The Uganda shilling closed at 3382 on the US dollar, 4506 on the British pound, 3793 on the Euro, 50.71 on the Rupee, 33.39 on the Kenyan shilling, 2579 on the Canadian dollar (Damn! Why did my bank only give me 2450 on this dollar yesterday?), 2568 on the Australian dollar and 1.55 (I only got 1.50 on this one yesterday).
I am watching the Uganda shilling depreciate very slowly. Slowly though. Steady progress down but with the videos we keep watching of people being beat up or struck by police cars, how can we expect the shilling to appreciate?
The support for the shilling now sits at 3400 square on the US dollar and its resistance has moved to 3375. Month end usually makes this currency appreciate but maybe Uganda should stop importing used underwear and export oil (tongue in cheek).
Coffee Arabica closed at $3.58 per kilo.
Coffee Robusta closed at $2.03 per kilo. A little bit of depreciation on the coffee but nothing worth writing home about.
Gold is trading at $1364 per ounce and only gained a pathetic $0.36 per ounce. Which means that the markets must have done well.
Oil (Brent Crude) lost $0.33 per barrel and is sitting at $41.90 per barrel. You people should read my business report because oil was great for a short yesterday. It is still shortable because of having bridged its support. The minute it closed under its 50 day moving average (MA), it was ripe and I would not be buying it now, I would be shorting this thing because its next support price is the $36 area. That is a lot of cash if you can buy 1,000 shares of it.
Shanghai gained 18 points and had kinda bounced off its 50 day MA so it was not good for shorting and might be good for going long this week. This one is a bit tricky because it hammered out its top last week so this one would be good to avoid either way because its pattern is not definitive.
Hong Kong – say what? The $HKDOW just set up the perfect play for a SHORT. It is not every day I find a pattern like this one and I make more money shorting than buying and holding. Hong Kong Index is a perfect set up for shorters.
Tokyo lost 244 points and this is nothing for that index because it can move 900-1500 points in one day. In any case, we have people shopping for Pokimon Go and touching anything out of Japan risks you crossing the border hunting for silly things and getting arrested.
Frankfurt fell by 186 points. OUCH!
Paris fell by 81 points. Mes amis, je ne comprends presque rien. Pourquoi?
London lost 48 points and did not tank like Frankfurt or Paris but it set up a perfect short play.
Toronto lost 106 points and is a perfect short. Oh Toronto, I love you and miss you. Why would you go ahead and give me such a play?
Dow Jones Industrial Average lost 91 points. I now see it. This is a collusion because the DOW is perfect for shorting. Oh, but it is so perfectly set up and we are in August. It makes no sense because most professional traders are coming into the markets now. There must be something going on that is creating these beautiful amazing shorts.
Standard and Poor lost 14 points and it is also shortable (Leah makes a face like this cannot be happening).
NASDAQ lost 46 points. I see it. It is a trick. All the markets are indicating SHORT. I guess we are heading into a bear market and the professionals and chart readers will do it this week. Then we will watch the others jump in next week and we will then pull off a short squeeze.
The Insider provides world news 24 by 7. Check us out at www.theinsider.ug
Martha Leah Nangalama
Disclosure: I own shares in oil companies and my family owns mutual funds and indexed funds which are a mix of banks, insurance companies and oil companies. My background is #RespectNerds for I have an IT and Business Background. I trade forex sometimes.