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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 ® reading for January 2014. 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 January 2014 Investor Movement Index for the five weeks ending January 31, 2014, reveals:
  • Reading: 5.66 (compared to 5.62 in December)
  • Trend direction: Positive
  • Trend length: 4 months
  • Score relative to historic ranges: High

January’s IMX reading rose for the fourth consecutive month and above the previous record high of 5.62 set in December 2013. The IMX has been at the high end of its range (Tier 4 and 5) since October 2012, indicating that clients have been invested in equity markets during a period when the S&P 500 has appreciated by 26%. The S&P 500 was stable through the first three weeks of January, but traded lower during the last two weeks. TD Ameritrade clients appeared to continue their trend of treating dips as buying opportunities. Like last month, buying activity was broad-based as clients were net buyers of individual equities and U.S. stock mutual funds/ETFs. Commodities-based ETFs were sold for the second month in a row.

As equity markets were volatile in January, TD Ameritrade clients bought additional shares of dividend paying issuers like AT&T (T), General Motors (GM), and General Electric (GE). Widely held names including Amazon (AMZN), Google (GOOG), and Bank of America (BAC) all experienced volatility and were net buys. Both Apple (AAPL) and Boeing (BA) declined following earnings announcements, and clients were net buyers of these stocks.

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