TD Ameritrade's proprietary, behavior-based index, the Investor Movement Index (IMX), declined for the first time in seven months, although rather slightly. While equity exposure was dialed down a bit, clients remained net buyers but moved into larger-cap, dividend paying names with proven earnings power and out of momentum stocks. Stephanie Link and Jill Malandrino review how the data is reflective to what we have seen across the indices and individual stocks and sectors.

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