It was another bloody day on the markets and we cannot cry over spilt (spolit milk). The decimation is unreal. The Geo-Political things are not helping at all. The markets are acting like “I was busy minding my own business then someone came along and made me fall in love”. Jajaja The Brexit fell in love. The non Brexiters were like “where is the love?”
The Uganda shilling closed at 3404 on the US dollar, 4529 on the British pound, 3767 on the Euro, 50.28 on the Rupee, 2612 on the Canadian dollar, 2516 on the Australian dollar and 1.55 on the Tanzania shilling.
Do not get fooled by the minimal gain on the Ugandan shilling from today. Remember it bridged two support levels, 3400 and 3425 and it is going south. Only a miracle will make it worth holding. The shilling was trading at 2500 on the US dollar one year ago. Must you be so blind as to forget history or choose not to read it?
BoU is going to have to pay extra attention to the Geo-Political affairs. When the pound crashed, BoU did not seem to understand that their currency depends on UK a lot. Bakule babone. Every time anything happens in UK or US or EU, Uganda will pay. Sure, Russia and China can always step in but sadly both countries rely on the West for big market deals.
Coffee Arabica closed at $3.44 a kilo.
Coffee Robusta closed at 1.86 per kilo.
Gold is trending at 1318 per ounce and gained gained $4.40 per ounce. This means that the markets are stablizing. Let us check them out.
Oil (Brent crude) recovered and gained $2 a barrel closing at $49.41 a barrel. Hallelujah!
Shanghai gained 17 points and moved above its 50 day moving average (MA).
Hong Kong did that thing again. It tanked then recovered and then closed with no point gained or lost. Frankly, Hong Kong is boring.
Tokyo gained 14 points but the chart is very ugly. The Nikkei shook people down last Friday when it dropped some 1300+ points. I have never traded this index because it gives heart attacks.
Frankfurt gained 179 points but the chart is bad. It is bearish (more sellers than buyers).
Paris gained 104 points and its chart looks like his cousin next door.
London gained 159 points. I am betting on London.
Toronto gained 153 points but the chart is a little bit iffy.
Dow Jones Industrial Average gained 269 points but now faces the erosion from yesterday and last week.
Standard and Poor gained 36 points and might be indicating a bull market. Forget the Brexit, the world is recovering from the shock.
Nasdaq gained 97 points but its chart is bearish though.
The Insider reports news from Uganda, the Great Lakes regional countries and world news. Check us out: http://www.theinsider.ug/category/world-news/
You better buy back the 375 shares you dumped of RIMM to make money and get your set of Harry Porter!
But mom, they could not even repair the Torch which was still on warranty and the chart shows that Black Berry is dropping. Research in Motion (Black Berry) are going down. Give adolescents a phone and you cannot fix it on warranty. All the 5 mobile phones are now Android sauf for one who insists on an iPhone. Never ever forget your customers!
If kids of 6yrs and 9yrs can read charts, so can you.