Wednesday, February 24, 2016

Wed. Feb. 24 2016 #Uganda shilling and global market report
It was not a very good market on the day.  I was keeping an eye on things and nearly thought I had to get a mop and bucket and go wipe the blood off the trading floors.
The Uganda shilling closed at 3400 on the US dollar, 4735 on the British pound, 3746 on the Euro and 2481 on the Canadian dollar.  You can get your Kenyan shilling off the streets of Kampala.
Coffee Arabica closed at $3.06 per kilo.
Coffee Robusta closed at $1.61 per kilo.
I like the movement on the Arabica but Robusta also sells rather well because the masses cannot differentiate between the two yet the connoisseurs know the difference between the two types and hence why Arabica will always rule.
Gold closed at $1227 per ounce after dropping only 2.86 per ounce.  The turbulence of the markets will dictate the direction of gold.
Oil fooled many today.  It dropped to just under $32.50 a barrel then recovered and went right back up on top of the 50 day moving average closing at $34.41 a barrel.  I use $Brent because Uganda will never compete with WTI.  I now feel sorry for the people in Asia and Europe who dumped their holdings without realising that Canada and USA could play the oil market.  It is still an iffie market though so I would not write home about it, yet.
Shanghai gained 26 points. It is not so much the gain but the shape of the chart.  The chart shows that the $SSEC is going to curve downwards.
Hong Kong barely moved after losing only a miserly 3 points but it is also shaping downwards.  We should have paid more attention in the physics classes.  Gravity.  Shanghai talks and everyone asks “are you talking to me?”. $HKDOW is the symbol.
Tokyo lost 136 points and gave a signal of also resuming its free fall.  The $NIKK has fallen so hard and every positive signal it gives is really suspicious.  It did a small gap down but this was contained in the big white positive candle from 7 trading days ago.  Apart from loving sushi, I would not care about it.
Frankfurt – hey buddy!  What happened over there?  The $DAX lost 249 points.  There is a gap up from last week which is support but today’s drop seems to tell that there is more dropping.  It had been trading well under its 50 day moving average so this comes as no surprise.
Paris – Why?  You do not even speak German!  The $CAC formed the same dropping chart pattern as Frankfurt. Maybe it is because they are neighbours and now I hear they use the same currency!
London bridge is falling down.  To imagine that yesterday I was having hope.  It had touched the 50 day moving average and bounced a little bit above it and closed above it.  Well, today the bridge came tumbling.  The $FTSE did not even try.  It lost 95 points.  Which would normally not be that bad given that we still have the 3 soldiers to provide support (the white candles you will see on the chart of today) but it is so much like Frankfurt and Paris are acting like the plague is returning.
North America:
Toronto – I love you $TSX. This chart is also a looker.  It divided well under the 50 day moving average and then closed above it and even in the body of the last nice white positive candle we had.  With a hammer to boot.  Oh my. This is the stuff Long Traders live for.
Dow Jones Industrial Average gained 53 points.  Still sitting under the 50 day moving average but it hammered the fall so we might see it breaking above that blue line soon.  There is the European factor to watch though although us in North America sometimes ignore those people over there.  I am of the feeling that $INDU will slow down a bit till it breaks above its resistance which is the 50 day moving average.
Standard and Poor gained 8.5 points forming the same pattern as the Dow.  Today the $SPX was not leading as usual. No idea what happened in NYC.
NASDAQ gained 39 points.  It closed the gap up and still has 2 more gap ups to go so it looks like it will work out.  Easter gifts or Mother’s gifts by any chance?  You know many people these days buy gadgets for presents and the Nasdaq is gadget heavy.  For the fun of it, read this one.
Please check the Global News on The Insider.  Uganda had local government elections today so there was no time to keep up with the news and track of those elections.  Naturally, the usual happened and people got arrested.
Martha Leah Nangalama
Moncton, Canada
whatsap +15068716371
Find me Google+, Facebook and all social media.  I write in the business, opinion and world news columns.  All my opinions are mine and mine alone.  They do not reflect on my employer, on The Insider or any organisation I am affiliated with.

No comments:

Post a Comment