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.