The Uganda shilling closed at 3342 on the US dollar, 4705 on the British pound, 3632 on the Euro, 32.96 on the Kenyan shilling and 2491 on the Canadian dollar. The stability is impressive even after the elections. We need this shilling to climb to 3250 on the US dollar and break through that resistance. On the bottom side, we dare not return to the region of 3400 because we will likely crash through that support.
Coffee Arabica closed at $2.95 per kilo.
Coffee Robusta closed at $1.59 per kilo.
Arabica seems to be holding up but Robusta is eroding daily a tiny bit by bit.
Gold closed at $1239 per ounce. Not too much capital flight here. The markets are stabilizing.
Brent crude oil closed at $37.07 per barrel. The chart is nice and it looks like oil is on its way up. There are points of resistance it will face like $40 and $45 but if this climb shakes down the shorters, we could have a nice run via the short squeeze.
Shanghai gained 116 points but still faces a negative red candle from 5 trading days ago so it has to rise up above this candle in order to show a convincing sign of recovery. In addition, the $SSEC is still sitting way under its 50 day moving average while some other indices are closing above this key line.
Hong Kong gained 11 points but the chart literally shows that the $HKDOW caught fire today. The closing candle is white and positive (nothing to do with race but candle sticks come in red and white or black and white or all three). Chart of the day.
Tokyo went up 661 points. Remember this is the one I always mention that a drop or rise of some 300 points is nothing because the $NIKK can move up or down 900+ points. I do not know how they do it because these are the things heart attacks are made of. Sadly, it is still closing under its 50 day moving average, approaching that line and we shall see if it can break up above it. It gapped up and closed above the recent 3 red negative candles so the momentum is there.
Frankfurt finally closed above its 50 day moving average. Not much change though, only a gain of 59 points but the $DAX broke through the resistance.
Paris – today is the $CAC’s third day to close above the 50 day moving average. It gained 18 points only but closing 3 days in a row above a key resistance level spells good things.
London – Fifth trading day in a row above the 50 day moving average. It pulled back a little bit and lost 6 points but this $FTSE has been on a tear compared to its other European cousins.
Toronto gained 36 points but it has been trading way above its resistance and looking awesome. The $TSX is oil heavy so when oil stabilizes and rises, the TSX follows.
Dow Jones Industrial Average gained and lost nothing. It closed at the same level as yesterday. I suspect that the reason it did not rise up is due to profit taking. Given how low it had fallen, it only makes sense that some people take some profits off the table. The symbol for this one is $INDU.
Standard and Poor gained 8 points. The chart is still on the positive side but it is approaching its 200 day moving average so we might see a little pull back. The symbol is $SPX.
NASDAQ gained 14 points. Still closing above the 50 day moving average and yet well under the 200 day moving average so within this boundary, it could pull back a bit. Hurry and buy those gadgets people and push the $COMPQ up.
Syrian ceasefire is holding.
Yemen is a toss.
North Korea to face the harshest UN sanctions. By the way North Korea fired projectiles into the sea after the sanctions were approved. Likely just blanks anyway so no reason to panic.
Burundi negotiations for ceasefire and peace are on going but they are still killing each other.
DRC (Congo) still has people hacking people to death. WHY?
CAR (Central African Republic) has information via UN Human Rights Watch that abuses by UN peace keepers are still ongoing. France is doing something about this but some of those peace keepers are from neighbouring African countries so you know how that song goes.
But get this one. Some debris was found off the coast of Mozambique and suspected to be the missing Malaysian flight MH370. And you thought you had heard it all!
Martha Leah Nangalama
All my opinions are mine and mine alone.