Investors Backed Off Banks, Airlines in November Says TD Ameritrade Survey

Stocks surged in November as the Trump rally took hold, even as retail investors lowered their overall exposure to U.S. stocks, breaking a three month streak. The behavior-based TD Ameritrade Investor Movement Index (IMX), which aggregates Main Street investor positions, fell 5% to 5.53 in November as retail investors decreased their exposure to the U.S. equity markets. Airline stocks such as Southwest Airlines (LUV) - Get Report , Delta Airlines (DAL) - Get Report and United Continental Holdings (UAL) - Get Report were net sold as their prices rose in November. Net selling also continued in the financial sector for a second month. Citigroup (C) - Get Report and Bank of America (BAC) - Get Report were net sold even as their prices rose sharply in November. Despite being net sellers of equities in November, TD Ameritrade clients continued net buying in some of the names that have been popular in recent months including dividend payers Verizon Communications (VZ) - Get Report and AT&T (T) - Get Report . Each saw their stock prices rebound after declines earlier in the month. Facebook (FB) - Get Report and Amazon.com (AMZN) - Get Report have also been popular buys. Both companies share prices declined in November after setting year-to-date highs in October. Net buying also occurred in both Under Armour (UA) - Get Report and Tesla Motors (TSLA) - Get Report following their earnings announcements in late October.