TD Ameritrade Investor Movement Index: IMX Declines Slightly in September Amid Bullish Activity
October 09 2017 - 11:30AM
Business Wire
IMX sees a downshift for the second time in
2017
The September 2017 Investor Movement Index® marked a decline for
the first time in five months, dropping to 7.14, as TD Ameritrade
clients drew down exposure to equity markets, TD Ameritrade, Inc.
(“TD Ameritrade”), a broker-dealer subsidiary of TD Ameritrade
Holding Corporation (Nasdaq: AMTD), announced today. The Investor
Movement Index, or the IMXSM, is a proprietary, behavior-based
index created by TD Ameritrade that aggregates Main Street investor
positions and activity to measure what investors are actually doing
and how they are positioned in the markets.
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TD Ameritrade September 2017 Investor
Movement Index (Graphic: TD Ameritrade)
The September 2017 Investor Movement Index for the four weeks
ending September 29, 2017, reveals:
- Reading: 7.14 (compared to 7.45 in
August)
- Trend direction: Negative
- Trend length: 1 month
- Score relative to historic ranges:
High
The IMX reading for September indicates a slight decline
following an all-time high reached in August. TD Ameritrade clients
maintained an overall bullish trend for the eighth month, despite
reducing equity exposure. The IMX was impacted by decreased
relative volatility in widely held positions, including Apple Inc.
(AAPL) and Facebook Inc. (FB), and lower exposure within client
accounts. Positive market moves potentially motivated investors to
stay engaged, amidst multiple natural disasters impacting the U.S.
and rising geopolitical concerns. Market indices ended September at
all-time highs– S&P 500 and Nasdaq Composite posted gains in
excess of 3 percent- with an average intraday move of 40 basis
points on the S&P 500.
“Despite being net buyers of stocks in the month of September,
our clients slightly reduced their overall exposure to the market
heading into the last quarter of the year,” said JJ Kinahan, chief
market strategist at TD Ameritrade.
TD Ameritrade clients seemed to recognize a buying opportunity
within the technology sector following the launch of three new
iPhone models by Apple Inc. (AAPL) during the September period.
Clients were also buyers of Chinese stocks including Alibaba Group
Holding Ltd. (BABA), Tencent Holdings Ltd. (TCEHY) and JD.com Inc.
(JD), following an announcement that each company would further
invest in the international, digital payment space. AT&T Inc.
(T), which saw a large pullback early in the month, then subsequent
recovery, was also net bought. Home Depot Inc. (HD) was a net buy
following a third-party analyst upgrade, projecting an increase in
revenue as rebuilding efforts begin after Hurricanes Harvey and
Irma hit part of the U.S. Additional popular names bought include
Amazon Inc.(AMZN) and Advanced Micro Devices Inc. (AMD).
TD Ameritrade clients seemingly used price increases among
certain names as a selling opportunity during the September period.
Drug manufacturers Bristol-Myers Squibb (BMY) and Pfizer Inc. (PFE)
were net sold in September. Both reached a 52-week high, with
analysts upgrading Pfizer and Bristol-Myers Squibb receiving
approval from the FDA for Opdivo, a liver cancer drug. Gilead
Sciences Inc. (GILD), which also reached a 52-week high, was net
sold following its buyout of Kite Pharma. Citigroup Inc. (C)
reached yearly highs after the Federal Reserve announced it would
begin normalizing its balance sheet, and was a net sell. Following
the Organization of the Petroleum Exporting Countries (OPEC)
announcing firmer compliance to its production cuts, ConocoPhillips
Corp. (COP) and Chevron Corp. (CVX) traded higher and were net
sold. Additional names sold include Twitter Inc. (TWTR) and Ford
Motor Co. (F).
About the IMX
The IMX value is calculated based on a complex proprietary
formula. Each month, TD Ameritrade pulls a sample from its client
base of 7 million funded accounts, which includes all accounts that
completed a trade in the past month. The holdings and positions of
this statistically significant sample are evaluated to calculate
individual scores, and the median of those scores represents the
monthly IMX.
For more information on the Investor Movement Index, including
historical IMX data going back to December 2010; to view the full
report from May 2017; or to sign up for future IMX news alerts,
please visit www.tdameritrade.com/IMX. Additionally, TD Ameritrade
clients can chart the IMX using the symbol $IMX in either the
thinkorswim® or TD Ameritrade Mobile Trader platforms.
Inclusion of specific security names in this commentary does not
constitute a recommendation from TD Ameritrade to buy, sell, or
hold.
Past performance of a security, strategy, or index is no
guarantee of future results or investment success.
Historical data should not be used alone when making investment
decisions. Please consult other sources of information and consider
your individual financial position and goals before making an
independent investment decision.
The IMX is not a tradable index. The IMX should not be used as
an indicator or predictor of future client trading volume or
financial performance for TD Ameritrade.
For the latest TD Ameritrade news and information, follow the
company on Twitter, @TDAmeritradePR.
Source: TD Ameritrade Holding Corporation
About TD Ameritrade Holding Corporation
Millions of investors and independent registered investment
advisors (RIAs) have turned to TD Ameritrade’s (Nasdaq:
AMTD) technology, people and education to help
make investing and trading easier to understand and do. Online or
over the phone. In a branch or with an independent RIA. First-timer
or sophisticated trader. Our clients want to take control, and we
help them decide how - bringing Wall Street to Main
Street for more than 40 years. TD Ameritrade has time and
again been recognized as a leader in investment services.
Please visit TD Ameritrade’s newsroom or www.amtd.com for
more information, or read our stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member
FINRA (www.FINRA.org)/SIPC (www.SIPC.org).
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TD Ameritrade Holding CorporationFor Media:Christina
Goethe, 201-369-8510Communications & Public
Affairschristina.goethe@tdameritrade.com@TDAmeritradePRorFor
Investors:Jeff Goeser, 402-597-8464Investor
Relationsjeffrey.goeser@tdameritrade.com
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