{"id":213924,"date":"2024-10-17T12:00:00","date_gmt":"2024-10-17T16:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=213924"},"modified":"2024-10-18T11:52:40","modified_gmt":"2024-10-18T15:52:40","slug":"as-go-the-semis-so-go-the-markets","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/as-go-the-semis-so-go-the-markets\/","title":{"rendered":"As Go the Semis, So Go the Markets"},"content":{"rendered":"\n

The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance.  Sure, the stock beat its EPS estimate, but as we outlined yesterday<\/a>, the important part was that it raised guidance.  The stock is up nearly 10%, breaking out to all-time highs, and the Philadelphia Semiconductor Index (SOX) recovered much of the ASML-induced losses from two days ago.  And as go semis, so goes the market.<\/p>\n\n\n\n

The chart below shows this week\u2019s moves in SOX along with the Nasdaq 100 (NDX) and S&P 500 (SPX) indices.  The magnitude of the broader indexes\u2019 moves was of course far less than that of SOX, but the directions are the same:<\/p>\n\n\n\n

4-Days, SOX (red\/green 5-minute candles), NDX (blue line), SPX (purple line)<\/em><\/strong><\/h3>\n\n\n\n
\"4-Days,<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

There is certainly a rationale for SOX to lead the markets.  No stock has captured the market\u2019s zeitgeist and traders\u2019 imaginations like Nvidia (NVDA).  As the \u201cposter child\u201d for all things artificial intelligence, it is by far the most active stock and options class at our firm.  And it should be.  NVDA has created a phenomenal amount of wealth for its investors.  But as it grew to a $3.4 trillion market capitalization, just a shade behind Apple\u2019s (AAPL) $3.5tn, its importance in capitalization-weighted indices like NDX and SPX grew accordingly.  It represents about 8.4% of NDX and 6.7% of SPX.  It is inevitable that its moves will have a significant effect on indices.<\/p>\n\n\n\n

Yet it is one thing to assert a relationship between a stock or a sector and the broader market, and another thing to prove it.  We did some simple statistical analysis to attempt to verify the assertion, and it appears to be valid.<\/p>\n\n\n\n

We ran the correlations of the daily percentage moves between NDX and SOX, setting SOX as the independent variable.  Although it is common to correlate the values of various stocks and indices, correlating the daily percentage moves is more valuable for traders.  When I managed our statistical arbitrage book, that was the correlation metric that we used, and it worked rather well. <\/p>\n\n\n\n

On that basis, we see an R-squared of .796.  The adjusted beta is .637, which seems low until one remembers that this is the opposite way from how we normally view beta.  It is typically measured with an index, usually SPX, as the independent variable.  In this case, where SOX is both the independent variable and the more volatile product, it gives NDX the lower beta.<\/p>\n\n\n\n

Regression Analysis of NDX vs. SOX Using 1-Year of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

Over a 6-Month timeframe, the beta remains similar, but the R^2 improves to .836<\/p>\n\n\n\n

Regression Analysis of NDX vs. SOX Using 6-Months of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

Considering that SPX is a broader, more diversified index than NDX, it is not surprising that both the correlations and betas are lower when we compare SPX to SOX, again using SOX as the independent variable:<\/p>\n\n\n\n

Regression Analysis of SPX vs. SOX Using 1-Year of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

Regression Analysis of SPX vs. SOX Using 6-Months of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

And of course, we have noted in the past that SPX and NDX are highly correlated, with NDX tending to show more volatility than SPX. <\/p>\n\n\n\n

Regression Analysis of SPX vs. NDX Using 1-Year of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

Regression Analysis of SPX vs. SOX Using 6-Months of Daily Percentage Moves<\/em><\/strong><\/h3>\n\n\n\n
\"Regression<\/figure>\n\n\n\n

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

Of course, it is crucial to remember that correlation alone does not prove causation.  I\u2019ve certainly learned that through experience, sometimes the hard way.  And it\u2019s also important to remember that stable relationships have a nasty way of breaking down at the most inopportune times.   Yet based on the above statistics, even if they are simplistic, there appears to be a relationship between SOX, NDX and SPX.  They reaffirm what we\u2019ve tended to observe on a qualitative basis, and there is at least some rationale for asserting causality.  Because of that, I am reasonably confident in asserting that \u201cas go the semis, so goes the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday, the important part was that it raised guidance. <\/p>\n","protected":false},"author":4,"featured_media":201212,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[17902,4109],"contributors-categories":[13576],"class_list":{"0":"post-213924","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-semicondutors","15":"tag-stock-market","16":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nAs Go the Semis, So Go the Markets | Traders' Insight<\/title>\n<meta name=\"description\" content=\"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday,...\" \/>\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\/213924\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As Go the Semis, So Go the Markets | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday, the important part was that it raised guidance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-17T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-18T15:52:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.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=\"5 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\\\/as-go-the-semis-so-go-the-markets\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/\"\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\": \"As Go the Semis, So Go the Markets\",\n\t \"datePublished\": \"2024-10-17T16:00:00+00:00\",\n\t \"dateModified\": \"2024-10-18T15:52:40+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/\"\n\t },\n\t \"wordCount\": 706,\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\\\/as-go-the-semis-so-go-the-markets\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/01\\\/nvidia-chip-featured-img.jpg\",\n\t \"keywords\": [\n\t \"semicondutors\",\n\t \"stock market\"\n\t ],\n\t \"articleSection\": [\n\t \"IBKR Insights\",\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 \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/\",\n\t \"name\": \"As Go the Semis, So Go the Markets | 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\\\/as-go-the-semis-so-go-the-markets\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/as-go-the-semis-so-go-the-markets\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/01\\\/nvidia-chip-featured-img.jpg\",\n\t \"datePublished\": \"2024-10-17T16:00:00+00:00\",\n\t \"dateModified\": \"2024-10-18T15:52:40+00:00\",\n\t \"description\": \"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday, the important part was that it raised guidance.\",\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\\\/as-go-the-semis-so-go-the-markets\\\/\"\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\\\/as-go-the-semis-so-go-the-markets\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/01\\\/nvidia-chip-featured-img.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/01\\\/nvidia-chip-featured-img.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":"As Go the Semis, So Go the Markets | Traders' Insight","description":"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday,...","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\/213924\/","og_locale":"en_US","og_type":"article","og_title":"As Go the Semis, So Go the Markets | IBKR Campus US","og_description":"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday, the important part was that it raised guidance.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/","og_site_name":"IBKR Campus US","article_published_time":"2024-10-17T16:00:00+00:00","article_modified_time":"2024-10-18T15:52:40+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"As Go the Semis, So Go the Markets","datePublished":"2024-10-17T16:00:00+00:00","dateModified":"2024-10-18T15:52:40+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/"},"wordCount":706,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.jpg","keywords":["semicondutors","stock market"],"articleSection":["IBKR Insights","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/","name":"As Go the Semis, So Go the Markets | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.jpg","datePublished":"2024-10-17T16:00:00+00:00","dateModified":"2024-10-18T15:52:40+00:00","description":"The key stock story this morning is Taiwan Semiconductor\u2019s (TSM) raised guidance. Sure, the stock beat its EPS estimate, but as we outlined yesterday, the important part was that it raised guidance.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/as-go-the-semis-so-go-the-markets\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/nvidia-chip-featured-img.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\/2024\/01\/nvidia-chip-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/213924","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=213924"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/213924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/201212"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=213924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=213924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=213924"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=213924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}