Market Overview

TD Ameritrade Investor Movement Index: IMX Declines Slightly in September Amid Bullish Activity


IMX sees a downshift for the second time in 2017

The September 2017 Investor Movement Index® marked a decline
for the first time in five months, dropping to 7.14, as TD Ameritrade
clients drew down exposure to equity markets, TD Ameritrade, Inc. ("TD
Ameritrade"), a broker-dealer subsidiary of TD Ameritrade Holding
Corporation (NASDAQ:AMTD), announced today. The Investor
Movement Index
, or the IMXSM, 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.

This press release features multimedia. View the full release here:

TD Ameritrade September 2017 Investor Movement Index (Graphic: TD Ameritrade)

TD Ameritrade September 2017 Investor Movement Index (Graphic: TD Ameritrade)

The September 2017 Investor Movement Index for the four weeks ending
September 29, 2017, reveals:

  • Reading: 7.14 (compared to 7.45 in August)
  • Trend direction: Negative
  • Trend length: 1 month
  • Score relative to historic ranges: High

The IMX reading for September indicates a slight decline following an
all-time high reached in August. TD Ameritrade clients maintained an
overall bullish trend for the eighth month, despite reducing equity
exposure. The IMX was impacted by decreased relative volatility in
widely held positions, including Apple Inc. (AAPL) and Facebook Inc.
(FB), and lower exposure within client accounts. Positive market moves
potentially motivated investors to stay engaged, amidst multiple natural
disasters impacting the U.S. and rising geopolitical concerns. Market
indices ended September at all-time highs– S&P 500 and Nasdaq Composite
posted gains in excess of 3 percent- with an average intraday move of 40
basis points on the S&P 500.

"Despite being net buyers of stocks in the month of September, our
clients slightly reduced their overall exposure to the market heading
into the last quarter of the year," said JJ Kinahan, chief market
strategist at TD Ameritrade.

TD Ameritrade clients seemed to recognize a buying opportunity within
the technology sector following the launch of three new iPhone models by
Apple Inc. (AAPL) during the September period. Clients were also buyers
of Chinese stocks including Alibaba Group Holding Ltd. (BABA), Tencent
Holdings Ltd. (TCEHY) and Inc. (JD), following an announcement
that each company would further invest in the international, digital
payment space. AT&T Inc. (T), which saw a large pullback early in the
month, then subsequent recovery, was also net bought. Home Depot Inc.
(HD) was a net buy following a third-party analyst upgrade, projecting
an increase in revenue as rebuilding efforts begin after Hurricanes
Harvey and Irma hit part of the U.S. Additional popular names bought
include Amazon Inc.(AMZN) and Advanced Micro Devices Inc. (AMD).

TD Ameritrade clients seemingly used price increases among certain names
as a selling opportunity during the September period. Drug manufacturers
Bristol-Myers Squibb (BMY) and Pfizer Inc. (PFE) were net sold in
September. Both reached a 52-week high, with analysts upgrading Pfizer
and Bristol-Myers Squibb receiving approval from the FDA for Opdivo, a
liver cancer drug. Gilead Sciences Inc. (GILD), which also reached a
52-week high, was net sold following its buyout of Kite Pharma.
Citigroup Inc. (C) reached yearly highs after the Federal Reserve
announced it would begin normalizing its balance sheet, and was a net
sell. Following the Organization of the Petroleum Exporting Countries
(OPEC) announcing firmer compliance to its production cuts,
ConocoPhillips Corp. (COP) and Chevron Corp. (CVX) traded higher and
were net sold. Additional names sold include Twitter Inc. (TWTR) and
Ford Motor Co. (F).

About the IMX

The IMX value is calculated based on a complex proprietary formula. Each
month, TD Ameritrade pulls a sample from its client base of 7 million
funded accounts, which includes all accounts that completed a trade in
the past month. The holdings and positions of this statistically
significant sample are evaluated to calculate individual scores, and the
median of those scores represents the monthly IMX.

For more information on the Investor Movement Index, including
historical IMX data going back to December 2010; to view the full report
from May 2017; or to sign up for future IMX news alerts, please visit
Additionally, TD Ameritrade clients can chart the IMX using the symbol
$IMX in either the thinkorswim® or TD Ameritrade Mobile
Trader platforms.

Inclusion of specific security names in this commentary does not
constitute a recommendation from TD Ameritrade to buy, sell, or hold.

Past performance of a security, strategy, or index is no guarantee of
future results or investment success.

Historical data should not be used alone when making investment
. Please consult other sources of information and
consider your individual financial position and goals before making an
independent investment decision.

The IMX is not a tradable index. The IMX should not be used as
an indicator or predictor of future client trading volume or financial
performance for TD Ameritrade.

For the latest TD Ameritrade news and information, follow the company on
Twitter, @TDAmeritradePR.

Source: TD Ameritrade Holding Corporation

About TD Ameritrade Holding Corporation

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