{"id":157278,"date":"2022-09-14T12:40:00","date_gmt":"2022-09-14T16:40:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=157278"},"modified":"2023-02-10T13:30:37","modified_gmt":"2023-02-10T18:30:37","slug":"notes-from-the-aftermath","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/notes-from-the-aftermath\/","title":{"rendered":"Notes From The Aftermath"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">There is no way to put lipstick on yesterday\u2019s pig of a market move.&nbsp; CPI was above expectations, the debate about the Fed\u2019s next move flipped from a 50 or 75 basis point hike to 75 or 100, and major US indices fell by 4%-5%.&nbsp; Today we are seeing a modest bounce \u2013 most investors prefer that to continued selling, but this morning\u2019s trading has been largely trendless.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite yesterday\u2019s debacle, key US indices \u2013 the S&amp;P 500 (SPX), NASDAQ 100 (NDX), and Russell 2000 (RTY) are now basically flat for the month.&nbsp; That they were only giving back a few days\u2019 worth of gains is <a href=\"\/campus\/traders-insight\/securities\/macro\/is-100-the-new-50\/\">something we noted yesterday<\/a>.&nbsp; As usual, the various 1%+ up days that we experienced last week were another bout of \u201c<a href=\"\/campus\/traders-insight\/securities\/macro\/socially-acceptable-volatility-strikes-again\/\">socially acceptable volatility<\/a>\u201d, while yesterday\u2019s \u201crug pull\u201d was the plain, old nasty kind of volatility \u2013 only more so.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What we saw yesterday was not appreciably different from the <a href=\"\/campus\/traders-insight\/securities\/macro\/goldilocks-stop-doubting-my-resolve-to-cool-the-porridge\/\">market\u2019s reaction to Fed Chair Powell\u2019s Jackson Hole speech<\/a>.&nbsp; At the time, traders began to anticipate a \u201cpivot\u201d from the Federal Reserve.&nbsp; That speech was clearly designed to <a href=\"\/campus\/traders-insight\/securities\/fixed-income\/goldilocks-feeds-the-bears\/\">remove any uncertainty<\/a> about the Fed\u2019s resolve to fight inflation \u2013 even if rate hikes and quantitative tightening (QT) bring about economic weakness.&nbsp; The market\u2019s mindset flipped instantly from <a href=\"\/campus\/traders-insight\/securities\/macro\/is-100-the-new-50\/\">debating whether the FOMC\u2019s next move<\/a> will be a 50 or 75 basis point hike to whether the hike at the next meeting \u2013 a week from today \u2013 will be 75 bp or a full 1%.&nbsp; (Interestingly, stocks rose even as the likelihood of a 75 vs. 50 bp hike rose steadily last week.&nbsp; On the 6<sup>th<\/sup> the likelihood of a 75 bp hike was about 73%; it was 93% prior to yesterday\u2019s CPI report.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As I write this, Fed Funds futures are pricing in about a 1\/3 chance of a 1% hike.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/macro\/is-100-the-new-50\/\">I wrote yesterday that I remain in the 75bp camp<\/a>, saying:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>While I never wavered from my opinion that the next move would be 75bp even when there was about a 50-50 chance of a 50bp hike, I am not in the camp of 100bp next week.&nbsp; A full 1% would seem as though the Fed is panicking.&nbsp; While various Fed talking heads have noted that they are willing to run the risk of a slower economy in order to win their inflation fight, a 1% move could easily be interpreted as an overreaction and more likely to be recessionary.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This creates an opportunity for traders.&nbsp; If we fell yesterday on fears that the Fed might panic into a larger than expected rate hike, we have the potential to recoup some of those losses if the rate hike is \u201conly\u201d 75bp.&nbsp; Remember, we rallied even as the probability of a 75bp hike steadily rose last week.&nbsp; In theory, we should also see some improvement if we now revert to that same hike.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The problem is that we could have a rocky path until next week\u2019s rate announcement.&nbsp; Before then, we have to reckon with the quarterly expiry of futures and options on Friday and the start of accelerated QT.&nbsp; The former is a \u201cknown unknown\u201d.&nbsp; Anyone with a calendar has the ability to recognize that Friday is a major expiration.&nbsp; The open interest in SPX 4,000 strike options expiring Friday morning is over 200,000 contracts.&nbsp; That likely explains why we found support at that level for a while yesterday before melting down under selling pressure.&nbsp; The open interest in the 3,900 strike is about half that, and a re-test of that level prior to Friday would be critical.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/stocks\/the-magic-of-3900\/\">That level held wonderfully earlier this month<\/a>, yet was not tested since.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The growing onset of QT remains an \u201cunknown unknown.\u201d&nbsp; The Fed will be doubling its pace of balance sheet reduction from $47.5bn per month to $95bn, starting this month. We\u2019ve had very little experience with QT in our lifetimes, and what little we\u2019ve seen hasn\u2019t been great (see late 2018 and so far this year).&nbsp; The chart below shows that the pace of balance sheet reduction has so far been modest.&nbsp; A faster pace would have an uncertain effect \u2013 at best \u2013 on asset prices.&nbsp; And remember, monetary policy typically operates with a lag.&nbsp; It\u2019s not clear whether markets have felt the effect of the QT we have seen so far, let alone a doubled pace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Considering yesterday\u2019s drop, today\u2019s dip buying appears to be relatively muted.&nbsp; If you choose to buy the dip because you believe that we are short-term oversold or that rate worries are overstated, that\u2019s one thing.&nbsp; If you choose to buy reflexively, simply because you\u2019re conditioned to \u201cbuy the dip\u201d, that\u2019s another.&nbsp; It can be OK to hunt for bargains when markets are \u201con sale\u201d, but only if you\u2019ve considered the rationale behind your discount shopping.