The Uganda shilling closed at 3415 on the US dollar, 4308 on the British pound, 3806 on the Euro, 33.71 on the Kenya shilling, 51.20 on the Rupee, 2583 on the Canadian dollar, 2590 on the US dollar and 1.57 on the Tanzania shilling. The shilling crashed through its support on the US dollar which I had set at 3375 and 3340. The next support levels are now 3425 and 3450. Resitance is now firm at 3400 with the next level being 3375. I guess it does not help that WB downgraded the Uganda GDP growth today.
Coffee Arabica closed at $3.65 per kilo.
Coffee Robusta closed at $2.20 per kilo. Nice play on Robusta. You still need to mix your containers though because blends are more saleable.
Gold is $1251 anad lost $18 per ounce. Must have been a great day for the markets so we are seeing money flying out of gold.
Brent Crude Oil had a fantastic day. It closed at $52.67 after gaining $1.03 per barrel.
WTI Crude Oil closed at $50.44 after gaining $0.61 per barrel.
Shanghai gained 6 points and is bullish but moves slowly.
Australia gained 28 points and is turning bearish.
Tokyo gapped up and gained 80 points and is now solid bullish.
Frankfurt lost 17 points but it is still bullish and I would be careful with the DAX. It is forming up a fake short pattern.
Paris lost 10 points and is also shaping up for faking out weak shorters. Stay on the sidelines. I would not liquidate long positions now but would cover half of the short positions.
London lost 33 points. I would hold and make no move at this point.
Toronto lost only 15 points by closing time and it is bearish no matter what was in the news today. I think oil investors on the TSX should consider taking half of the money off the table. It is looking like a good short but I would wait for more confirmation although now is good enough for real risk takers.
Dow Jones Industrial Average lost 13 points and the same advice applies as for Toronto. The INDU is trying but the chart looks more favourable to holding or shorting than it does for buying.
Standard and Poor gained 1 point by end of the day. Bears I am thinking.
NASDAQ lost 9 points and it is iffy. I think this is more bullish than the other cousins. The COMPQ has been very resilient. Never go against the trend.
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Martha Leah Nangalama
I have an IT and business background. I have traded, own shares and mutual funds. All my opinions are mine.