Uganda shilling and global market report – November 3, 2016


It was a bloody day on the markets today. Everyone just threw in the towel and followed gravity to the South Pole.

The Uganda shilling ended at 3480 on the US dollar. This pair on forex is UGX/USD. It still has room to fall so I would strictly short the UGX. Those who keep up with my reports on business know there is no way the shilling is going to appreciate.

Gold is at $1302 after losing $5 per ounce. This is a minor pull back for some profit takers. Gold has been steadily appreciating as the markets depreciate.

Brent Crude Oil closed at $46.36 after losing $0.74 per barrel. We have support in the neighbourhood of $44 – $45 per barrel. Enjoy the ride. The November 30, 2016 OPEC meeting will make no difference. Irrational exhuberance did not notice that the proposed cut by the entire oligarpoly was only 200,000 barrels per day. So Oil has basically been Pump And Dump.


Shanghai did pretty good. It gained 26 points when others were tanking. However, it is at the double top so I would hold all positions and initiate no new ones.

Australia losr 4 points. The AORD has been bleeding and is no where near being done. It did a tiny hammer but it is under major support. I would let my shorts run for a few more trading days.

Tokyo lost 308 and gapped down big time. The MACD indicates that the Nikkei is gonna fall more. I would take out half of my longs in this neighbourhood and use the money to short the NIKK.

Frankfurt lost 6 points. Shorters are making good money on the DAX.

Paris lost 3 points. It tried but the CAC is still going down.

London lost 55 points. Lucky are those wjo shorted it when I first suggested to short the FTSE. It is still a good short now because this baby has run out of steam.

Toronto lost 12 points. Its support is way below so the TSX is really only shortable now. Although long term investors should consider adding positions in this area.

Dow Jones Industrial Average lost 29 points and its support is also far below.

Standard and Poor lost 9 points and closed a hair above its major support, the 200 day moving average (MA). This is interesting because the Dow and TSX are way above their 200 MA. The SPX might set the trend after all. Keep our eyes open.

Nasdaq lost 47 points. Mama mia caramba! What an ugly chart. Very gruesome. The COMPQ is bleeding big time.  All the Tech mergers and buyouts are not helping it at all. Even Brocade did something yesterday and when it hit the news, I thought good old tech heavy Nasdaq would bounce a bit. WRONG!



You can also follow me on Social Media.

Martha Leah Nangalama

Moncton, Canada

Twitter: @mlnangalama

I have an IT and business background.

Theinsider Uganda is a news publishing website. We are located at Suite G25 Metroplex Shopping mall, Naalya Kampala Uganda. info@theinsider.ug
Enter ad code here

Copyright © 2016 Theinsider Uganda. Unearthing the truth

To Top