The Ugandan shilling closed at 3407 on the US dollar, 4921 on the British pound, 3804 on the Euro, 33.50 on the Kenyan shilling and 2465 on the Canadian dollar.
Coffee Arabica closed at $3.01 per kilo.
Coffee Robusta closed at $1.65 a kilo.
Gold dropped like a hot potato. It lost $31 per ounce and closed at $1207. There is an inverse relationship with Gold and the markets. You will see that the markets went up so people ran out of their safe hiding places (aka gold) and likely bought equities, options, forex, etc.
Oil is doing something I have not seen for a while. The WTI is trading a lot lower than the Brent. Usually the disparity is only $0.50 a barrel or maybe a dollar or so. Today the disparity between the two is a whole $5. I report on Brent because that will be the benchmark for when Uganda starts pumping out oil. WTI is mostly for USA.
Brent crude oil rose 4.95% ($1.54 a barrel) closing at $32.66. So it did go up but I would not write home about this. The chart is tricky. It signaled a go-down and now it is all of a sudden acting like it has some stair cases to climb. It is still trading way below the 50 day moving average so investor beware. Iran also has not shown up yet.
Shanghai – oh China, get serious. Make up your mind because we do not have all year to wait for you. You drop, then you kind of recover and you still remain dropped. The $SSEC fell 0.63% (17 points). Very undecided player here.
Hong Kong was looking over its back whispering “how is big brother Shanghai doing?”. It fell 0.43% (only 1.7 points).
Tokyo is going to give someone a heart attack. This is the chart for the day. Kind of always thought that gravity is strong but in this case it is like the Nikkei is heading all the way to Antarctica (well below Australia in case you need a map). It fell 4.84% (761 points) on top of the complete decimation last week. Oh my, that sushi is no longer attractive.
Frankfurt did that awesome move. It opened way above the last closing price and stayed right there. They call this a gap up. You remain above that gap, you are going places. It rose 2.67% (239 points). Although, wait a minute. That rise is covered with a big red negative candle so I expect some suckers to jump in and get fried.
Paris gapped up as well. The CAC rose 3.01% (120 points). It is also wrapped in a very big red negative candle. Someone is gonna get hurt.
London did the same. All this European vibe must be because some people had a great valentine weekend. The chart patterns do not make sense.
Toronto went up 2.43% (294 points) but remember that the TSX is oil heavy and today oil did go up.
Dow Jones Industrial Average rose 2% (314 points) making a rather impressive positive signal except for the fact that there are 4 preceding red negative candles. Oh well, bargain hunters. Hopefully we can see a short squeeze and have a real good run on the upside.
Standard and Poor is the driver. It has not crashed through its support (the last hammer candle stick) and today rose 1.95% (36 points). This chart provides more hope than the other ones.
NASDAQ is trying really hard but sitting under any former level of support hence not moving too much up. It did rise 1.66% (71 points) but if you look at that chart, it is not hot.
Reuters is reporting that about 50 people died in Syria when Putin bombed hospitals and schools.
JB won his first grammy but so did Taylor Swift.
The tramp is threatening to sue one Canadian called Cruz. Well, he was born in Calgary.
Kanye West has asked Zuckerberg for $1 billion. Huh, we need friends like these.
Israel has called on World Nations to regulate Social Media to stop anti-semitism. Cool. Let them also take down those videos where their people are calling the African refugee seekers horrific names.
Some smart kids (??) were caught with Meth in Australia. Guess where it was hiding. In the gel bras.
Martha Leah Nangalama
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.
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Hong Kong $HKDOW