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TD Ameritrade's Investor Movement Index (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 releasing the Investor Movement Index ® reading for June 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 June 2014 Investor Movement Index for the four weeks ending June 27, 2014, reveals:

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

The  IMX remained relatively flat month over month, as it declined 0.02 to end the June period at 5.67.

The IMX climbed to its highest level in March 2014, hitting 5.87, but has declined and trended sideways for the last few months. Volatility remained low in June while major U.S. equity indices including the S&P 500, Nasdaq Composite, and Dow Jones Industrials rose to new all-time highs. During the same period, the IMX remained at the high end of end of its bullish range as TD Ameritrade clients’ maintained high levels of market exposure in the face of the continued market rally.

“The individual investor continues to demonstrate high levels of participation in the face of this somewhat confusing low volume rally,” said Nicole Sherrod, managing director of the trader group, TD Ameritrade. “Our clients continued to use our tools and platforms which we believe help to level the playing field between what’s available to Wall Street and Main Street and bring clarity to the investing process.”

Apple’s (APPL) forward split during the June IMX period made it a popular trade, and many TD Ameritrade clients bought shares at the lower price point following the split. A rotation into yield was also a big theme in June. Clients were net buyers of some dividend-paying ETFs, as well as of some individual equities including Prospect Capital Corp (PSEC), AT&T (T) and Verizon (VZ). As we have seen before, issuers that saw dips in price during June were also popular buys. Some of these included Delta Airlines (DAL), Lululemon (LULU), and Rite-Aid (RAD). Selling in the technology sector was broad, and was reflected in net selling of some familiar names such as Intel (INTC), Cisco Systems (CSCO), Microsoft (MSFT), and Facebook (FB). Citigroup (C) and Bank of America (BAC) were popular sells in the financial sector. Clients also took profits in stocks that saw a price increase during the month reflecting net selling in Tesla (TSLA), Netflix (NFLX), and Baidu (BIDU).

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