Once again news coming out from Greece has influenced the performance of the world bourses during May. The fact that Greece was unable to form a new government caused a pandemic of malaise to spread across all the stock markets bar China whose index managed to increase this month. Spanish bank debt became problematical as rumours of a bail out spread and put further worries on the Euro. As a result of this there were a number of new IC/Coppock sell signals given in May to add to those already on a wait.
The indices for the FTSE All-Share sectors for chemicals, tobacco, general retailers, transport and software and computer services all succumbed and turned down in May. Their indicators fell in line with the majority of the sectors by producing sell signals. This now only leaves the sectors for aerospace and defence, beverages, leisure & hotels, other utilities and banks on hold.
Other markets that produced sell signals in May were the ones for Singapore and Japan along with the US Nasdaq 100 index. Newcomer, Facebook, experienced a torrid time as new stockholders watched the price of the stock plummet on the Nasdaq stock market. For more information on Nasdaq see The Trader's Comments.
There were, however, a couple of rogue buy signals given - they were the ones covering the stock markets of Belgium and India. These two markets are whipsawing and as such should be treated with great care because they could just as easily turn down again this month.
Summary table of IC/Coppock indicators - major markets worldwide:
| Index/market | May average index | May indicator* | April indicator* | March indicator* | Signal† |
|---|---|---|---|---|---|
| UK Govt. Secs | 172.29 | +54.4 | +52.0 | +48.3 | HOLD |
| FT 30 | 1,886.62 | -68.4 | -62.2 | -54.5 | WAIT |
| FTSE 100 | 5,461.44 | -24.4 | -18.3 | -13.8 | WAIT |
| FTSE All-Share | 2,837.91 | -25.5 | -19.2 | -14.8 | WAIT |
| FT Gold Mines | 2,734.58 | -63.7 | -39.8 | -13.9 | WAIT |
| Amsterdam | 471.31 | -70.9 | -66.4 | -61.8 | WAIT |
| ASX All Ord | 4,264.70 | -61.0 | -59.1 | -55.3 | WAIT |
| S&P/ASX 200 Energy | 13,068.54 | -86.6 | -80.0 | -72.5 | WAIT |
| Belgium S.E. | 7,674.12 | -63.4 | -63.6 | -62.4 | BUY |
| Dax (Germany) | 6,424.77 | -48.6 | -42.2 | -38.9 | WAIT |
| Dow Jones | 12,721.08 | +28.0 | +34.7 | +39.0 | WAIT |
| Rep of Ireland (ISEQ) | 3,113.18 | +23.6 | +18.9 | +9.3 | HOLD |
| France CAC 40 | 3,084.37 | -99.6 | -91.3 | -84.2 | WAIT |
| Hang Seng | 19,615.19 | -79.6 | -76.3 | -71.7 | WAIT |
| Italy BCI | 745.79 | -138.5 | -126.2 | -114.9 | WAIT |
| S. Africa Gold | 2,348.22 | -0.2 | +14.6 | +39.9 | WAIT |
| S. Africa Industrial | 32,706.11 | +54.5 | +41.1 | +25.3 | HOLD |
| Straits Times | 2,854.93 | -45.9 | -44.2 | -44.4 | SELL†† |
| Tokyo New S.E. | 745.33 | -59.4 | -58.3 | -65.5 | SELL†† |
| Toronto Comp | 11,644.10 | -55.1 | -44.9 | -33.6 | WAIT |
| Toronto Gold | 2,421.63 | -68.9 | -47.7 | -25.9 | WAIT |
| Sweden OMX | 1,004.25 | -53.7 | -49.5 | -48.3 | WAIT |
| FTSE techMARK 100 | 2,190.02 | +18.9 | +25.7 | +26.4 | WAIT |
| Nasdaq 100 | 2,589.02 | +59.4 | +63.0 | +60.8 | SELL |
| *Average index for May 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 | May avg index | May indicator* | April indicator* | March indicator* | Signal† |
|---|---|---|---|---|---|
| Mining | 17,547.97 | -116.7 | -100.8 | -83.3 | WAIT |
