Our Coppock indicators cranked up a gear in January, with no fewer than eight markets offering up new signals.
The bulk of these were cancelled sell signals - what we would in the past have described as an unofficial buy - in European markets, lifted by news that the European Central Bank plans to implement a programme of unsterilised quantitative easing. The signals present a major reversal of a lon-standing pattern - in December, every European market covered by our Coppock indicators was a sell. Whether the newfound confidence holds is another question altogether - the Dow Jones' December cancelled sell has been quickly reversed, while Russia's Micex has been flip-flopping between signals since trouble escalated in Ukraine. And the optimism that has lifted European markets could quickly dissipate if Greek problems escalate. That country's index remains a sell.
January's Coppock signals
Buy | Sell |
US DJ Industrial Average | |
Mexico Bolsa IPC | |
Cancelled sells | Cancelled buys |
New Zealand NZX 50 | None |
Netherlands Aex Index | |
Belgium Bel 20 Index | |
Ireland SE Overall Index | |
Sweden OMX Stockholm30 Index | |
Russia Micex Index |
North America | Oct | Nov | Dec | Jan | Latest signal | Latest signal (date) |
SPX | 38.13 | 37.17 | 35.99 | 32.38 | SELL | Mar-14 |
DJINDUS | 24.97 | 24.7 | 25.05 | 22.6 | SELL* | Jan-15 |
NASDAQ 100 | 57.56 | 57.01 | 54.75 | 50.29 | SELL | Sep-14 |
NASDAQ COMP | 50.02 | 47.72 | 44.86 | 40.07 | SELL | Apr-14 |
S&P/TSX | 35.33 | 33.61 | 30.49 | 26.9 | SELL | Oct-14 |
Asia Pacific, Africa | ||||||
BANGKOK S.E.T. - PRICE INDEX | 10.05 | 16.99 | 19.82 | 24.32 | BUY | Jun-14 |
FTSE BURSA MALAYSIA KLCI - PRICE INDEX | 13.19 | 10.44 | 7.1 | 4.22 | SELL | May-14 |
FTSE CHINA B 35 - PRICE INDEX | -4.83 | -0.86 | 6.03 | 12.85 | BUY | Aug-14 |
HANG SENG - PRICE INDEX | 11 | 11.1 | 11.15 | 11.3 | CANCEL SELL | Oct-14 |
KOREA SE COMPOSITE (KOSPI) - PRICE INDEX | 4.98 | 3.94 | 2.04 | 0.36 | SELL | Oct-14 |
IDX COMPOSITE - PRICE INDEX | 18.195 | 23.412 | 26.799 | 30.408 | CANCEL SELL | Jun-14 |
STRAITS TIMES INDEX L - PRICE INDEX | 5.02 | 6.85 | 9.12 | 10.93 | CANCEL SELL | Jul-14 |
TAIWAN SE WEIGHED TAIEX - PRICE INDEX | 24.1 | 23.29 | 22.65 | 21.96 | SELL | Sep-14 |
TOPIX - PRICE INDEX | 27.18 | 25.83 | 26.7 | 27.3 | CANCEL SELL | Dec-14 |
ASX 200 | 16 | 13 | 10.9 | 9.9 | SELL | Sep-14 |
NZ 50 | 19.42 | 19.07 | 18.52 | 19.48 | CANCEL SELL* | Jan-15 |
JSE TOP 40 | 41.19 | 36.84 | 32.38 | 28.67 | SELL | Sep-14 |
SENSEX | 61.86 | 67.92 | 69.17 | 72.28 | CANCEL SELL | Mar-14 |
South America | ||||||
MEXICO IPC (BOLSA) - PRICE INDEX | 10.4 | 12.36 | 13.42 | 12.27 | SELL* | Jan-15 |
BRAZIL BOVESPA - TOT RETURN IND | 9.19 | 11.49 | 10.57 | 7.47 | SELL | Dec-14 |
MSCI EM LATIN AMERICA U$ - PRICE INDEX | -4.023 | -4.261 | -7.172 | -12.006 | CANCEL BUY | Nov-14 |
Europe/UK | ||||||
AEX INDEX (AEX) - PRICE INDEX | 25.46 | 24.09 | 22.6 | 22.9 | CANCEL SELL* | Jan-15 |
ATHEX COMPOSITE - PRICE INDEX | 37.07 | 23.85 | 5.25 | -14.95 | SELL | Jun-14 |
ATX - AUSTRIAN TRADED INDEX - PRICE INDEX | -5.06 | -9.04 | -14.67 | -19.36 | SELL | Dec-13 |
BEL 20 - PRICE INDEX | 35.73 | 34.4 | 32.54 | 32.86 | CANCEL SELL* | Jan-15 |
DAX 30 PERFORMANCE - PRICE INDEX | 31.07 | 28.14 | 24.45 | 23.29 | SELL | Jun-14 |
EURO STOXX 50 - PRICE INDEX | 29.154 | 26.398 | 22.092 | 19.841 | SELL | Jun-14 |
FRANCE CAC 40 - PRICE INDEX | 21.35 | 18.12 | 14.14 | 12.6 | SELL | Jun-14 |
FTSE 100 - PRICE INDEX | 7.38 | 6.28 | 4.39 | 3.33 | SELL | Dec-13 |
FTSE 250 - PRICE INDEX | 18.29 | 14.6 | 11.75 | 9.12 | SELL | Dec-13 |
FTSE ALL SHARE - PRICE INDEX | 9.2 | 7.65 | 5.58 | 4.24 | SELL | Dec-13 |
FTSE MIB INDEX - PRICE INDEX | 46.88 | 41.28 | 31.72 | 25.48 | SELL | Jul-14 |
IBEX 35 - PRICE INDEX | 49.9 | 45.25 | 37.59 | 30.97 | SELL | Sep-14 |
IRELAND SE GENERAL (ISEQ) - PRICE INDEX | 32.67 | 30.29 | 29.35 | 29.73 | CANCEL SELL* | Jan-15 |
OMX STOCKHOLM 30 (OMXS30) - PRICE INDEX | 28.01 | 27.33 | 26.84 | 28.18 | CANCEL SELL* | Jan-15 |
OSLO EXCHANGE ALL SHARE - TOT RETURN IND | 46.05 | 40.01 | 34.12 | 28.8 | SELL | Sep-14 |
PORTUGAL PSI-20 - PRICE INDEX | 11.13 | 0.54 | -11.88 | -22.34 | SELL | Jun-14 |
RUSSIAN MICEX INDEX - PRICE INDEX | 1.99 | 3.18 | 0.94 | 5.6 | CANCEL SELL* | Jan-15 |
SWISS MARKET (SMI) - PRICE INDEX | 20.26 | 20.95 | 20.44 | 16.84 | SELL | Dec-14 |
*New signals