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TD Ameritrade's Investor Movement Index (IMX) Vs. S&P 500 (Graphic: Business Wire)

TD Ameritrade, Inc. (“TD Ameritrade”), a broker-dealer subsidiary of TD Ameritrade Holding Corporation (NYSE: AMTD), is today releasing the Investor Movement Index ® reading for May 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 May 2014 Investor Movement Index for the four weeks ending May 30, 2014, reveals:

  • Reading: 5.69 (compared to 5.67 in April)
  • Trend direction: Positive
  • Trend length: 1 month
  • Score relative to historic ranges: High

Following April’s IMX report, which showed a decline for the first time in seven months, the IMX remained relatively unchanged in May. The IMX stayed at the high end of its historical range, but was comparatively flat month over month, advancing by 0.02 in May to 5.69. The IMX remained stable month over month as both implied and historical volatility remained low. The S&P 500 was range bound for most of the period, but eventually rose to a new all-time high and closed the period 3% higher than where it started. Although the S&P climbed back to record levels, small-cap names (measured by the Russell 2000) have been more volatile. The Russell 2000 traded lower and approached the 10% correction range intra month. TD Ameritrade clients dialed back positions in names that recently popped and were picking up stocks that had been under pressure, which included some previous momentum names.

“Clients have seen price dips as a buying opportunity while taking profits in popular names that saw pops, like Apple (AAPL) and Cisco (CSCO),” said JJ Kinahan, chief strategist, TD Ameritrade. “With no major changes, it seems clients are working the market to set up positions and take profits but still with an overall bullish sentiment.”

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