All eyes are on BREXIT but the polls are showing that Britain might stay in the EU. This is going to be a hard week on many financial news reporters. Coffee prices are going through the roof. The impact of BREXIT is immense.
However, most professional traders have factored in the YES of Non.
Next week will require more coffee as the world markets digest the decision which is this week. Oh, so much fun.
The Ugandan shilling closed at 3360 on the US dollar, 4930 on the British pound, 3779 on the Euro, 49.69 on the Rupee, 33.23 on the Kenyan shilling, 2622 on the Canadian dollar (time to send my mom money), 2505 on the Australian dollar and 1.53 on the Tanzanian shilling.
Coffee Arabica closed at $3.54 per kilo.
Coffee Robusta closed at $1.90 per kilo.
Minor pullback on Arabica but it had shot up. Robusta is holding steady. Please mix your coffee containers with both.
Gold is trending at $1265 per ounce and lost $25 per ounce. Oh my. This means that the global markets did well today. Let us now look at them. BREXIT is causing things on the global markets. I love it. Go up or down, it is fun.
Oil (Brent Crude) closed at $50.89 per barrel after gaining a miserable $0.53 per barrel.
Shanghai is having a hard time climbing above its 50 day moving average (MA). It lost 10 points today.
Hong Kong – what a boring index! It gained nothing and lost nothing. We need movement here!
Tokyo gained 204 points but the Nikkei is not an easy play. I would remain on the sidelines because the $NIKK can swing you out of money faster than you can say BOO!
Frankfurt gained 54 points. Screw BREXIT!
Paris gained 26 points. Oh the Parisiens must be having a big party over there.
London – What a beauty! It climbed up above its resistance at the 200 MA. This one has got to be the chart of the day. Look at the red candles from last week when it was following gravity and then it is now defying the odds. Long live England. Please do not BREXIT, we will miss you!
Toronto lost 3 points. Yawn!
Dow Jones Industrial Average gained 25 points. Boring.
Standard and Poor gained 6 points and the chart for the $SPX is awesome. It is a bull market friends.
NASDAQ gained 7 points. Bullish.
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When Becky was 12, she got herself a brand new BB Torch. While it was on warranty, the thing died. Our Telco sent it to Black Berry to fix it. BB returned it with a note that they could not fix it. I contacted them and asked them why they could not fix a phone that still had a warranty? They said nothing. The kid found me watching the charts on how BB was performing. “Mom, sell it. Sell it. If they cannot fix one of their newest phones on warranty, they are going down.”. But the chart was ugly though. So we moved all phones to Androids (only one kid insists on iPhone and we used to have all iPhones). I have no idea how Black Berry is doing now but it was a fruit in the beginning.
If a kid can read charts, so can you!
Martha Leah Nangalama
I have an IT and business background.