| Oil & Gas | 7,777.14 | -2.1 | +10.5 | +23.7 | WAIT |
| Chemicals | 8,829.61 | +62.2 | +66.2 | +63.6 | SELL |
| Constr & Bldg mats | 3,249.01 | -74.9 | -60.4 | -46.9 | WAIT |
| Forestry & paper | 6,152.76 | -21.2 | -4.5 | +8.9 | WAIT |
| Steel & other metals | 3,754.43 | -248.7 | -223.5 | -194.0 | WAIT |
| Aerospace & defence | 3,727.98 | +22.7 | +17.7 | +9.5 | HOLD |
| Diversified industrls | 2,485.69 | -30.5 | -27.6 | -24.8 | WAIT |
| Electronic & electr eqpt | 3,970.94 | +41.9 | +59.6 | +73.8 | WAIT |
| Eng'g & machinery | 7,530.42 | +47.3 | +62.9 | +73.3 | WAIT |
| Automobiles & parts | 4,508.50 | -10.3 | +13.6 | +34.7 | WAIT |
| H'hold goods textiles | 1,945.69 | -70.0 | -59.6 | -59.0 | WAIT |
| Beverages | 11,349.13 | +92.2 | +91.4 | +83.2 | HOLD |
| Food producers | 5,551.19 | +48.6 | +54.6 | +57.1 | WAIT |
| Health | 3,460.31 | -40.5 | -32.7 | -24.9 | WAIT |
| Personal care | 18,673.45 | +63.8 | +83.4 | +95.0 | WAIT |
| Pharmaceuticals | 9,371.26 | +42.4 | +50.6 | +51.2 | WAIT |
| Tobacco | 35,659.07 | +124.7 | +133.2 | +130.5 | SELL |
| General retailers | 1,616.10 | -21.9 | -19.4 | -28.2 | SELL†† |
| Leisure & hotels | 4,283.05 | -42.6 | -44.6 | -51.3 | HOLD |
| Media ent't | 4,237.88 | -9.9 | -6.7 | -5.8 | WAIT |
| Support services | 4,543.96 | +17.0 | +20.5 | +17.4 | SELL |
| Transport | 2,921.57 | -56.8 | -53.7 | -55.1 | SELL†† |
| Food & drug rtlrs | 3,986.53 | -71.4 | -60.3 | -53.6 | WAIT |
| Telecommns svs | 2,441.51 | +17.8 | +23.2 | +24.2 | WAIT |
| Electricity | 8,438.22 | +47.0 | +58.0 | +70.2 | WAIT |
| Other utilities | 6,662.26 | +28.7 | +26.2 | +24.6 | HOLD |
| Banks | 3,499.70 | -131.8 | -134.1 | -137.1 | HOLD |
| Insurance | 1,599.35 | -60.9 | -52.5 | -45.7 | WAIT |
| Life assurance | 4,007.68 | -30.9 | -20.9 | -13.7 | WAIT |
| Investment cos | 5,642.08 | -31.3 | -22.7 | -15.9 | WAIT |
| Other finance | 3,946.43 | -100.5 | -90.0 | -83.1 | WAIT |
| IT hardware | 862.77 | +23.5 | +49.4 | +70.5 | WAIT |
| Software & comp svs | 860.69 | +48.3 | +54.0 | +51.2 | SELL |
| *Average index for May 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 | May avg index | May indicator* | April indicator* | March indicator* | Signal† |
|---|---|---|---|---|---|
| Argentina | 8,094.11 | -113.8 | -92.5 | -67.7 | WAIT |
| FTSE Aim | 721.63 | -84.8 | -73.6 | -62.2 | WAIT |
| Brazil | 57,339.71 | -53.7 | -56.1 | -60.9 | HOLD |
| China | 2,636.58 | -105.0 | -104.6 | -93.6 | WAIT |
| Greece | 575.58 | -290.1 | -280.7 | -272.7 | WAIT |
| India | 8,593.54 | -60.0 | -61.0 | -60.6 | BUY |
| Indonesia | 4,050.98 | +51.0 | +57.9 | +62.2 | WAIT |
| Israel | 1,010.99 | -79.7 | -78.7 | -75.0 | WAIT |
| Mexico | 11,570.98 | -19.0 | -18.3 | -16.5 | WAIT |
| Philippines | 5,071.50 | +93.5 | +90.3 | +86.0 | HOLD |
| Poland | 38,395.43 | -91.6 | -80.9 | -69.1 | WAIT |
| Portugal | 4,891.61 | -166.0 | -153.9 | -142.8 | WAIT |
| Russia | 15,527.99 | -83.4 | -66.1 | -45.5 | WAIT |
| South Korea | 1,886.35 | -27.9 | -17.1 | -6.9 | WAIT |
| Spain | 672.23 | -138.7 | -122.3 | -106.3 | WAIT |
| Switzerland | 5,924.89 | -42.9 | -43.1 | -47.8 | HOLD |
| Thailand | 1,170.74 | +43.9 | +44.6 | +47.6 | WAIT |
| Turkey | 57,175.60 | -67.1 | -65.1 | -63.0 | WAIT |
| Venezuela | 249,856.30 | +749.2 | +617.0 | +471.4 | HOLD |
| *Average index for May 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. | |||||
