The IC/Coppock indicator did not give any buy signals in July, despite a decent performance across a number of major markets, not least the FTSE 100 which recovered much of the ground lost in a jittery June. However, there were more sell signals after June's flurry, most notably in India and Indonesia which have been hit particularly hard by the emerging market sell off. Major Asian markets also weakened sharply, with Singapore's Straits Times index giving a sell signal.
The Amsterdam index - which represents many of Europe's largest companies - was the only Western market to register a sell signal. Gold mining indicies continued their precipitous slide, as improving economic confidence saw demand for the safe haven metal continue to fall - the spot gold price touched a new multi-year low of $1199 per ounce towards the end of the month.
Summary table of IC/Coppock indicators - major markets worldwide:
Index/market | July average index | July indicator* | June indicator* | May indicator* | Signal† |
UK Govt. Secs | 164.51 | -11.5 | -5.0 | +1.1 | WAIT |
FT 30 | 2,650.29 | +152.9 | +138.8 | +124.9 | HOLD |
FTSE 100 | 6,517.86 | +71.5 | +66.5 | +61.7 | HOLD |
FTSE All-Share | 3,453.32 | +82.0 | +76.2 | +70.8 | HOLD |
FT Gold Mines | 1,508.63 | -187.5 | -170.3 | -151.7 | WAIT |
Amsterdam | 552.16 | +58.8 | +59.6 | +57.2 | SELL |
ASX All Ord | 4,924.90 | +83.4 | +77.4 | +72.0 | HOLD |
S&P/ASX 200 Energy | 13,212.48 | -5.5 | -21.0 | -29.7 | HOLD |
Belgium S.E. | 9,187.10 | +89.1 | +97.5 | +98.7 | WAIT |
Dax (Germany) | 8,161.83 | +126.1 | +125.1 | +116.7 | HOLD |
Dow Jones | 15,372.75 | +81.9 | +75.2 | +68.2 | HOLD |
Rep of Ireland (ISEQ) | 4,054.59 | +131.1 | +126.8 | +121.2 | HOLD |
France CAC 40 | 3,876.56 | +99.9 | +94.3 | +84.1 | HOLD |
Hang Seng | 21,276.99 | +66.3 | +69.4 | +69.9 | WAIT |
Italy BCI | 880.35 | +69.2 | +59.4 | +43.7 | HOLD |
S. Africa Gold | 1,231.72 | -190.1 | -170.9 | -149.2 | WAIT |
S. Africa Industrial | 40,974.41 | +136.2 | +140.8 | +147.3 | WAIT |
Straits Times | 3,209.06 | +67.9 | +73.3 | +71.9 | SELL |
Tokyo New S.E. | 1,187.57 | +211.8 | +174.4 | +142.4 | HOLD |
Toronto Comp | 12,464.41 | +25.2 | +21.2 | +17.0 | HOLD |
Toronto Gold | 1,491.52 | -173.6 | -162.5 | -147.0 | WAIT |
Sweden OMX | 1,205.04 | +83.6 | +81.6 | +76.2 | HOLD |
FTSE techMARK 100 | 2,852.91 | +127.2 | +123.9 | +120.8 | HOLD |
Nasdaq 100 | 3,029.05 | +65.6 | +62.8 | +62.2 | HOLD |
*Average index for July 2013. †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
Index/market | July average index | July indicator* | June indicator* | May indicator* | Signal† |
Mining | 14,615.77 | -60.0 | -56.6 | -54.1 | WAIT |
Oil & Gas | 8,111.24 | -14.9 | -17.0 | -19.7 | HOLD |
Chemicals | 10,456.52 | +98.2 | +100.3 | +110.4 | WAIT |
Constr & Bldg mats | 3,838.46 | +64.6 | +60.0 | +51.7 | HOLD |
Forestry & paper | 10,556.71 | +295.7 | +279.6 | +270.6 | HOLD |
Steel & other metals | 1,371.57 | -259.1 | -248.7 | -239.4 | WAIT |
Aerospace & defence | 5,335.75 | +164.6 | +153.7 | +142.3 | HOLD |
