The Uganda shilling staged the down drift and closed at 3355 on the US dollar, 4835 on the British pound, 3753 on the Euro, 49.75 on the Rupee, 33.28 on the Kenyan shilling, 2564 on the Canadian dollar, 2432 on the Australian dollar and 1.54 on the Tanzania shilling.
It is not so much that the shilling is stable or improving. It is rather that a year ago that shilling was trading at 2500 on the US dollar.
Coffee Arabica closed at $3.13 per kilo.
Coffee Robusta closed at $1.86 per kilo.
The money is on Robusta. We still have to retain Arabica. Mix your shipments you coffee traders. One can balance out the other in times like these.
Gold is trending at $1212 per ounce and only lost $2.87 per ounce. This is pocket change for gold but it has fallen in the last 2 months quite a bit. I suppose it is because gold is no longer where to go run and hide your money.
Oil (Brent crude) seems to be topping out. It fell today but then more buyers showed up and it ended up moving from negative territory to positive, gaining a miserly $0.15 per barrel. It closed at $49.71 per barrel. How many of you remember earlier this year when crude tanked to $26+ area?
Shanghai has formed a nice cup and will be going up north. Fine, today, it lost 3 points. This is our chart for the day. Just look at the cup it is forming and the nice white positive candle it formed yesterday. Sure it is sitting under its 50 day moving average (MA) but with this big candle from yesterday, the $SSEC is only going up.
Hong Kong closed at the crossroads of the 50 day and 200 day MA. It only lost 1 point and it is going north, most especially that it tends to follow Shanghai.
Tokyo lost 279 points. This is nothing for the $NIKK but it has tiny little gap ups on opening from last week and none of these tiny gaps have been crossed yet so it is more likely that Tokyo will be going up.
Frankfurt lost 58 points and formed a worrying pattern. It has a lot of support to help it to move back up but it just formed a double top. This will likely shake some weak hands and make people sell. It would be safer to stay on the side and watch though. The $DAX has the 200 day and 50 day MAs under it. Then it has a tiny gap and then a huge white candle from last week. The stock charting site follows with the indices.
Paris lost 30 points and is also forming a double top but it also has a little gap and big candle. Remaining on the sideline might be a good idea.
London bridge is falling down. The $FTSE lost 39 points. It is not so much that it lost these points, but it crashed through its 200 MA and then touched the 50 day MA and bounced up off it. Two weeks, the FTSE had put in 3 red negative candles so until it beats them and goes up higher, it might be a good candidate to short now.
Toronto lost 2 points. It keeps giving little signals that it might fall but the $TSX is not going to fall hard at all. Just keep your eyes on oil.
Dow Jones Industrial Average gained 2 points. Which is inconsequential. However, given the degradation in Gold, we can assume that the indices are going up. Only weak hands are being shaken out.
Standard and Poor gained 2 points. This is a bull market people. The $SPX acts like it is topping out but it is a trick. If you can afford to lose money, go into it. It might be safer to wait for a real pull back or a real top out.
NASDAQ gained 4 points. Isn’t that interesting! It does not seem to be following its 3 other North American cousins too closely. Normally it would tank big time but then again, it is a tech heavy one and these days all we hear about is this gadget and the next one.
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Brent Oil is $Brent
Shangahi is $SSEC
Hong Kong is $HKDOW
Tokyo is $NIKK
Frankfurt is $DAX
Paris is $CAC
London is $FTSE
Toronto is $TSX
Dow Jones Industrial Average is $INDU
Standard and Poor is $SPX
NASDAQ is $COMPQ
Martha Leah Nangalama
The writer has an IT and business background.