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TD Ameritrade's IMX Vs. S&P 500

TD Ameritrade, Inc. (“TD Ameritrade”), a broker-dealer subsidiary of TD Ameritrade Holding Corporation (NYSE: AMTD), is today revealing the Investor Movement Index SM reading for July 2013. The Investor Movement Index, or the IMX SM, 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.

The July 2013 Investor Movement Index for the four weeks ending July 26, 2013, reveals:

  • Reading: 4.87 (compared to 5.15 in June)
  • Trend direction: Negative
  • Trend length: 1 month
  • Score relative to historic ranges: Moderately High

July’s IMX reading marks a turn in a negative direction after a positive turn taken in June but remained at a moderately high level compared to its three and a half year history. Clients dialed back their equity market exposure in July and were net sellers of equities. The S&P 500 rallied to a record high in July following a dip in June. Clients were net buyers on the dip last month but as markets rallied to record territory clients seemed to anticipate a pullback and were net sellers of most market sectors in July. Like last month, clients were net sellers of fixed income mutual funds and fixed income ETFs, but the level of net selling activity decreased month over month.

“Over the last few months with the markets in record territory clients have expressed some hesitancy to increase exposure,” said Steve Quirk, senior vice president of TD Ameritrade’s Trader Group. “Clients are managing their risk at these levels by taking profits in some symbols, rotating to others when price dips indicate potential opportunities.”

The IMX value is calculated based on a complex proprietary formula. Each month, TD Ameritrade pulls a sample from its client base of 6 million funded accounts that includes all accounts that completed a trade in the past two months. 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.

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