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TD Ameritrade's IMX Vs. S&P 500 (Graphic: TD Ameritrade)

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 October 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 October 2013 Investor Movement Index for the four weeks ending October 25, 2013, reveals:

  • Reading: 5.07 (compared to 4.97 in September)
  • Trend direction: Positive
  • Trend length: 1 month
  • Score relative to historic ranges: Moderately high

October’s IMX reading registered higher as clients increased equity market exposure in October as equity markets rallied to new record levels. This higher reading follows a dip in September when clients seemed to have anticipated a market pullback and accordingly reduced their exposure. In early October the S&P 500 continued to fall, and eventually reached a level four percent below the September high, before bouncing back to new record levels by the end of the month. Clients were net buyers of equities overall and net buying activity seemed to favor the technology and services sectors.

“TD Ameritrade clients continued to add to their positions in Facebook (FB) as the stock moved off of an all-time high earlier in October,” said Nicole Sherrod, managing director of TD Ameritrade’s Trader Group. “Yet again it appears our clients expected market moves and repositioned their equity market exposure accordingly.”

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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