What a wild week. It is even amazing that the percentage of heart attacks and blood pressure related strokes did not shoot up. What were people thinking? BREXIT was totally too painful. Damn! Mama mia caramba, the markets are wild.
The Uganda shilling closed at 3405 on the US dollar, 4580 on the British pound, 3788 on the Euro, 50.50 on the Rupee, 33.63 on the Kenya shilling, 2631 on the Canadian dollar (time to send mom money), 2539 on the Australian dollar and 1.55 on the Tanzania shilling.
I am very annoyed about the Uganda shilling. The minute it closed above 3400 on the US dollar, I lost all hope. But this shilling is degrading on major currencies. Support is firm at 3400. Resistance if it climbs up will be 3375, 3350, 3325. We need a miracle. We absolutely need the shilling to trade better and break through the 3400 mark. It is month end and importers in Uganda of bichupuli have to settle their accounts.
Coffee Arabica closed at $3.53 per kilo.
Coffee Robusta closed at $1.91 a kilo.
Coffee is looking hot. At Mzee’s funeral, we listened to the will being read out. All the coffee lands had been left for the boys and some girls. My uncle looked at me as he was listening “For Leah, I leave nothing.” It had footnotes though. Our family grows a lot of Arabica. They just do not market it. Father was right.
Gold is trending at $1316 per ounce and only gained $1.92 per ounce.
Oil (Brent Crude) closed at $50.88 per barrel after gaining a cool $1.47 a barrel. Hahahaa. This one is awesome. I bet you that it was the short squeeze. Keep up. Wait wait, oil is topping out though. I think the shorters could use this level to short.
Shanghai – well, would you just believe it? Shanghai gained a whole 19 points. It used be fun to watch Shanghai but lately it has become terribly boring.
Hong Kong gained a whole 6 points. Oh dear heaven, save me from Hong Kong.
Tokyo did a minor gap up and gained 244 points. But the Nikkei is suffering. Let us make this chart the one for today. Do you see how the gain is engulfed in a big red negative candle? Goes to tell you that negative interest rate lending does not usually work. We need their techie things and cars though. Tokyo will recover. It may take time.
Frankfurt gained 165 points but in bear territory fully (more sellers than buyers).
Paris gained 106 points but still looking bearish.
London gained – Jesus Christ. Did the $FTSE just do that? It gained 220 points and what a beauty. Screw BREXT. This has got to be our chart for today. Suckers thought that London Bridge Was Falling Down. Burn!
Toronto gained 194 points and moved in bull territory. Remember that the $TSX is oil heavy.
Dow Jones Industrial Average gained 285 points but it is shortable although, you really should stay on the side.
Standard and Poor gained 35 points and it is facing some resistance to climb higher but the $SPX is not good to short now. But risk takers could make some money. We are in a bull market. Like we even forgot what Brexit meant.
Nasdaq gained 83 points. It is also iffy. Do not trade with money you cannot afford to lose.
Well well, would you just believe this? The world is still doing what they do best. Arrests, torture, maim, murder, silencing voices of dissent, arresting journalists. The usual things. The Insider covers news from all around the world. You can check us out at http://www.theinsider.ug/
On the bright side, July 1 is Canada Day and we have a public holiday. All entrances in parks and museums are free. You can also move to Canada. www.cic.gc.ca
On 911, there were 4 screens streaming feeds. I also had to get the girls ready for school. I ran to the first screen and tried to see if it had died. Then the next one, then the third one. This kid walks up and says “mommy, Nortel is going down, she was 3yrs old but could read charts”. Finally I check in and Toronto is closed and Nortel is dropping like a hot potato. Luckily, I had put a stop sell on it and it triggered in. The thing about 911 is the nightmare. It was awful. The next time I went to send money home, I was questioned like I was some terrorist. Oh gosh, how can we destroy the world so much and get away with it?
If a kid can read charts, so can you. http://stockcharts.com/school/doku.php?id=chart_school
Martha Leah Nangalama
I have an IT and business background and have not lived in Uganda for decades.