Business

Uganda shilling and global market report – October 20, 2016

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The Uganda shilling closed at 3433 on the US dollar. It is still bearish. We need it to break 3425 then 3400. If it does not, we need to watch support at 3450 (joke) and 3500.  This shilling has got many factors against it so I would short it. Best currency pair is USD/UGX. There is nothing good coming out for the UGX. Nothing.

Ugandans who trade coffee and need prices, you know where to find me. As well as other commodities.

Gold closed at 1267 per ounce. No signficant change but it went under a major support line (200 MA). Awesome news. Means markets will be rising.

Brent Crude Oil closed at $51.39 after losing $1.17 per barrel. What a great setup for a put or short.  It was shaping up for this anyway. Oil is going down.

GLOBAL MARKETS

Shanghai did not move but it is bullish. I would not even care since I have to learn Chinese to return to Uganda.

Tokyo gained 237. But this one has been bullish though. Love sushi because the Nikkei is beautiful.

Australia gained 8 points but it is not strongly and still looks like a good short.

Frankfurt gained 56 points. We still have resistance but the DAX has defied odds and I would hold all positions.  If you wanna risk a little, you could short it now but tiny and watched. Otherwise stay on the sidelines.

Paris gained 20 points. I think this is a consiprancy. It looks like Frankfurt. I would definitely stay on the sidelines for the CAC. It looks bullish but there is resistance coming up.

London gained 5 points. The FTSE keeps hurting. It is strong on the upside. Those who read my daily business reports will remember that I have always said that the FTSE is strong for going North. Sure, the pound has dropped but a weak currency is good for exports.

Toronto gained 8 points and closed a hair above resistance. The TSX is strongly bullish. Today’s closing might trigger a short squeeze. Might.

Dow Jones Industrial Average lost 40 points. Damn US elections.

Standard and Poor lost 3 points.

Nasdaq lost 5 points.

To understand how the US elections are affecting the markets, see what our 18yr old posted in our family chart.

“If you guys are watching the debate, but Trump is wearing black and red, and Hilary is wearing all white and I’m screaming it’s so funny!!! It literally looks like the devil vs an angel!!!!! What kind of poetic imagery is happening here, I love it”

GLOBAL NEWS

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Martha Leah Nangalama

Moncton, Canada

I have an IT and business background. I own oil shares, mutual funds and have traded in the past. All opinions are mine.

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