Investor Movement Index® (IMX) 1.25
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TO HISTORIC RANGE
Investor Movement Index Summary For August
In Aug-12 the S&P 500 was well above the highs we saw in
2011, while the IMX has been slow to recover as client
portfolios have had more cautious allocations (less equity
market exposure) than in past equity market rallies. Aug-12
results came in at 4.43 vs. 4.09 in Jul-12. The IMX climbed
to the middle of its historical range after reversing a
short dip in Jun-12, which followed the May-12 correction in
the S&P 500.
Clients' portfolio exposure increased across multiple sectors in August as widely held symbols became more volatile relative to equity indexes. The technology sector tends to be a favorite among TD Ameritrade Clients.
Our trading clients sought out volatility throughout the month. Within the technology sector our clients accumulated Facebook (FB) and Groupon (GRPN) as both spiked down, increasing volatility. Apple was accumulated at the beginning of August, but clients were taking profits toward the end of the month after Apple appreciated. Clients were closing positions in Google (GOOG) throughout August as it was hitting new highs. Another area where clients took profits throughout the month was in financials, Citigroup (C) and Bank of America (BAC) were among popular names, although Knight Capital Group’s (KCG) recent issues and stock plunge enticed many of our contrarian investors. Downward pressure on Bristol Myers (BMY), Cliff Natural Resources (CLF), and McDonalds (MCD) along with higher dividend yields also prompted investors to open positions within the four.
TD Ameritrade's Investor Movement Index (IMX) is generally correlated with the S&P 500 as clients react to equity price movements, but the index has gone through uncorrelated periods. Beginning in Jan-10 when TD Ameritrade started tracking the IMX, the index increased with equity markets until Apr-10 when it reached 5.43, the second highest point we can see over the last few years. In May-10 Investors experience the “Flash Crash” and the IMX began a sharp downward trend. The IMX didn’t reach 5 again until the S&P 500 was well above Apr-10 levels. The index eventually peaked at 5.49 in Jun-11. The peak was immediately followed by a plunge in equity markets along with the IMX as the U.S. debt ceiling debate and European debt concerns dominated the media. The S&P 500 began to recover in the fall of 2011, but investors were suspicious of the rally and the IMX continued to decrease until it reached a new low in Jan-12. Once the S&P 500 seemed to have an established upward trend at the beginning of 2012 the IMX started to rise.
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About The IMX
What is the Investor Movement Index (IMX)?
The Investor Movement Index®, or the IMXSM, is a proprietary, behavior-based index created by TD Ameritrade designed to indicate the sentiment of retail investors’ portfolios... See full answer
Why did TD Ameritrade create the IMX?
As one of the largest online brokerage firms, TD Ameritrade is often asked by financial news media, investment analysts, and others for insight into the minds of retail investors ... See full answer
How is the IMX calculated?
We create a monthly sample from all of our retail (individual, self-directed) investor clients… See full answer
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