Market Overview

TD Ameritrade's Investor Movement Index for Jan. Edges Higher to 5.66


The IMX rose to a record high for the second month in a row, surpassing the record set last month by 0.04, reaching 5.66.

The IMX increased for a fourth consecutive month, the longest upward trend since October 2012. The IMX has been at the high end of its range (Tier 4 and 5) since October 2012, indicating that clients have been invested in equity markets during a period when the S&P 500 has appreciated by 26 percent. The S&P 500 was stable through the first three weeks of January, but traded lower during the last two weeks. TD Ameritrade clients appeared to continue their trend of treating dips as buying opportunities. Like last month, buying activity was broad-based as clients were net buyers of individual equities and U.S. stock mutual funds/ETFs. Commodities-based ETFs were sold for the second month in a row.

Trading As equity markets were volatile in January, TD Ameritrade clients bought additional shares of dividend paying issuers like AT&T (NYSE: T), General Motors (NYSE: GM), and General Electric (NYSE: GE). Widely held names including Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG), and Bank of America (NYSE: BAC) all experienced volatility and were net buys. Both Apple (NASDAQ: AAPL) and Boeing (NYSE: BA) declined following earnings announcements, and clients were net buyers of these stocks.

Additional popular names bought included JC Penney (NYSE: JCP), Twitter (NYSE: TWTR), and MasterCard (NYSE: MA).

Facebook (NASDAQ: FB) spiked to record levels following their earnings announcement. Clients seemed to view this as a selling opportunity; heavy net selling followed the announcement. Clients were also net sellers of Oracle (NASDAQ: ORCL) and Alcatel Lucent (NYSE: ALU) as both recently hit new 52-week highs. Net selling also occurred in Cisco Systems (NASDAQ: CSCO), as the stock was range-bound the first half of January following a rise in December. Clients also lightened positions in Caterpillar Inc. (NYSE: CAT), which had been range-bound for months, but moved higher in January beyond its previous range.

Additional popular name sold included Nokia (NYSE: NOK), Fannie Mae (OTC: FNMA), Hewlett-Packard (NYSE: HPQ), and Alcoa (NYSE: AA).

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