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"649\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-1100x649.png\" alt=\"Securities Held on the Federal Reserve Balance Sheet\" class=\"wp-image-157283 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-1100x649.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-700x413.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-300x177.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-768x453.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-1536x906.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/09\/Picture1-3-2048x1209.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/649;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: Federal Reserve, Interactive Brokers<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is no way to put lipstick on yesterday\u2019s pig of a market move.  CPI was above expectations, the debate about the Fed\u2019s next move flipped and major US indices fell.<\/p>\n","protected":false},"author":4,"featured_media":79954,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15,14700,18,6,19,8,9,26,3],"tags":[217,77,558,11020,3558,207,12722],"contributors-categories":[13576],"class_list":["post-157278","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fixed-income","category-ibkr-market-insights","category-macro","category-north-america","category-options","category-region","category-securities","category-text-articles","category-traders-insight","tag-cpi","tag-fed","tag-ndx","tag-rate-hike","tag-rty","tag-spx","tag-us-indices","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 v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Notes From The Aftermath | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.\" \/>\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\/157278\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Notes From The Aftermath | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/notes-from-the-aftermath\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-14T16:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:30:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\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\\\/notes-from-the-aftermath\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/notes-from-the-aftermath\\\/\"\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\": \"Notes From The Aftermath\",\n\t            \"datePublished\": \"2022-09-14T16:40:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:30:37+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/notes-from-the-aftermath\\\/\"\n\t            },\n\t            \"wordCount\": 829,\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\\\/notes-from-the-aftermath\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/eagle-statue.jpg\",\n\t            \"keywords\": [\n\t                \"CPI\",\n\t                \"Fed\",\n\t                \"NDX\",\n\t                \"rate hike\",\n\t                \"RTY\",\n\t                \"SPX\",\n\t                \"US indices\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Fixed Income\",\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Options\",\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\\\/notes-from-the-aftermath\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/notes-from-the-aftermath\\\/\",\n\t            \"name\": \"Notes From The Aftermath | 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\\\/notes-from-the-aftermath\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/notes-from-the-aftermath\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/eagle-statue.jpg\",\n\t            \"datePublished\": \"2022-09-14T16:40:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:30:37+00:00\",\n\t            \"description\": \"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.\",\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\\\/notes-from-the-aftermath\\\/\"\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\\\/notes-from-the-aftermath\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/eagle-statue.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/03\\\/eagle-statue.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 550\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":"Notes From The Aftermath | Traders' Insight","description":"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.","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\/157278\/","og_locale":"en_US","og_type":"article","og_title":"Notes From The Aftermath | IBKR Campus US","og_description":"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/notes-from-the-aftermath\/","og_site_name":"IBKR Campus US","article_published_time":"2022-09-14T16:40:00+00:00","article_modified_time":"2023-02-10T18:30:37+00:00","og_image":[{"width":900,"height":550,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.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\/notes-from-the-aftermath\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Notes From The Aftermath","datePublished":"2022-09-14T16:40:00+00:00","dateModified":"2023-02-10T18:30:37+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/"},"wordCount":829,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.jpg","keywords":["CPI","Fed","NDX","rate hike","RTY","SPX","US indices"],"articleSection":["Fixed Income","IBKR Insights","Macro","North America","Options","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/","name":"Notes From The Aftermath | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.jpg","datePublished":"2022-09-14T16:40:00+00:00","dateModified":"2023-02-10T18:30:37+00:00","description":"There is no way to put lipstick on yesterday\u2019s pig of a market move. CPI was above expectations, the debate about the Fed\u2019s next move flipped.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/notes-from-the-aftermath\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/03\/eagle-statue.jpg","width":900,"height":550},{"@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\/eagle-statue.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/157278","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=157278"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/157278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/79954"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=157278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=157278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=157278"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=157278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}