Investor movement index turns lower in November as 2022 winds down
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The TD Ameritrade Investor Movement Index ("IMX") dropped to 4.17 in November from 4.25 in October. The reading for the four-week period ended Nov. 25 ranks "low" compared with historic averages.
TD Ameritrade clients were net sellers of equities overall, with net buying only in Consumer Discretionary, Energy, and Utilities sectors.

"Itâs not unusual to see retail investors reducing exposure to the markets toward the end of the year, which is sometimes influenced by risk moderation tax plays, a desire to take profits or other factors," said Shawn Cruz, head trading strategist, TD Ameritrade. "But overall, itâs clear that clients continued to keep exposure low and take a mindful, risk-off approach in November. If predictions are correct and inflation concerns ease as market volatility moderates, we may see sentiment shift in the months ahead as optimism for 2023 takes hold."
Even with the negative sentiment on stocks, TD Ameritrade clients did find some individual names to buy during the period, including Tesla (NASDAQ:TSLA), Taiwan Semiconductor (NYSE:TSM), Intel (NASDAQ:INTC), Apple (NASDAQ:AAPL), and Meta Platforms (NASDAQ:META).
Names sold during the month included: Nvidia (NASDAQ:NVDA), Netflix (NASDAQ:NFLX), American Airlines Group (NASDAQ:AAL), United Airlines (NASDAQ:UAL), and Boeing (NYSE:BA).
The proprietary, behavior-based index aggregates Main Street investor positions and activity to measure what investors are doing and how they're positioned in the markets.