{"id":248501,"date":"2026-06-29T12:43:51","date_gmt":"2026-06-29T16:43:51","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=248501"},"modified":"2026-06-29T13:24:23","modified_gmt":"2026-06-29T17:24:23","slug":"look-out-that-ratchet-is-back","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/","title":{"rendered":"Look Out, That Ratchet is Back"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">(Today\u2019s musical accompaniment: <a href=\"https:\/\/youtu.be\/557lFG-qq5g?si=LvgerIZFZ-e2WnaW\">Bobby Darin<\/a>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.&nbsp; Iran responded with attacks on US targets in Kuwait and Bahrain.&nbsp; Then, yesterday afternoon, before Asian markets opened, <a href=\"https:\/\/apnews.com\/article\/iran-us-war-strait-of-hormuz-june-29-2026-d1c0ec8aa84c0e5693b94f0cf0862bab\">we received news<\/a> that the US and Iran would be resuming talks on Tuesday.&nbsp; If you think that timing was coincidental, I have a bridge to sell you.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once again, we see the \u201c<a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/the-peace-ratchet\/\">ratchet effect<\/a>\u201d in action.&nbsp; We coined the term to describe a phenomenon that was relatively ever-present throughout April and May.&nbsp; Hopeful news about negotiations to end the conflict and open the Strait of Hormuz would emerge and stocks would rally in response.&nbsp; Even when those talks would seemingly come to naught, stocks didn\u2019t give back their gains even if oil and bond yields reversed their declines.&nbsp; We have, of course, reached a more sustainable stage of the peace process, with a ceasefire and a signed memorandum of understanding in place, even if there have been notable hiccups during its implementation.&nbsp; This weekend\u2019s activities were merely the latest in a series of breaches by both parties.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We can see some of the aftereffects this morning.&nbsp; Note that futures on the S&amp;P 500 (SPX, ES) and Nasdaq 100 (NDX, NQ) are trading about 12 and 80 points above their respective index levels.&nbsp; That is because even though cash equities had closed for the week, index futures were still open.&nbsp; This morning\u2019s premia show that although these futures traded lower in Friday\u2019s aftermarket, the declines were relatively muted.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Savvy traders have seen this movie before.&nbsp; While this was occurring, I remarked to a summer intern that while this news sounded bad \u2013 and indeed was \u2013 I had every expectation that the hostilities would be over amid reports of renewed talks before Monday\u2019s open.&nbsp; That said, I was surprised that we heard of it so soon.&nbsp; A cynic (like me) would have suggested that the announcement might have waited until after Asian stocks and US futures dipped.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today we once again see stocks rising alongside oil and bond yields after the emergence of peace chatter. &nbsp;Considering that tankers are once again transiting the Strait, albeit with some concern about mines, tolls, and an on-again\/off-again ceasefire, a $1 increase in oil seems appropriate.&nbsp; The same goes for a 1-2 basis point rise in yields.&nbsp; (Note that yields also barely budged after the <a href=\"https:\/\/www.msn.com\/en-us\/news\/other\/supreme-court-blocks-trump-from-firing-fed-governor-lisa-cook\/ar-AA26O6D3?ocid=BingNewsVerp\">Supreme Court blocked<\/a> the President\u2019s attempt to fire Fed Governor Lisa Cook, implying that bond markets expected this potential threat to central bank independence to be quashed.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One other feature of the ratchet effect is occurring today.&nbsp; Market leadership is coming once again from those that led during the ratchet effect\u2019s primetime.&nbsp; Tech is of course the standout, allowing large-cap indexes to rise even as many market internals such as advances\/declines and sectoral leadership are mixed.&nbsp; The \u201cmaker\/taker\u201d dichotomy that we discussed last week is taking a breather today, with most of the \u201cMagnificent 7\u201d and friends trading higher (Apple (AAPL) and Microsoft (MSFT) are notable exceptions) even as semiconductors briefly flirted with negative territory before resuming their advance.&nbsp; Other sectors trading higher include energy, financials, and industrials, with most others trading lower.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, as we end the month of June, we revert to a pattern that prevailed earlier during this second quarter.&nbsp; Nervousness about hostilities, a bounce when they abate, and tech stocks of all stripes, not just semiconductors, leading the way.&nbsp; Of course, much of that may be related to bargain hunting and window dressing ahead of the quarter\u2019s end, but nonetheless, today\u2019s activity seems quite familiar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US targets in Kuwait and Bahrain.\u00a0 Then, yesterday afternoon, before Asian markets opened, we received news that the US and Iran would be resuming talks on Tuesday.\u00a0 If you think that timing was coincidental, I have a bridge to sell you.\u00a0<\/p>\n","protected":false},"author":4,"featured_media":248506,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,6,8,9,3],"tags":[],"contributors-categories":[13576],"class_list":["post-248501","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-north-america","category-region","category-securities","category-traders-insight","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Look Out, That Ratchet is Back | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US...