{"id":145449,"date":"2022-06-27T12:45:00","date_gmt":"2022-06-27T16:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=145449"},"modified":"2023-02-10T13:31:01","modified_gmt":"2023-02-10T18:31:01","slug":"a-bottom-or-the-bottom","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/a-bottom-or-the-bottom\/","title":{"rendered":"A Bottom or THE Bottom?"},"content":{"rendered":"\n<p>The question that I get asked most frequently is whether we have seen the bottom in equities.&nbsp; It can take various forms.&nbsp; Sometimes, that is the exact wording of the question.&nbsp; Other times I\u2019m asked we have seen capitulation yet, which is pretty much the same question with different verbiage.&nbsp; I\u2019m not complaining about this mind you.&nbsp; It\u2019s my job to ponder and pontificate about questions like this, and I enjoy being part of the conversation.&nbsp;<\/p>\n\n\n\n<p>After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.&nbsp; A move of that magnitude is the sort that we see if we have indeed bottomed out and turned higher.&nbsp; Yet I remain highly skeptical that we have seen the lows for the year or the cycle.&nbsp;<\/p>\n\n\n\n<p>We have noted several times that <a href=\"\/campus\/traders-insight\/securities\/macro\/bear-market-rallies-are-short-sharp-and-ferocious\/\">bear market rallies are short, sharp and ferocious<\/a>.&nbsp; The linked article was published in early February, which was only about a month after the S&amp;P 500 (SPX) set a new, and for now it\u2019s last, all-time high.&nbsp; It wasn\u2019t a bear market yet, but we correctly interpreted <a href=\"\/campus\/traders-insight\/securities\/macro\/why-this-correction-feels-different\/\">January\u2019s correction as a trend change<\/a> and suggested that traders <a href=\"\/campus\/traders-insight\/securities\/macro\/when-does-sell-the-rips-replace-buy-the-dips\/\">add selling rips to their customary playbook of buying dips<\/a>.&nbsp;&nbsp; Last week proved to be an opportune time to buy the dip, but I don\u2019t believe that we can ditch the sell the rip part yet.&nbsp;<\/p>\n\n\n\n<p>Our calls earlier this year were based upon the idea that the days of central bank accommodation were over and that markets would react as poorly, if not more so, than they did during the fleeting bouts of tightening that we have seen over the past decade or so.&nbsp; Remember, since 2009 we have seen nearly uninterrupted easy money policies from the world\u2019s central banks.&nbsp; Inflation remained in check throughout that period, so it was not a problem <a href=\"\/campus\/traders-insight\/securities\/macro\/the-fed-put-lives-but-its-never-been-about-stocks\/\">for central bankers to reverse course<\/a> when their attempts to remove some of their accommodation roiled asset markets.&nbsp;&nbsp; Now, inflation is a critical problem, which means that central bankers will not be able to abandon their efforts to quell rising prices quite so quickly.<\/p>\n\n\n\n<p>In short, investors benefitted greatly from the adage \u201c<a href=\"\/campus\/traders-insight\/securities\/macro\/dont-fight-the-fed\/\">Don\u2019t Fight the Fed<\/a>.\u201d&nbsp; When the Fed was adding money into the system, risk assets benefitted.&nbsp; Until or unless the Fed and other central banks signal a change away from restrictive policies like rate hikes and quantitative tightening, investing in risk assets involves fighting the Fed.&nbsp; If you lived by that age on the way up, you have to respect it on the way down.<\/p>\n\n\n\n<p>That said, markets never move in a straight line, and last week\u2019s jump makes plenty of sense in that context.&nbsp; The prior week\u2019s lows came under duress.&nbsp; On June 16<sup>th<\/sup>, we saw a \u201csell the rumor, sell the news\u201d response to the Fed\u2019s 75 basis point hike a day prior.&nbsp; That came ahead of the quarterly expiration on the 17<sup>th<\/sup>, which clearly exacerbated the negative response to the news.&nbsp; Perhaps the most encouraging sign was that the 17<sup>th<\/sup> was a fairly boring day.&nbsp; There were big open positions in below market puts in key ETF\u2019s and stocks that loomed large but never came into play.&nbsp;<\/p>\n\n\n\n<p>That meant that we ended expiration week with a whimper, not a bang.&nbsp; Coming after a day that had some of the elements of capitulation \u2013 down volume exceeded up volume by greater than a 10:1 ratio, and decliners far outpaced advancers \u2013 equities were indeed oversold on a short-term basis, and traders who saw that as a buying opportunity were rewarded handsomely.&nbsp;<\/p>\n\n\n\n<p>Seasonal factors can keep the rally in place for another week or two.&nbsp; We are in the midst of a key holiday period, after last Monday\u2019s Juneteenth holiday and next Monday\u2019s July 4th.&nbsp; Thursday is the end of the second quarter, so it would not be at all surprising to see some portfolio window dressing leading up to that date.&nbsp; Friday\u2019s Russell rebalancing proved to be of little consequence to the market as a whole, though it boosted volumes immensely.&nbsp; In short, markets can do what they please during two short weeks in a three week period that includes a quarter end and holiday suppressed volumes.&nbsp;<\/p>\n\n\n\n<p>But the longer-term picture remains in place.&nbsp; Quantitative tightening has only just begun, and even then <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20170614c.htm\">at a slower pace than ultimately intended<\/a>.&nbsp;&nbsp; The Fed\u2019s \u201cdot plot\u201d <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcprojtabl20220615.pdf\">shows an estimate for year-end Fed Funds to be at least 3%<\/a>, so the rate hikes will almost undoubtedly continue.