{"id":217739,"date":"2025-01-23T11:00:00","date_gmt":"2025-01-23T16:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=217739"},"modified":"2025-01-24T03:40:08","modified_gmt":"2025-01-24T08:40:08","slug":"fun-or-lack-thereof-with-advance-declines","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/fun-or-lack-thereof-with-advance-declines\/","title":{"rendered":"Fun (or Lack Thereof) With Advance-Declines"},"content":{"rendered":"\n

In theory, if not in practice, moves in major indices should be confirmed by breadth.  We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies.  The current environment features one of the most top-heavy index compositions in decades<\/a>, meaning that a least recently, breadth hasn\u2019t mattered.  But historically it has, so we would like to check whether broad-based indices and advance-decline measures are keeping pace with the more concentrated indices.<\/p>\n\n\n\n

One simple way to examine the relative amount of market participation is to compare the S&P 500 (SPX) with its equal-weighted version (SPW) and the NYSE Composite Index (NYA).  We see that the latter two measures have performed similarly, but significantly worse than SPX:<\/p>\n\n\n\n

3-Years, SPX (blue\/white candles), SPW (blue line), NYA (red line)<\/em><\/strong><\/h3>\n\n\n\n
\"3-Years,<\/figure>\n\n\n\n

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

Interestingly, when we compare the Nasdaq 100 (NDX) to the Nasdaq Composite (CCMP), the performance gap is far narrower.  Part of the reason for CCMP\u2019s better tracking vs. NDX as opposed to NYA\u2019s tracking vs. SPX is because the megacap technology that are dominating that index are all Nasdaq listed:<\/p>\n\n\n\n

3-Years, NDX (purple), CCMP (yellow)<\/em><\/strong><\/h3>\n\n\n\n
\"3-Years,<\/figure>\n\n\n\n

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

Within the indices some advance-decline lines are keeping up with their benchmarks much better than others.  For example, when we compare SPX to its cumulative advance-declines, we see that while the latest rally is not quite confirmed by the A\/D line, it is not that far off.  This comes, mind you, after a period in December when we went weeks<\/a> with SPX decliners outpacing advancers, even as the index rose:<\/p>\n\n\n\n

3-Years, SPX (blue), Cumulative SPX Advances-Declines (white)<\/em><\/strong><\/h3>\n\n\n\n
\"3-Years,<\/figure>\n\n\n\n

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

We see something similar with NYA and the NYSE cumulative A\/D line:<\/p>\n\n\n\n

3-Years, NYA (orange), NYSE A\/D line (red)<\/em><\/strong><\/h3>\n\n\n\n
\"3-Years,<\/figure>\n\n\n\n

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

Yet by the same measure, both NDX and CCMP fall far short.  The Nasdaq cumulative A\/D line has seemingly been in freefall even as the indices soar.  That said, this has been occurring for years with few ill effects, if any:<\/p>\n\n\n\n

3-Years, NDX (yellow), CCMP (magenta), Nasdaq Cumulative A\/D (green)<\/em><\/strong><\/h3>\n\n\n\n
\"3-Years,<\/figure>\n\n\n\n

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

Bottom line: for the most part, breadth has been keeping up with major indices.  Certainly, there is underperformance when we compare SPW to SPX, and the drop in the Nasdaq A\/D line is quite staggering, but on the whole, these should not be cause for immediate concern.  Yet we have seen some index dips when the A\/D lines fail to confirm new highs.  It bears watching but not panic.<\/p>\n","protected":false},"excerpt":{"rendered":"

In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies. <\/p>\n","protected":false},"author":4,"featured_media":200326,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[],"contributors-categories":[13576],"class_list":{"0":"post-217739","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nFun (or Lack Thereof) With Advance-Declines<\/title>\n<meta name=\"description\" content=\"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market...\" \/>\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\/217739\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fun (or Lack Thereof) With Advance-Declines | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-23T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-24T08:40:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-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=\"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\\\/fun-or-lack-thereof-with-advance-declines\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fun-or-lack-thereof-with-advance-declines\\\/\"\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\": \"Fun (or Lack Thereof) With Advance-Declines\",\n\t \"datePublished\": \"2025-01-23T16:00:00+00:00\",\n\t \"dateModified\": \"2025-01-24T08:40:08+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fun-or-lack-thereof-with-advance-declines\\\/\"\n\t },\n\t \"wordCount\": 462,\n\t \"commentCount\": 17,\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\\\/fun-or-lack-thereof-with-advance-declines\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/12\\\/investing-downturn-red-featured-img.jpg\",\n\t \"articleSection\": [\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\\\/fun-or-lack-thereof-with-advance-declines\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fun-or-lack-thereof-with-advance-declines\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fun-or-lack-thereof-with-advance-declines\\\/\",\n\t \"name\": \"Fun (or Lack Thereof) With Advance-Declines | 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\\\/fun-or-lack-thereof-with-advance-declines\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fun-or-lack-thereof-with-advance-declines\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/12\\\/investing-downturn-red-featured-img.jpg\",\n\t \"datePublished\": \"2025-01-23T16:00:00+00:00\",\n\t \"dateModified\": \"2025-01-24T08:40:08+00:00\",\n\t \"description\": \"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies.\",\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\\\/fun-or-lack-thereof-with-advance-declines\\\/\"\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\\\/fun-or-lack-thereof-with-advance-declines\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/12\\\/investing-downturn-red-featured-img.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/12\\\/investing-downturn-red-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 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":"Fun (or Lack Thereof) With Advance-Declines","description":"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market...","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\/217739\/","og_locale":"en_US","og_type":"article","og_title":"Fun (or Lack Thereof) With Advance-Declines | IBKR Campus US","og_description":"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/","og_site_name":"IBKR Campus US","article_published_time":"2025-01-23T16:00:00+00:00","article_modified_time":"2025-01-24T08:40:08+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-featured-img.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\/fun-or-lack-thereof-with-advance-declines\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Fun (or Lack Thereof) With Advance-Declines","datePublished":"2025-01-23T16:00:00+00:00","dateModified":"2025-01-24T08:40:08+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/"},"wordCount":462,"commentCount":17,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-featured-img.jpg","articleSection":["North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/","name":"Fun (or Lack Thereof) With Advance-Declines | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-featured-img.jpg","datePublished":"2025-01-23T16:00:00+00:00","dateModified":"2025-01-24T08:40:08+00:00","description":"In theory, if not in practice, moves in major indices should be confirmed by breadth. We tend to focus on indices that are weighted by market capitalization, so many choose to check to see whether a wide range of stocks are participating in a rally that might be disproportionately led by the largest companies.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fun-or-lack-thereof-with-advance-declines\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/12\/investing-downturn-red-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 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\/12\/investing-downturn-red-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/217739","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=217739"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/217739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/200326"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=217739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=217739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=217739"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=217739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}