the population want Merkel gone due to the refugee influx and some other things. For some reasons humans are ingrats. No matter what this woman does, people still always find a way to put her down. Here is the article related to that. http://www.thelocal.de/20160129/almost-40-percent-of-germans-want-merkel-to-resign-poll
Paris rose 2.19% (95 points) closing at 4417.
London bridge is not falling. It shot up 2.56% (152 points) closing beautifully at 6034. The chart for this one is a trader’s dream come true.
Toronto rode the oil wave. It rose 1.83% (230 points) closing at 12822. I love this chart. The 50 day moving average line is coming down to support all up movements. TSX is oil heavy and when oil goes up, TSX goes up.
Dow Jones Industrial Average did not want to be left behind. It is also heavy but with many other industries though. It rose 2.47% (397 points) closing at 16466. The moving averages are still way up and Toronto will do better if the Dow does not bring Toronto down. Beautiful action on the markets though.
Standard and Poor (the boss) rose 2.48% (47 points) closing at 1940. This move comes after a steady progression in establishing the bottom and then moving up from there. This S&P chart nearly made my heart fly out of my chest. Oh, it is that good.
NASDAQ rose 2.38% (107 points) closing at 4614. The Nasdaq usually has been techie heavy but it has more listings of non techie companies now so it follows the S&P and Dow a lot more than in the past. Beautiful movement on it.
The main chart you will see now will be the currencies for East Africa, cross pairs with the key international currencies. If you want to look at charts for each stock index, then you can go to www.stockcharts.com and search for each. For purposes of understanding this, Shanghai is $SSEC, Hong Kong is $HKDOW, Tokyo is $NIKK, Frankfurt is $DAX, Paris is $CAC, London is $FTSE, Toronto is $TSX, Dow jones is $INDU, Standard and Poor is $SPX and Nasdaq is $COMPQ.
To learn about reading candle sticks, buy Steve Nison’s book called “Japanese Candlestick Charting Methods”. Or you can also go to http://stockcharts.com/school/doku.php?id=chart_school
Martha Leah Nangalama
The writer is an IT analyst for an oil company and has experience trading stocks, options and forex.
All my opinions are mine and mine alone. They do not reflect on my employer or any organisation I am affiliated with.