\" \/>\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\/248501\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Look Out, That Ratchet is Back | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US targets in Kuwait and Bahrain.\u00a0 Then, yesterday afternoon, before Asian markets opened, we received news that the US and Iran would be resuming talks on Tuesday.\u00a0 If you think that timing was coincidental, I have a bridge to sell you.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-29T16:43:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-29T17:24:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"3 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\\\/look-out-that-ratchet-is-back\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/look-out-that-ratchet-is-back\\\/\"\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\": \"Look Out, That Ratchet is Back\",\n\t            \"datePublished\": \"2026-06-29T16:43:51+00:00\",\n\t            \"dateModified\": \"2026-06-29T17:24:23+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/look-out-that-ratchet-is-back\\\/\"\n\t            },\n\t            \"wordCount\": 643,\n\t            \"commentCount\": 11,\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\\\/look-out-that-ratchet-is-back\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/06\\\/ratchet-money-featured-img.jpg\",\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\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\\\/look-out-that-ratchet-is-back\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/look-out-that-ratchet-is-back\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/look-out-that-ratchet-is-back\\\/\",\n\t            \"name\": \"Look Out, That Ratchet is Back | 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\\\/look-out-that-ratchet-is-back\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/look-out-that-ratchet-is-back\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/06\\\/ratchet-money-featured-img.jpg\",\n\t            \"datePublished\": \"2026-06-29T16:43:51+00:00\",\n\t            \"dateModified\": \"2026-06-29T17:24:23+00:00\",\n\t            \"description\": \"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US targets in Kuwait and Bahrain.\u00a0 Then, yesterday afternoon, before Asian markets opened, we received news that the US and Iran would be resuming talks on Tuesday.\u00a0 If you think that timing was coincidental, I have a bridge to sell you.\u00a0\",\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\\\/look-out-that-ratchet-is-back\\\/\"\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\\\/look-out-that-ratchet-is-back\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/06\\\/ratchet-money-featured-img.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/06\\\/ratchet-money-featured-img.jpg\",\n\t            \"width\": 1280,\n\t            \"height\": 720\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":"Look Out, That Ratchet is Back | Traders' Insight","description":"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US...","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\/248501\/","og_locale":"en_US","og_type":"article","og_title":"Look Out, That Ratchet is Back | IBKR Campus US","og_description":"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US targets in Kuwait and Bahrain.\u00a0 Then, yesterday afternoon, before Asian markets opened, we received news that the US and Iran would be resuming talks on Tuesday.\u00a0 If you think that timing was coincidental, I have a bridge to sell you.\u00a0","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/","og_site_name":"IBKR Campus US","article_published_time":"2026-06-29T16:43:51+00:00","article_modified_time":"2026-06-29T17:24:23+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Look Out, That Ratchet is Back","datePublished":"2026-06-29T16:43:51+00:00","dateModified":"2026-06-29T17:24:23+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/"},"wordCount":643,"commentCount":11,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg","articleSection":["IBKR Insights","North America","Region","Securities","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/","name":"Look Out, That Ratchet is Back | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg","datePublished":"2026-06-29T16:43:51+00:00","dateModified":"2026-06-29T17:24:23+00:00","description":"Friday afternoon, shortly after markets closed for the week, we learned that the US military bombed targets in Iran.\u00a0 Iran responded with attacks on US targets in Kuwait and Bahrain.\u00a0 Then, yesterday afternoon, before Asian markets opened, we received news that the US and Iran would be resuming talks on Tuesday.\u00a0 If you think that timing was coincidental, I have a bridge to sell you.\u00a0","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/look-out-that-ratchet-is-back\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/ratchet-money-featured-img.jpg","width":1280,"height":720},{"@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\/2026\/06\/ratchet-money-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/248501","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=248501"}],"version-history":[{"count":2,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/248501\/revisions"}],"predecessor-version":[{"id":248505,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/248501\/revisions\/248505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/248506"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=248501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=248501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=248501"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=248501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}