The two gold mining indices that turned up last month had a volte-face and produced sell signals in November. The Nasdaq 100 along with the FTSE All-Share Oil & Gas indices also posted sell signals.
The IC/Coppock Indicator has been experiencing a considerable amount of whipsawing this past year and it looks as though FT Gold Mines and the Toronto Gold indices are following a similar pattern. Gold prices declined in November and there was substantial selling in the Indian market as the rupee got stronger against the US dollar, although that will all change as jewellers start buying and stock-piling ahead of the wedding season. Expect yet another change in direction for these two indices this month.
The IC/Coppock Indicator for the Nasdaq 100 Index also gave a sell signal in November. The fall in the price of gold and other commodities along with the fiscal cliff worries caused a slide in the US market, although it wasn't sufficient enough to cause its IC/Coppock Indicator to produce a sell signal. However, the Nasdaq 100 index dropped significantly to turn its indicator.
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Summary table of IC/Coppock indicators - major markets worldwide:
| Index/market | November average index | November indicator* | October indicator* | September indicator* | Signal† |
|---|---|---|---|---|---|
| UK Govt. Secs | 173.05 | +35.3 | +43.6 | +50.4 | WAIT |
| FT 30 | 2,087.96 | +19.0 | -0.8 | -20.2 | HOLD |
| FTSE 100 | 5,787.52 | +19.7 | +12.6 | +3.3 | HOLD |
| FTSE All-Share | 3,024.29 | +22.4 | +13.8 | +2.9 | HOLD |
| FT Gold Mines | 2,982.77 | -111.9 | -107.5 | -113.4 | SELL |
| Amsterdam | 514.75 | +24.9 | +8.4 | -8.4 | HOLD |
| ASX All Ord | 4,451.20 | -6.1 | -16.9 | -31.7 | HOLD |
| S&P/ASX 200 Energy | 12,138.88 | -59.6 | -61.2 | -70.5 | HOLD |
| Belgium S.E. | 8,675.57 | +57.5 | +35.1 | +12.5 | HOLD |
| Dax (Germany) | 7,238.57 | +65.3 | +42.6 | +16.0 | HOLD |
| Dow Jones | 12,896.44 | +58.3 | +57.4 | +48.8 | HOLD |
| Rep of Ireland (ISEQ) | 3,271.78 | +107.2 | +96.2 | +82.0 | HOLD |
| France CAC 40 | 3,461.48 | +2.1 | -21.2 | -42.3 | HOLD |
| Hang Seng | 21,650.18 | +4.6 | -17.6 | -44.5 | HOLD |
| Italy BCI | 827.39 | -52.1 | -72.3 | -92.0 | HOLD |
| S. Africa Gold | 2,362.07 | -70.6 | -51.7 | -39.1 | WAIT |
| S. Africa Industrial | 35,363.02 | +138.2 | +131.3 | +118.6 | HOLD |
| Straits Times | 3,002.41 | +18.9 | +8.4 | -8.8 | HOLD |
| Tokyo New S.E. | 753.21 | -23.4 | -35.0 | -43.2 | HOLD |
| Toronto Comp | 12,163.18 | -23.9 | -32.9 | -45.8 | HOLD |
| Toronto Gold | 2,697.49 | -115.5 | -112.6 | -117.8 | SELL |
| Sweden OMX | 1,060.36 | +32.3 | +19.2 | +3.1 | HOLD |
| FTSE techMARK 100 | 2,405.21 | +76.1 | +64.9 | +50.9 | HOLD |
| Nasdaq 100 | 2,616.62 | +96.2 | +97.1 | +91.6 | SELL |
| *Average index for November 2012. †IC/Coppock indicator. ††Unofficial signal. BUY/SELL = self explanatory; WAIT = you sold at the last sell signal and are now waiting for the next buy signal; HOLD = you bought at the last buy signal and are now awaiting the next sell signal. | |||||
For a list of the constituents of the FTSE All-Share sector indices click here
Summary table of IC/Coppock indicators - FTSE All-Share Sectors:
| Sector | November average index | November indicator* | October indicator* | September indicator* | Signal† |
|---|---|---|---|---|---|
| Mining | 17,526.88 | -91.2 | -102.0 | -118.1 | HOLD |
| Oil & gas | 7,778.86 | +0.2 | +5.9 | +5.6 | SELL |
| Chemicals | 9,279.04 | +133.1 | +120.9 | +104.9 | HOLD |
| Constr & building materials | 3,275.82 | -23.8 | -35.9 | -49.5 | HOLD |
| Forestry & paper | 7,622.16 | +78.9 | +36.1 | -1.8 | HOLD |
