{"id":210131,"date":"2024-08-08T11:39:52","date_gmt":"2024-08-08T15:39:52","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=210131"},"modified":"2024-08-21T04:00:49","modified_gmt":"2024-08-21T08:00:49","slug":"quit-your-whining","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/quit-your-whining\/","title":{"rendered":"Quit Your Whining"},"content":{"rendered":"\n

With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?<\/p>\n\n\n\n

I usually prefer to start writing these daily pieces after the market opens because it gives me a clearer picture of the market\u2019s direction, but I\u2019m starting this piece a bit earlier than usual because I can barely contain myself.\u00a0Yes, this relatively significant rally is the direct result of weekly jobless claims coming in with a net decline of 6,000 after revisions.\u00a0Ask yourself when you last paid much attention to this data point, let alone launched a huge rally or decline in its wake.\u00a0I can\u2019t remember this big of a reaction to this pedestrian report.<\/p>\n\n\n\n

But then again, these are not normal times.\u00a0Yesterday\u2019s 2.5% high\/low trading range in SPX is Exhibit A.\u00a0We\u2019re still working through the aftereffects of the\u00a0huge carry trade unwind<\/a>\u00a0that has rocked global markets since the Bank of Japan raised rates last week.\u00a0According to\u00a0published reports<\/a>, JPMorgan (JPM) analysts estimate that the carry trade is now 75% unwound.\u00a0I\u2019m not sure how they arrived at that figure, since currencies trade over-the-counter and it is extraordinarily difficult to know exactly what is collateralizing debt (the most extreme examples of this are\u00a0Long Term Capital Management<\/a>\u00a0and\u00a0Archegos<\/a>).\u00a0As a result, even analysts at a bank with much more transparency into these mechanisms acknowledge that their data is not perfectly reliable.\u00a0\u00a0<\/p>\n\n\n\n

One way that I have been tracking the stresses that may be resulting from the carry trades is the Tokyo Exchange TOPIX Bank Index (TPNBNK).\u00a0It has drastically underperformed the other key Japanese indices, the Nikkei 225 (N225) and TOPIX (TOPX).\u00a0Since July 31st<\/sup>, the day that the BOJ raised rates 25 bp when the market had priced in roughly a 50% chance of a 10bp hike, triggering the carry trade unwind, the broader benchmarks are both down about -10% while the bank index is down about -20%.\u00a0Japanese bank investors are not ready to declare an \u201call clear\u201d yet.<\/p>\n\n\n\n

Since August 1st<\/sup>, 2024:\u00a0TPNBNK (red\/green 10-minute candles), TOPIX (purple line), N225 (blue line)<\/em><\/strong><\/p>\n\n\n

\n
\"\"
Source: Interactive Brokers<\/figcaption><\/figure>\n<\/div>\n\n\n

Now consider this morning\u2019s rally in light of the panicky commentary from a wide range of market pundits earlier this week.\u00a0\u00a0I was particularly dismayed on Monday morning to see my former professor, Jeremy Siegel, clamoring for an immediate 75 bp cut and another 75bp in September.\u00a0His assertion is that the neutral rate is somewhere in the 3.5-4% range, and that the Fed needs to get us there ASAP.\u00a0I defer to his superior skills as an economist about the proper level for the neutral rate, but as a long-time, full-time market practitioner, those moves would have completely spooked the market.\u00a0Abandoning the path that the FOMC has painstakingly laid out would have been interpreted as panic.\u00a0\u201cWhat do they know that we don\u2019t?!?!\u201d\u00a0\u00a0<\/p>\n\n\n\n

If Chair Powell knows something that we don\u2019t or believes that a faster pace of rate cuts is warranted, he has more than ample opportunity to tell us why when he gives his annual Jackson Hole address in two weeks. <\/p>\n\n\n\n

I firmly believe that US-centric investors were too quick to blame Monday\u2019s declines in both stocks and bond yields on recessionary fears.\u00a0Stock traders have been quick to pounce on any rally since then, even if they have shown a tendency to fade, and the subsequent jump in bond yields show that the recent plunges were more about flight to safety and carry trade closeouts.\u00a0Neither point to major concerns about a looming recession.\u00a0\u00a0<\/p>\n\n\n\n

I\u2019ll leave economic punditry to economists but since the Fed has forced us all to become data dependent \u2013 if they are, so must we be \u2013 my read of the data is that it\u2019s mixed, not dire.\u00a0In a podcast<\/a> taped earlier this week, my colleague Jose Torres noted that the ISM Services report contrasted with last week\u2019s downbeat ISM Manufacturing report.\u00a0The\u00a0Atlanta Fed\u2019s GDPNow<\/a>\u00a0currently projects a 2.9% rise in GDP.\u00a0It does appear that the conflicting data could certainly indicate that the economy is at an inflection point.\u00a0I will by no means rule out the possibility or even likelihood of a recession.\u00a0But it is premature, if not flat out wrong, to say that those fears are an overarching concern.\u00a0\u00a0<\/p>\n\n\n\n

