The Uganda shilling is trying but trading in a very narrow space.
The Uganda shilling closed at 3360 on the US dollar, 4383 on the British pound, 3789 on the Euro, 50.25 on the Rupee, 33.12 on the Kenya shilling, 2614 on the Canadian dollar, 2586 on the Australian dollar and 1.54 on the Tanzania shilling.
This narrow range does not leave any room to make money on the shilling. The inflation numbers have been okay and no wonder it is not falling. The debt ratio is still unsettling. Debt of 50% on GDP makes no sense but then again, we are talking about Uganda where one can sell goats and buy land!
Coffee Arabica closed at $3.49 per kilo.
Coffee Robusta closed at $2.03 per kilo.
Winter is around the corner so coffee will go up. Always mix your coffee containers 60% Arabica and 40% Robusta.
Gold is trending at $1347 after gaining $5 per ounce. This means the markets must have done well and there is no more flight into gold for safety.
Brent Crude Oil gained $0.74 and closed at $49.02 per barrel.
WTF Crude Oil gained $0.84 and closed at $46.58 per barrel.
The charts on oil look great. I think it is going to shoot for the $50 mark again before it tanks some more. The trend on oil is DOWN.
Shanghai pulled back by 15 points but look at the chart. The $SSEC is only pausing. It has been very resilient so this index is not good for shorting because we have too many buyers compared to sellers.
Hong Kong also pulled back a bit and lost 2 points. Hong Kong is ruled by Shanghai so I would focus on what is going on in Mainland China before jumping in any trade on both indices.
Tokyo – WT?? It fell by 273 points and actually this is child play but it formed a very ugly pattern.
Frankfurt lost 63 points but this is nothing to worry about. The $DAX is solid bullish.
Paris lost 37 points and its chart is not convincing. I think it will fall some more unless Wolfgang helps to raise it up.
London lost 47 points and is looking a bit bearish but the $FTSE keeps defying the odds. This is one index I would watch and not play.
Toronto lost 74 points but the volume was not impressive. I think it is profit taking.
Dow Jones Industrial Average lost 84 points but on thin volume though so sellers / shorters need to be careful.
Standard and Poor lost 12 points but the volume was not terribly impressive.
NASDAQ lost 35 points. Quelle surprise!
A lot is going on in the world right now. We have the USA elections and elections in Africa. We have the Trump factor and Putin and Turkey wants to bring back the death penality and kill some 18,000. News is now constant and you just have to keep on keeping on.
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Martha Leah Nangalama
I have an IT and Business background and own shares and mutual funds. I have also traded in the past. My opinions are only mine and do not reflect on The Insider or any organisation / company I am affiliated with.