| Steel & other metals | 2,839.56 | -267.1 | -277.0 | -288.4 | HOLD |
| Aerospace & defence | 3,939.70 | +103.0 | +98.4 | +86.8 | HOLD |
| Diversified industrials | 2,663.94 | +73.5 | +50.7 | +24.2 | HOLD |
| Electronic & electrical equipment | 4,106.34 | +85.3 | +67.4 | +45.8 | HOLD |
| Engineering & machinery | 7,898.55 | +49.6 | +44.1 | +32.6 | HOLD |
| Automobiles & parts | 5,003.07 | +31.8 | +17.4 | +1.9 | HOLD |
| Household goods & textiles | 2,414.56 | -99.2 | -108.3 | -120.3 | HOLD |
| Beverages | 13,083.31 | +155.9 | +147.5 | +140.5 | HOLD |
| Food producers | 6,296.04 | +64.0 | +58.1 | +54.2 | HOLD |
| Healthcare | 3,735.12 | +38.8 | +22.7 | +4.1 | HOLD |
| Personal care | 16,913.11 | -28.8 | -25.0 | -12.9 | WAIT |
| Pharmaceuticals | 9,259.16 | +22.6 | +31.2 | +38.0 | WAIT |
| Tobacco | 36,480.34 | +90.6 | +101.9 | +112.9 | WAIT |
| General retailers | 1,888.44 | +70.1 | +48.3 | +28.9 | HOLD |
| Leisure & hotels | 4,931.98 | +75.3 | +52.4 | +30.1 | HOLD |
| Media & entertainment | 4,672.65 | +67.5 | +55.4 | +39.4 | HOLD |
| Support services | 5,037.80 | +95.7 | +79.4 | +60.6 | HOLD |
| Transport | 3,115.25 | +12.6 | -6.6 | -26.9 | HOLD |
| Food & drug retailers | 4,103.22 | -66.9 | -66.4 | -65.6 | WAIT |
| Telecommns services | 2,701.21 | +94.6 | +82.2 | +66.6 | HOLD |
| Electricity | 8,812.42 | +27.5 | +26.1 | +24.6 | HOLD |
| Other utilities | 6,839.00 | +62.4 | +61.0 | +57.0 | HOLD |
| Banks | 4,159.86 | +14.9 | -22.5 | -54.1 | HOLD |
| Insurance | 1,792.40 | +24.5 | +3.0 | -16.8 | HOLD |
| Life assurance | 4,958.99 | +84.0 | +54.4 | +30.2 | HOLD |
| Investment companies | 5,975.00 | +4.6 | -6.1 | -18.9 | HOLD |
| Other finance | 4,477.39 | -10.6 | -38.0 | -64.7 | HOLD |
| IT hardware | 1,152.05 | +51.6 | 26.1 | +13.8 | HOLD |
| Software & computer services | 982.31 | +110.2 | +103.3 | +92.7 | HOLD |
| *Average index for November 2012. †IC/Coppock indicator. ††Unofficial signal. BUY/SELL = self explanatory; WAIT = you sold at the last sell signal and are now waiting for the next buy signal; HOLD = you bought at the last buy signal and are now awaiting the next sell signal. | |||||
Summary table of IC/Coppock indicators – Emerging & other markets worldwide
| Market/index | November avg index | November indicator* | October indicator* | September indicator* | Signal† |
|---|---|---|---|---|---|
| Argentina | 8,361.45 | -78.1 | -89.5 | -104.3 | HOLD |
| FTSE Aim | 691.88 | -54.5 | -66.8 | -83.3 | HOLD |
| Brazil | 57,197.78 | +0.6 | -2.5 | -15.2 | HOLD |
| China | 2,211.21 | -93.9 | -95.1 | -102.3 | HOLD |
| Greece | 812.41 | -128.3 | -182.4 | -240.1 | HOLD |
| India | 5,700.09 | +12.9 | +0.6 | -21.8 | HOLD |
| Indonesia | 4,327.29 | +57.2 | +51.2 | +39.3 | HOLD |
| Israel | 1,073.37 | -6.8 | -24.3 | -43.2 | HOLD |
| Mexico | 12,923.65 | +50.8 | +37.2 | +16.5 | HOLD |
| Philippines | 5,499.80 | +133.8 | +127.9 | +116.0 | HOLD |
| Poland | 43,981.84 | -6.6 | -27.3 | -50.7 | HOLD |
| Portugal | 5,291.38 | -108.0 | -130.9 | -150.4 | HOLD |
| Russia | 15,850.39 | -72.4 | -76.4 | -89.8 | HOLD |
| South Korea | 1,904.70 | -3.1 | -9.0 | -20.1 | HOLD |
| Spain | 783.35 | -97.7 | -115.0 | -127.3 | HOLD |
| Switzerland | 6,691.57 | +61.4 | +44.4 | +27.5 | HOLD |
| Thailand | 1,292.39 | +120.1 | +102.9 | +74.6 | HOLD |
| Turkey | 71,631.63 | +66.5 | +34.0 | +9.3 | HOLD |
| Venezuela | 379,835.60 | +1,162.2 | +1,103.7 | +1,010.3 | HOLD |
| *Average index for November 2012. †IC/Coppock indicator. ††Unofficial signal. BUY/SELL = self-explanatory; WAIT = you sold at the last sell signal and are now waiting for the next buy signal; HOLD = you bought at the last buy signal and are now awaiting the next sell signal. | |||||
