The Uganda shilling is doing rather well. It closed at 3337 on the US dollar, 4757 on the British pound, 3755 on the Euro, 49.83 on the Rupee, 32.97 on the Kenyan shilling, 2611 on the Canadian dollar, 2462 on the Australia dollar and 1.53 on the Tanzania shilling.
Heck, the Uganda shilling is not doing rather well, it is climbing up. We just need it to crack through 3325 and then it will go higher. In fact, this level is now its resistance. At this point, the support is at 3350 and it looks like we are crawling away from it so it is possible that the shilling will keep gaining momentum. At this point, I would not short it and would sit on the side and not even buy it till the geo-political issues get settled. Well done Mutebile.
Coffee Arabica closed at $3.43 per kilo.
Coffee Robusta closed at $1.92 per kilo.
Naturally coffee is pulling back because it did a major climb over the last 2 weeks and those who trade professionally always know to take 50% of profits off the table.
Gold is trending at $1274 per ounce and gained $7.78 per ounce today. This says that maybe the markets pulled back today. We will see shortly but let us look at Oil first.
Oil (Brent Crude) – ouch. It lost $1.45 a barrel and closed at $50.39 a barrel. This would make sense given how Gold has been behaving. However, all is not lost yet because Brent is still closing way up above its 200 day Moving Average (MA). What is interesting is this crude has risen so much over the last month or so and it is natural that people book in some profits. On the other hand, the world tends to panic when oil goes down so we will watch next week.
Shanghai did not trade. Must be some kind of holiday over there.
Hong Kong lost 3 points but is still closing way above its 200 day MA.
Tokyo lost 67 points which is nothing for the Nikkei but while it is basing, it is still facing a horrible down pattern from some 2 weeks ago. In fact the Nikkei looks good for shorting now but hey, never use money you cannot afford to lose because Tokyo can move very aggressively while you sleep or are in a meeting and cannot check. The other indices usually give ideas of direction and at this point, one cannot be sure.
Frankfurt – What was that even? The $DAX crashed through support. I did not even see that coming but had hinted at it. It lost 254 points in one trading day and this is a major move for Frankfurt.
Paris – really? Did you just do that? And then why? The $CAC lost 99 points but it is not even that being the bad news. It followed gravity like you have no idea. It is tanking so badly we dare not look at next week. Paris crashed through all its support levels too. Damn, these Europeans move together. Very annoying. This one has got to be our chart for today because it is very ugly.
London – But seriously? Did you have to do that too? The $FTSE crashed like you have no idea. It lost 116 points and formed a very bearish pattern meaning London bridge is going down. A bit distressing.
Toronto – you cannot be serious? You listened to Europe? The $TSX fell by 202 points and normally this would be not much to worry about but it formed a pattern indicating that it is going down. Damn!
Dow Jones Industrial Average lost 120 points and it is not terribly annoying but might follow Europe and Toronto and it really should not but it is also signalling a fall next week.
Standard and Poor lost 19 points and since it signals everything in North America, it is trying to say that the markets are going to pull back. Who died and even made the S&P king?
NASDAQ gapped down so bad you would have to see the chart to believe it. But then again, its older cousins sneezed and it caught bronchitis.
The Insider covers global news (check world news), sports, Uganda news, Great Lakes Regional news, Entertainment, Special Reports, Business and whatever else you can find on our website. Check us out. We have a team that writes 24 by 7. http://www.theinsider.ug/video-the-legend-of-mohammed-ali-goes-to-sleep/
Does anyone remember Nortel? It was a Canadian company. The 6yr old was always dying to read the charts and place a trade. One time she looked on one of the screens and said “mommy, this thing is going down. Sell it, sell, sell”. I told her to push the button and she sold. I think we got out at $120 per share. Believe me, you do not want to argue with Mini. Nortel is now out of business.
If a child can read charts and trend lines, you can do it too.
Try it. You will have fun. http://stockcharts.com/school/doku.php?id=chart_school
Information you might not like but could come in handy.
Martha Leah Nangalama
I have an IT and business background.