Holly smacks! The shilling sneaked up on me and appreciated when I was counting on it depreciating.
The shilling closed at 3363 on the US dollar, 4410 on the British pound, 3742 on the Euro, 50.32 on the Rupee, 33.20 on the Kenyan shilling, 2582 on the Canadian dollar (DAMN!), 2565 on the Australian dollar and 1.54 on the Tanzania shilling. The next stop is so definitely at 3350 and 3375 for support keeps getting kissed a lot so we shall work with 3400 as support for now. The problem with the Uganda shilling is it has been moving in a very tight range and this thing can shake down weak hands.
Coffee Arabica closed at $3.55 per kilo (Starbucks is selling one cup of coffee at $5 and MacDonalds is doing $1 while Tim Hortons is in the neighbourhood of $1.5. Invest in Coffee people).
Coffee Robusta closed at $2.05 a kilo.
Gold is trending at $1360 and gained $4 per ounce. Mmmmh!
Oil (Brent crude) – Holly cow! Oil is doing a short squeeze or we got bulls to return into the market. It closed at $44.18 per barrel after gaining $0.76 a barrel. The daily chart says it is going up. The weekly chart says it could be recovering but the momentum on oil is down down. Something to keep an eye on because the two charts are not speaking the same language.
Shanghai gained 4 points with no drama.
Hong Kong gained 1 lousy point. But why did they even bother to get out of bedÉ
Tokyo gained 172 points but it is a perfect Short.
Frankfurt recovered 58 points but still looks very bearish. The $DAX is gonna fall.
Paris looks exactly like Frankfurt! Had no idea sharing borders makes you move in Synch.
London – Oh my dear heaven! The $FTSE gained 106 points and defied all my “excellent recommendations to short it. Hahaha, joke”. It is resuming the bull run and shorting this index now would be a very bad idea.
Toronto gained 17 points and is looking resilient. So maybe we should not short the $TSX.
Dow Jones Industrial Average lost 3 points and is not looking like a short. If you missed my other article on market turbulence, you might want to read it. Love Google.
Standard and Poor gained not even one point and shaped up as the DOW and Toronto.
NASDAQ gained 7 points and formed the same pattern as its 3 cousins above. Very boring.
Keep an eye on The Insider http://www.theinsider.ug/category/world-news/
Martha Leah Nangalama
IT and business background.
Disclosure: I own oil shares and the girls own mutual funds which include banks, oil, insurance companies, etc.