And now that SPX is up another \u00be% since I started typing, can we say that today\u2019s number has quelled the looming recession fears?\u00a0\u00a0Absolutely not.\u00a0Can we say that stock traders remain fixated on buying dips and chasing rallies?\u00a0Absolutely yes.\u00a0Does the latter indicate that we desperately need rate cuts to keep markets afloat?\u00a0C\u2019mon, quit your whining.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?<\/p>\n","protected":false},"author":4,"featured_media":194135,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,14,16,14700,18,6,19,8,9,22,26,3],"tags":[1945,12767,77,1685,3598,207,44,17575],"contributors-categories":[13576],"class_list":{"0":"post-210131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-etfs","9":"category-forex","10":"category-ibkr-market-insights","11":"category-macro","12":"category-north-america","13":"category-options","14":"category-region","15":"category-securities","16":"category-stocks","17":"category-text-articles","18":"category-traders-insight","19":"tag-bank-of-japan","20":"tag-chair-powell","21":"tag-fed","22":"tag-macro","23":"tag-market-outlook","24":"tag-spx","25":"tag-stocks","26":"tag-tokyo-exchange","27":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nQuit Your Whining | Traders' Insight<\/title>\n<meta name=\"description\" content=\"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for 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\/210131\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quit Your Whining | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/quit-your-whining\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-08T15:39:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-21T08:00:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.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\\\/quit-your-whining\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/\"\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\": \"Quit Your Whining\",\n\t \"datePublished\": \"2024-08-08T15:39:52+00:00\",\n\t \"dateModified\": \"2024-08-21T08:00:49+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/\"\n\t },\n\t \"wordCount\": 816,\n\t \"commentCount\": 0,\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\\\/quit-your-whining\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/07\\\/volatility-strategies-for-volatile-market-options.jpg\",\n\t \"keywords\": [\n\t \"Bank of Japan\",\n\t \"Chair Powell\",\n\t \"Fed\",\n\t \"macro\",\n\t \"market outlook\",\n\t \"SPX\",\n\t \"stocks\",\n\t \"Tokyo Exchange\"\n\t ],\n\t \"articleSection\": [\n\t \"Asia Pacific\",\n\t \"ETFs\",\n\t \"Forex\",\n\t \"IBKR Insights\",\n\t \"Macro\",\n\t \"North America\",\n\t \"Options\",\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 \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/\",\n\t \"name\": \"Quit Your Whining | 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\\\/quit-your-whining\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/quit-your-whining\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/07\\\/volatility-strategies-for-volatile-market-options.jpg\",\n\t \"datePublished\": \"2024-08-08T15:39:52+00:00\",\n\t \"dateModified\": \"2024-08-21T08:00:49+00:00\",\n\t \"description\": \"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?\",\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\\\/quit-your-whining\\\/\"\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\\\/quit-your-whining\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/07\\\/volatility-strategies-for-volatile-market-options.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/07\\\/volatility-strategies-for-volatile-market-options.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563\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 several 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":"Quit Your Whining | Traders' Insight","description":"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for 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\/210131\/","og_locale":"en_US","og_type":"article","og_title":"Quit Your Whining | IBKR Campus US","og_description":"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/quit-your-whining\/","og_site_name":"IBKR Campus US","article_published_time":"2024-08-08T15:39:52+00:00","article_modified_time":"2024-08-21T08:00:49+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.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\/quit-your-whining\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Quit Your Whining","datePublished":"2024-08-08T15:39:52+00:00","dateModified":"2024-08-21T08:00:49+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/"},"wordCount":816,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.jpg","keywords":["Bank of Japan","Chair Powell","Fed","macro","market outlook","SPX","stocks","Tokyo Exchange"],"articleSection":["Asia Pacific","ETFs","Forex","IBKR Insights","Macro","North America","Options","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/","name":"Quit Your Whining | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.jpg","datePublished":"2024-08-08T15:39:52+00:00","dateModified":"2024-08-21T08:00:49+00:00","description":"With the S&P 500 (SPX) leaping about 1% on today\u2019s open thanks to a data point that typically goes unnoticed, I have an important question for the buyers: are you the same people who were clamoring for an emergency 50 basis point rate cut on Monday?","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/quit-your-whining\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/07\/volatility-strategies-for-volatile-market-options.jpg","width":1000,"height":563},{"@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 several 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\/2023\/07\/volatility-strategies-for-volatile-market-options.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/210131","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=210131"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/210131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/194135"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=210131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=210131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=210131"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=210131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}