Uganda shilling and global market report, June 20, 2016



All eyes are on the BREXIT this week because of the June 23 referendum and naturally next week when we wash the blood off the trading walls after what happens this week.

Most professional traders and investors have already factored in the YES or NON. They have leveraged and gone Long and Short in equal measure.

You will see after June 23, there will be panic selling or panic buying! Warren Buffett and George Soros are superb at hedging and making fortunes.

The Uganda shilling closed at 3358 on the US dollar, 4925 on the British pound, 3798 on the Euro, 49.68 on the Rupee, 33.16 on the Kenyan shilling, 2623 on the Canadian dollar, 2505 on the Australian dollar and 1.53 on the Tanzania shilling.

I am noticing some weakness on the Uganda shilling this week.  It closed at a descent level last Friday but this week could actually push us to the support level of 3375 (not too far).  Should we kiss that level, we will drop to 3400 and then follow gravity.  The resistance is solid at 3325 and if we break up from it, we would ride to 3300 and hopefully see some recovery.  Do not hold your breath!

Coffee Arabica closed at $3.56 a kilo.

Coffee Robusta closed at $1.88 a kilo.

Coffee is doing very well but it might be because of geo-political affairs that far more people are drinking coffee to stay up at night and read the news.  Congratulations to the coffee traders who mix shipments of both types.

Gold is trending at $1286 per ounce and lost $12 per ounce.  This means that the markets must be bullish.  Let us see.

Oil (Brent Crude) — oh what a sweet play.  On Thursday, after having dropped all week, it bounced off its 200 day moving average (MA).  Today it bounced up.  Poor shorters.  They likely got margin calls. Resistance and support lines are crucial in this business.  No wonder Gold went down.  Brent crude closed at $50.36 a barrel after gaining $1 a barrel.  Let us make this chart the one for the day.



Shanghai has been basing for 2 weeks now and only gained 4 points.  There must be a reason behind this hesitation to fall or rise.  Perhaps devaluing the Yuan many times this year has built confidence in China.

Hong Kong is trying.  It shot up today but then ended up closing at its opening price.  Perhaps waiting for marching orders from mainland China.

Tokyo gained 356 points.  The Nikkei is gonna give some people heart attacks.  The $NIKK did a gap up too.


Frankfurt gained 330 points and gapped up big time.  Here is one of the reasons you must only trade with money you can afford to lose.  Last week, the $DAX looked shortable but it flew up today.

Paris – Holly Molly, the $CAC gapped up big time.  Wait, there is a pattern here.  Is it because the most recent poll says that Britain might not BREXIT?  Could also be because of the short squeeze.

London – oh dear heaven.  What exactly happened?  The FTSE gained 183 points.  Must be the BREXIT factor.  Normally these European indices do not move this aggressively unless something major is going on.

North America:

Toronto gained 113 points and closed up way above its 200 day MA.

Dow Jones Industrial Average gained 130 points.  It is a bull market people.

Standard and Poor gained 12 points and it is bullish.

NASDAQ gained 37 points.  Bullish as well like its North American cousins.


We report on world news daily and you should check out World News on The Insider.


When we lived in Toronto, the little kid walked up and looked at all the computer screens which were streaming live coverage of the stocks I was watching.  She said “down down down, out out”.  I was watching Nortel as I had many shares in it.  I listened to the kid and dumped Nortel before it fell more and went out of business.

If a kid can read charts, so can you.  She is now 15yrs old and articulates but will not watch any charts.

Martha Leah Nangalama

Moncton, Uganda

I have an IT and business background with many years of trading.

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