&nbsp; Bearing in mind that the <a href=\"\/campus\/traders-insight\/securities\/macro\/the-fed-raised-rates-in-a-bear-market-and-maybe-a-recession\/\">Fed hiked rates in a bear market<\/a> \u2013 something they hadn\u2019t done since the late \u201870\u2019s\/early \u201880s (never an auspicious comparison) \u2013 and possibly during a recession, there seem to be simply too many monetary headwinds for the risk assets overall, and equities in particular, to overcome.&nbsp;<\/p>\n\n\n\n<p>Yes, we\u2019ve had a nice short-term bottom, but I highly doubt that we\u2019ve seen THE bottom.&nbsp; Oh, and by the way, in bear markets we can have several short-term bottoms, but only one true bottom.&nbsp; The odds are against us having seen the final lows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.  <\/p>\n","protected":false},"author":4,"featured_media":81869,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[3562,61],"contributors-categories":[13576],"class_list":{"0":"post-145449","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-text-articles","13":"category-traders-insight","14":"tag-bear-market","15":"tag-rally","16":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A Bottom or THE Bottom? | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the...\" \/>\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\/145449\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Bottom or THE Bottom? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T16:45:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:31:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.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\\\/a-bottom-or-the-bottom\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/a-bottom-or-the-bottom\\\/\"\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\": \"A Bottom or THE Bottom?\",\n\t            \"datePublished\": \"2022-06-27T16:45:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:01+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/a-bottom-or-the-bottom\\\/\"\n\t            },\n\t            \"wordCount\": 915,\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\\\/a-bottom-or-the-bottom\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/stocks-red.jpg\",\n\t            \"keywords\": [\n\t                \"bear market\",\n\t                \"rally\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\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\\\/a-bottom-or-the-bottom\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/a-bottom-or-the-bottom\\\/\",\n\t            \"name\": \"A Bottom or THE Bottom? | 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\\\/a-bottom-or-the-bottom\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/a-bottom-or-the-bottom\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/stocks-red.jpg\",\n\t            \"datePublished\": \"2022-06-27T16:45:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:01+00:00\",\n\t            \"description\": \"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.\",\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\\\/a-bottom-or-the-bottom\\\/\"\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\\\/a-bottom-or-the-bottom\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/stocks-red.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/stocks-red.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"The Archegos Lesson \u2013 If You Fail, Fail Spectacularly?\"\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":"A Bottom or THE Bottom? | Traders' Insight","description":"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the...","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\/145449\/","og_locale":"en_US","og_type":"article","og_title":"A Bottom or THE Bottom? | IBKR Campus US","og_description":"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/","og_site_name":"IBKR Campus US","article_published_time":"2022-06-27T16:45:00+00:00","article_modified_time":"2023-02-10T18:31:01+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.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\/a-bottom-or-the-bottom\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"A Bottom or THE Bottom?","datePublished":"2022-06-27T16:45:00+00:00","dateModified":"2023-02-10T18:31:01+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/"},"wordCount":915,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.jpg","keywords":["bear market","rally"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/","name":"A Bottom or THE Bottom? | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.jpg","datePublished":"2022-06-27T16:45:00+00:00","dateModified":"2023-02-10T18:31:01+00:00","description":"After last week\u2019s rally, which pushed major US indices about 6-7% higher, it was quite fair to wonder whether we had finally seen the worst of the recent selloff.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/a-bottom-or-the-bottom\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/stocks-red.jpg","width":1000,"height":563,"caption":"The Archegos Lesson \u2013 If You Fail, Fail Spectacularly?"},{"@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\/03\/stocks-red.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/145449","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=145449"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/145449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/81869"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=145449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=145449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=145449"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=145449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}