If you do not read The Insider, you miss a lot because we cover news 24 by 7.
The whole BREXIT thing is causing some headaches for some people and the BREXIT biggest promoters are divided a bit so expect to see the markets react to this.
What is interesting is London ($FTSE) has recovered to a point that actually should teach all of us a reason about going by emotions.
The Uganda shilling pulled a move. It closed at 3395 on the US dollar, 4505 on the British pound, 3781 on the Euro, 50.52 on the Rupee, 33.63 on the Kenyan shilling, 2631 on the Canadian dollar (I seriously better send mom money), 2546 on the Australian dollar and 1.55 on the Tanzania shilling.
What is impressive about the Uganda shilling is its stability. This thing was tanking the last 2 weeks and it looked plausible that it could dive to 3425, 3450, 3475 and then follow gravity. Last week, its resistance was 3400 (well it had dropped) and the next stop was if it broke above 3400 was for it to head for 3375. It is looking like it will get there. Although, one should not be too sure of the oil deal. Coming up.
The shilling has remained within a very tight trading range on its major currency trading partners but keep an eye on its level on the US dollar.
Coffee Arabica closed at $3.62 per kilo.
Coffee Robusta closed at $1.93 per kilo.
Coffee is going through very tiny movements but remaining bullish (more buyers than sellers). Well, if the BREXIT thing keeps going on plus all the Geo-Political things globally, we will need more coffee. Mix your shipments.
Gold is trending at $1342 per ounce after gaining $20 per ounce. Oh boy, this is going to hurt. It means there is flight to safety so we should expect the markets to tank a bit. Here we go.
Oil (Brent Crude) gained $0.87 a barrel and closed at $50.65 a barrel. PAUSE. The daily chart looks like it is topping out and could fall. Actually it is a very nice set up for shorters. Only problem is it is above its 200 moving day average (MA) so this is actually a risky move and if you cannot afford to lose the money, stay on the side. It also looks risky for longers. The MACD looks convincing that it will go up but the rest of the whole thing is iffy.
Shanghai is so terribly boring these days. It gained 3 points. What is even that?
Hong Kong moved big time. Zero point. Why do we even bother?
Tokyo gained 106 points. A miracle. Till you remember that last week it fell some 1300+ points. The gain today pales in the loss from last week.
Frankfurt gained 96 points and still has a lot of resistance from the drops last week and this week.
Paris gained 36 points and looks like Frankfurt. Oh dear. The Brexit drops were hard.
London – oh my heaven. The FTSE is defying the odds. I think maybe people went overboard to bet on London Bridge going down. This is the chart to watch. Granted, not everyone likes to read charts but this chart is such a beauty you have to see it to realise how London has defied the odds. London fell so hard before Brexit, then harder after Brexit vote and then woke up and nearly screamed “who cares what you think?”. The $FTSE is why you need to read charts and never trade with money you cannot afford to lose.
Toronto gained 28 points and it is nothing to write home about till Oil makes a big move.
Dow Jones Industrial Average gained 19 points. This is not a very big move for the $INDU but it is moving into bull territory (more buyers than sellers).
Standard and Poor formed a similar pattern as the Dow and gained 4 points. It is never about how much they gain or lose but about the pattern they form. It is moving into bull territory.
Nasdaq gained 20 points and closed above its 200 MA. Oh thank the gods, the NAS is in bull territory.
Well, people killed each other or killed others.
Dhaka Bangladesh is still under attack with hostages missing from a restaurant.
Brexit is not having a good time. Boris Johnson was ambushed, he dropped out and now we see division. Follow on Twitter. It is bloody but at least the market is doing well.
Then we have the Hillary Clinton emails.
Meanwhile in Uganda, opposition leader Dr. Kizza Besigye had a nice surprise on Friday when the government threw out one of the charges against him.
Uganda also has had a controversial professor at the Ivory Tower whose contract got renewed.
There was also another thing in Uganda. The Russian company RT Global Resources has pulled out of the contract (was it a bid) to build the Oil Refinery in Uganda.
Prime Minister Benjamin Netanyahu will be in Uganda next week for the 40th anniversary of the Entebbe Raid (aka, 90 minutes at Entebbe) or some of you only remember The Last King of Scotland.
http://stockcharts.com/ $Brent, $Ssec, $HKdow, $Nikk, $Dax, $Cac,$Ftse, $Tsx, $Indu, $Spx, $Compq
Martha Leah Nangalama
I have an IT and business background.