{"id":109981,"date":"2021-11-04T13:18:00","date_gmt":"2021-11-04T17:18:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=109981"},"modified":"2023-02-10T13:32:18","modified_gmt":"2023-02-10T18:32:18","slug":"did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/","title":{"rendered":"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter?"},"content":{"rendered":"\n

Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.  The Bureau of Labor Statistics (BLS) typically releases its monthly payroll report on the first Friday of the month, and ADP precedes it by two days.  In theory, the ADP report should offer a predictive look at the BLS report.  As we have found earlier, the track record on that front is somewhat spotty<\/a>.  Taken in light of the equity markets\u2019 recent performance, it\u2019s not clear that the normally crucial non-farm payrolls report will matter all that much anyway.<\/p>\n\n\n\n

The following chart shows the relationship between the ADP and BLS reports:<\/p>\n\n\n\n

BLS Nonfarm Payrolls (white) vs. ADP Employment Change (blue)<\/strong><\/h2>\n\n\n\n
\"BLS<\/figure>\n\n\n\n

Source: Bloomberg<\/em><\/p>\n\n\n\n

Since September 2020, when labor markets began to normalize after Covid-related lockdowns, we see that the reports have generally followed each other.  But a more granular look shows that in a given month, one index may rise while the other falls, leading to a false signal.  Note that in February, June and July we see the blue line decline while the while line rises.  That meant that ADP declined ahead of a rise in the BLS report.  Conversely, in April and September (the prior report) we saw ADP rise ahead of a BLS fall.  In other words ADP moved in a different direction than BLS for 5 of the last 8 reports.  Does that seem like a good predictor to you?  Perhaps this is why the ADP report took a back seat yesterday.<\/p>\n\n\n\n

That leads us to wonder whether economists do a better job than the ADP report.  In general, yes, though the chart below shows that they have their flaws too:<\/p>\n\n\n\n

BLS Nonfarm Payrolls (white) vs. Economist Survey (red)<\/strong><\/p>\n\n\n\n

\"BLS<\/figure>\n\n\n\n

Source: Bloomberg<\/em><\/p>\n\n\n\n

While the survey of economists never quite nailed the BLS number (though they got very close in May after a big miss in the prior month), they\u2019ve tended to get the general direction correct.  It appears that the survey hews closer to the general trend than the statistics do, but that is a tendency that is hardly unique to economic predictions. <\/p>\n\n\n\n

That leads us to an interesting question ahead of tomorrow morning\u2019s report.  While the economists\u2019 survey is more conservative than last month\u2019s, if correct it would result in a substantial increase to 450,000 from last month\u2019s 194,000.  In theory, markets should be expecting a consensus result.  But as we see, we rarely get a consensus result.  So traders need to anticipate what might result if the result diverges significantly from the anticipated report.<\/p>\n\n\n\n

Here\u2019s the crazy part: I\u2019m not sure that it will matter much, no matter what the result.  If the number is light, like it was last month, we could make the case that we\u2019re seeing stagflation.   But we could also make the case that a tepid labor market keeps the Federal Reserve on the sidelines a bit longer.  (For perspective, SPX was -0.19% and NDX was -0.51% after last month\u2019s miss.)  If the number is above consensus, we could start to worry that we are getting closer to the Fed\u2019s definition of full employment, bringing forward the likely start of interest rate hikes.  But we could make the case that the report would show a stronger economy, which is good for corporate earnings.<\/p>\n\n\n\n

In light of the recent market melt-up, is there much doubt that unless the report is a true outlier like a negative number or over a million, that traders will interpret the result in a bullish light, no matter what?   We can\u2019t know that for sure, of course, but just as we noted that economists\u2019 predictions tend to follow trends, so do traders.  And the trend for risk assets has been relentlessly higher for the past few weeks. <\/p>\n\n\n\n

In my experience, trends remain in place until something triggers a reversal.  Chair Powell could have done so during his press conference after yesterday\u2019s FOMC meeting, but his words convinced traders that the well-telegraphed tapering of asset purchases was hardly a precursor to rate hikes and the rally continued.  We recently called him Goldilocks in a suit<\/a>, and his magic touch was in evidence yesterday.   There is currently a broad consensus that the trend in equities points higher, and it seems likely that markets will attribute a positive interpretation to tomorrow\u2019s payrolls numbers under a broad range of outcomes. <\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released. <\/p>\n","protected":false},"author":4,"featured_media":101383,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,22,26,3],"tags":[3798,7928,598],"contributors-categories":[13576],"class_list":{"0":"post-109981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-stocks","13":"category-text-articles","14":"category-traders-insight","15":"tag-adp","16":"tag-emplyoment","17":"tag-payroll","18":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nDid ADP Give A Clue For Non-Farm Payrolls? Does It Matter?<\/title>\n<meta name=\"description\" content=\"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/109981\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-04T17:18:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:32:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter?\",\n\t \"datePublished\": \"2021-11-04T17:18:00+00:00\",\n\t \"dateModified\": \"2023-02-10T18:32:18+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/\"\n\t },\n\t \"wordCount\": 775,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/company-check.jpg\",\n\t \"keywords\": [\n\t \"ADP\",\n\t \"emplyoment\",\n\t \"payroll\"\n\t ],\n\t \"articleSection\": [\n\t \"IBKR Insights\",\n\t \"Macro\",\n\t \"North America\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Stocks\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/\",\n\t \"name\": \"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter? | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/company-check.jpg\",\n\t \"datePublished\": \"2021-11-04T17:18:00+00:00\",\n\t \"dateModified\": \"2023-02-10T18:32:18+00:00\",\n\t \"description\": \"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/company-check.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/company-check.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563,\n\t \"caption\": \"Non-Farm Payrolls vs. ADP\"\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter?","description":"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/109981\/","og_locale":"en_US","og_type":"article","og_title":"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter? | IBKR Campus US","og_description":"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/","og_site_name":"IBKR Campus US","article_published_time":"2021-11-04T17:18:00+00:00","article_modified_time":"2023-02-10T18:32:18+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter?","datePublished":"2021-11-04T17:18:00+00:00","dateModified":"2023-02-10T18:32:18+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/"},"wordCount":775,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","keywords":["ADP","emplyoment","payroll"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/","name":"Did ADP Give A Clue For Non-Farm Payrolls? Does It Matter? | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","datePublished":"2021-11-04T17:18:00+00:00","dateModified":"2023-02-10T18:32:18+00:00","description":"Yesterday morning, somewhat lost amongst the pre-FOMC anticipation, the ADP Employment Change statistics were released.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/did-adp-give-a-clue-for-non-farm-payrolls-does-it-matter\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","width":1000,"height":563,"caption":"Non-Farm Payrolls vs. ADP"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/company-check.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/109981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=109981"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/109981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/101383"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=109981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=109981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=109981"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=109981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}