The Uganda shilling closed at 3367 on the US dollar, 4840 on the British pound, 3817 on the Euro, 33.20 on the Kenyan shilling and 2596 on the Canadian dollar. I am loving this whole thing on the #SteadyProgress but most so on the Canadian dollar.
Coffee Arabica closed at $3.01 a kilo.
Coffee Robusta closed at $1.57 a kilo
We should have gone into coffee 5 months ago when I started covering it. You people, we are too slow. This coffee business does not make drastic moves but moves up steadily. The fact that coffee is traded in full container loads (FCL) each of which is some 25,000kg, we could have scored a cool $0.50 per kilo per container. Wish I could follow my own advice. This fall from the last trading day is a bit worrisome but I do not trade coffee though.
Gold closed at $1227 per ounce after tanking some $12.22. Whenever the stock markets stabilize, minerals go down and the best indicator is Gold. RIP Gold, for now…
Oil (Brent) was unchanged. There are more buyers than sellers but the sellers seem to be over taking the buyers so I would be cautious with oil because either we have profit taking in play, naive investors buying when everyone is bailing out or simply monthly sell and buy contracts hitting the market. We also have option expirations.
The daily chart shows more downside and yet the weekly chart shows upside. Reminds me that I need to write about the Long and Short and Margin. I have done so in the past but no Ugandan was paying attention. In time, I will reshare. You could start with this link though and there will be more to come. http://www.theinsider.ug/primer-on-stock-market-turbulence/
Shanghai defied the odds and rose up some 80 points. It has some nice beautiful white candles from last week so this rise should not come as a surprise. Let us use this Chart for today. Look at today’s candle. It is white and that is positive. Then look to the left of it of the small red candles. Then look a bit further to see the 4 while candles previously. Also notice that it has remained above its support off the blue line (50 day MA). It is never about the fall or rise, it is about the pattern on the chart. Candlesticks are used by most professionals on minute, hourly, daily, weekly, monthly and yearly charts. I am going to give you a link on chart school at the end of this article.
Hong Kong caught fire from Shanghai. It went up 9 points but the chart is to die for.
Tokyo fell 225 points. I am starting to really believe that the Japanese are not related to the Chinese. The $NIKKI is trying to ruin the party here. Shaaa…
Frankfurt gained 159 points and still its pattern is not promising. The daily chart says there is yet to be more pull back but the weekly is solid. Damn profit takers.
Paris gained 78 points and its daily chart which was dropping today shows that the $CAC is turning up north. The weekly chart still says it is going up.
London practically erased the losses from the last 2 trading days and cemented the London bridge. The $FTSE is going up. Oh lo behold that Frankfurt is far away from London. Well, they do not share borders.
Toronto played a good trick. It had crashed below its 200 MA and today rose up, touched it, attempted to close above it but closed just at its level. This is really good because I think that the $TSX will return to its level above its 200 moving day average on the weekly chart. Its weekly chart is solid bullish.
Dow Jones Industrial Average gained 4 points. This chart is worth sharing because the $INDU has remained solidly above its support level of the 200 MA and has not looked back. We do not see any resistance above unless we look at the yearly charts and who even has the time. Well done DOW.
Standard and Poor – can you just believe this? The $SPX formed the same pattern as the Dow. When the Dow and the S&P remain above their 200 day moving average on daily or weekly, it means we are in a bull market. For Uganda, that means more buyers than sellers. Supply and Demand.
NASDAQ gained 23 points. Nothing to write home about but its chart is super awesome. It closed above its 200 day MA too on the daily chart and the weekly chart is shining bright. Or the $compq seems to have found its own rhythm. Hallelujah praise heaven.
Check The Insider on World News and News (the sections I contribute to) and then the Business section. This article is only a sample of what else you can read on that site. http://www.theinsider.ug/eu-to-cut-back-funding-for-amisom-troops-from-burundi/
All the charts I use are from www.stockcharts.com and are free. I also use websites which are included below.
Stockcharts has a free online chart school. Check them out. Free is good. http://stockcharts.com/school/doku.php?id=chart_school
www.ico.org for coffee prices
tradingeconomics.com/commodities for commodities for Gold and many other commodities I do not report on.
$BRENT is brent oil
$SSEC is Shanghai
$HKDOW is Hong Kong
$NIKK is Tokyo
$DAX is Frankfurt
$CAC is Paris
$TSX is Toronto
$INDU is the Dow Jones Industrial Average
$SPX is Standard and Poor
$COMPQ is the Nasdaq.
Martha Leah Nangalama
I have an IT and business background and have traded equities, options, mutual funds, indexed funds and forex. All my opinions are mine and mine alone. My information is public. Try Google. Same names.