Diversified industrls | 3,207.32 | +136.4 | +134.2 | +129.9 | HOLD |
Electronic & electr eqpt | 4,807.13 | +129.3 | +130.1 | +132.5 | WAIT |
Eng'g & machinery | 9,757.18 | +141.5 | +123.7 | +107.3 | HOLD |
Automobiles & parts | 7,748.30 | +224.4 | +193.6 | +149.8 | HOLD |
H'hold goods textiles | 4,575.87 | +478.9 | +366.3 | +274.6 | HOLD |
Beverages | 14,727.82 | +152.5 | +162.6 | +171.1 | WAIT |
Food producers | 7,440.24 | +160.2 | +156.1 | +149.3 | HOLD |
Health | 4,415.66 | +107.2 | +106.3 | +101.5 | HOLD |
Personal care | 20,606.29 | +30.0 | +5.6 | -3.7 | HOLD |
Pharmaceuticals | 11,282.96 | +57.7 | +48.6 | +39.3 | HOLD |
Tobacco | 37,926.34 | +32.3 | +41.0 | +44.9 | WAIT |
General retailers | 2,472.38 | +195.1 | +170.7 | +153.4 | HOLD |
Leisure & hotels | 6,495.86 | +205.7 | +193.0 | +182.9 | HOLD |
Media ent't | 5,863.67 | +151.6 | +141.2 | +131.3 | HOLD |
Support services | 6,003.05 | +139.6 | +134.0 | +131.8 | HOLD |
Transport | 4,045.20 | +132.5 | +109.0 | +92.7 | HOLD |
Food & drug rtlrs | 4,648.13 | +59.1 | +47.6 | +36.1 | HOLD |
Telecommns svs | 3,879.30 | +207.0 | +188.8 | +171.0 | HOLD |
Electricity | 1,004.24 | -31.2 | +68.3 | +70.3 | WAIT |
Other utilities | 7,611.28 | +81.8 | +84.7 | +88.2 | WAIT |
Banks | 4,972.07 | +180.7 | +167.3 | +158.6 | HOLD |
Insurance | 2,088.80 | +120.6 | +118.7 | +116.6 | HOLD |
Life assurance | 6,180.95 | +209.6 | +199.3 | +187.4 | HOLD |
Investment cos | 6,922.64 | +93.1 | +85.6 | +77.2 | HOLD |
Other finance | 5,962.24 | +199.6 | +179.3 | +160.1 | HOLD |
IT hardware | 1,317.48 | +270.2 | +259.3 | +246.1 | HOLD |
Software & comp svs | 1,263.71 | +166.3 | +161.3 | +157.2 | HOLD |
*Average index for July 2013. †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
Index/market | July average index | July indicator* | June indicator* | May indicator* | Signal† |
Argentina | 1,882.20 | +194.1 | +178.6 | +152.4 | HOLD |
FTSE Aim | 711.27 | -6.3 | -13.2 | -22.4 | HOLD |
Brazil | 7,069.91 | -45.9 | -35.1 | -27.2 | WAIT |
China | 2,231.37 | -18.0 | -15.7 | -15.6 | WAIT |
Greece | 838.50 | +241.5 | +235.8 | +190.7 | HOLD |
India | 5,887.87 | +79.2 | +81.1 | +80.5 | SELL |
Indonesia | 4,631.38 | +103.0 | +106.2 | +99.4 | SELL |
Israel | 1,097.64 | +47.0 | +42.6 | +37.8 | HOLD |
Mexico | 1,374.12 | +37.9 | +58.7 | +73.2 | WAIT |
Philippines | 6,575.05 | +175.6 | +182.6 | +188.0 | WAIT |
Poland | 5,924.18 | +85.7 | +86.3 | +80.1 | SELL |
Portugal | 5,554.79 | +81.2 | +71.0 | +48.0 | HOLD |
Russia | 4,897.66 | -45.1 | -45.3 | -46.0 | HOLD |
South Korea | 1,871.77 | +9.2 | +9.8 | +11.0 | WAIT |
Spain | 809.88 | +62.9 | +45.2 | +23.5 | HOLD |
Switzerland | 7,873.14 | +145.3 | +142.3 | +136.0 | HOLD |
Thailand | 1,452.21 | +166.8 | +178.3 | +183.0 | WAIT |
Turkey | 74,351.31 | +198.9 | +216.5 | +221.4 | WAIT |
Venezuela | 1,243,681.00 | +1536.0 | +1386.0 | +1368.5 | HOLD |
*Average index for July 2013. †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. |
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