{"id":41433,"date":"2020-04-09T13:10:00","date_gmt":"2020-04-09T17:10:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=41433"},"modified":"2023-02-10T13:34:14","modified_gmt":"2023-02-10T18:34:14","slug":"the-fed-goes-to-11","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/the-fed-goes-to-11\/","title":{"rendered":"The Fed \u201cGoes to 11\u201d"},"content":{"rendered":"\n<p>One of my favorite movies is \u201cThis Is Spinal Tap\u201d, and one of my favorite <a href=\"https:\/\/www.bing.com\/videos\/search?q=it+goes+to+11&amp;docid=608031454475059447&amp;mid=F476393BD9144C0011BDF476393BD9144C0011BD&amp;view=detail&amp;FORM=VIRE\">scenes<\/a> occurs when Nigel Tufnel, the delightfully dim lead guitarist, explains to the \u201cdocumentarian\u201d about why his amplifiers are special.&nbsp; While other blokes are playing at 10, he asks \u201cwhere can they go? \u2013 nowhere\u201d, but his amplifiers go to 11.&nbsp;<\/p>\n\n\n\n<p>For those of us who thought the Fed had already maxed out their support for markets, this morning they went \u201cto 11\u201d.<\/p>\n\n\n\n<p>The list of Federal Reserve actions is quite extensive, and I\u2019ll link to them <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20200409a.htm\">here<\/a>. &nbsp;The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.&nbsp; These include supporting banks\u2019 small business loans, making outright loans to small and mid-sized businesses, lending to states and municipalities and expanding their fixed income purchasing to commercial mortgage backed securities and collateralized loan obligations (CLO).&nbsp; I had worried that CLO\u2019s could be a significantly risky area for markets as a whole, because they are a relatively new financial innovation and most new financial innovations eventually have their moment of reckoning.&nbsp; I suspect that the Fed shared that fear and forestalled a significant amount of trouble.<\/p>\n\n\n\n<p>The timing of the announcement was masterful, coming at 8:30 ET, just as another set of dreadful jobless claims numbers was announced.&nbsp; It managed to make the report of over 6.6 million new jobless claims fade into the background.&nbsp; Markets are far more likely to fixate on positive news from the Fed than they are to worry about a single economic report, and Chairman Powell and the Board of Governors clearly understand that.&nbsp; The response was positive, and broad US indices raced up 2% shortly after they began trading.&nbsp;<\/p>\n\n\n\n<p>Today\u2019s move puts the S&amp;P 500 Index (SPX) right around the 2800 level that provided some support during the market\u2019s downdraft.&nbsp; Technician analysts like to remind traders that levels that provided support on the way down tend to provide resistance on the way up.&nbsp; Other technicians use retracement levels to predict support and resistance levels, and a 50% retracement of the recent down move in SPX is 2792.&nbsp; It is not surprising that we are seeing the market churn around those levels today.<\/p>\n\n\n\n<p>If we hold the current levels, this would represent one of the biggest weekly market jumps in years, if not decades.&nbsp; And this is only a 4 day trading week, no less. It is obvious that we overshot on the downside, largely thanks to gigantic measures by the Fed accompanied by substantial fiscal measures.&nbsp; We now have to wonder if we are doing the same on the upside, given the rapidity of the bounce off the lows.&nbsp;<\/p>\n\n\n\n<p>Next week brings the beginning of a quarterly earnings season.&nbsp; I can\u2019t remember an earnings period where there was greater uncertainty surrounding both the reports and the potential forward guidance that companies may give.&nbsp; It means that there is a huge potential for individual company volatility.&nbsp; Normally the market has a good sense about where to expect a company\u2019s earnings and guidance.&nbsp; Now there is no consensus whatsoever.&nbsp; If we were still trading at truly depressed levels, that could have been a positive \u2013 it\u2019s relatively easy to beat the direst expectations.&nbsp; Now that markets have bounced substantially, that lack of consensus is more likely to cut in either direction.<\/p>\n\n\n\n<p>One final question is whether the Fed is done.&nbsp; What they have announced over the past month or so is truly remarkable.&nbsp; It seems as though they have run out of fixed income classes to stimulate.&nbsp; I suspect that we would hear speculation that they could purchase equities, though it is unclear whether their mandate allows them to do that.&nbsp; If the Fed intervenes in the equity markets, that could be construed as \u201cgoing to 12!\u201d<\/p>\n\n\n\n<p>No one would ever confuse Jerome Powell with Nigel Tufnel, but he showed one similarity \u2013 the Fed Chairman went to 11 today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.  <\/p>\n","protected":false},"author":4,"featured_media":12054,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[5562,267,77,207,186],"contributors-categories":[13576],"class_list":{"0":"post-41433","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-clo","15":"tag-earnings","16":"tag-fed","17":"tag-spx","18":"tag-usd","19":"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 v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Fed \u201cGoes to 11\u201d | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or 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\/41433\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Fed \u201cGoes to 11\u201d | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/the-fed-goes-to-11\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-09T17:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:34:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1361\" \/>\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\\\/the-fed-goes-to-11\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-fed-goes-to-11\\\/\"\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\": \"The Fed \u201cGoes to 11\u201d\",\n\t            \"datePublished\": \"2020-04-09T17:10:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:34:14+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-fed-goes-to-11\\\/\"\n\t            },\n\t            \"wordCount\": 683,\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\\\/the-fed-goes-to-11\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/07\\\/2018-07-13_10-55-52.jpg\",\n\t            \"keywords\": [\n\t                \"CLO\",\n\t                \"earnings\",\n\t                \"Fed\",\n\t                \"SPX\",\n\t                \"USD\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-fed-goes-to-11\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-fed-goes-to-11\\\/\",\n\t            \"name\": \"The Fed \u201cGoes to 11\u201d | 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\\\/the-fed-goes-to-11\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-fed-goes-to-11\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/07\\\/2018-07-13_10-55-52.jpg\",\n\t            \"datePublished\": \"2020-04-09T17:10:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:34:14+00:00\",\n\t            \"description\": \"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.\",\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\\\/the-fed-goes-to-11\\\/\"\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\\\/the-fed-goes-to-11\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/07\\\/2018-07-13_10-55-52.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/07\\\/2018-07-13_10-55-52.jpg\",\n\t            \"width\": 2048,\n\t            \"height\": 1361\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":"The Fed \u201cGoes to 11\u201d | Traders' Insight","description":"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or 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\/41433\/","og_locale":"en_US","og_type":"article","og_title":"The Fed \u201cGoes to 11\u201d | IBKR Campus US","og_description":"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/the-fed-goes-to-11\/","og_site_name":"IBKR Campus US","article_published_time":"2020-04-09T17:10:00+00:00","article_modified_time":"2023-02-10T18:34:14+00:00","og_image":[{"width":2048,"height":1361,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.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\/the-fed-goes-to-11\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"The Fed \u201cGoes to 11\u201d","datePublished":"2020-04-09T17:10:00+00:00","dateModified":"2023-02-10T18:34:14+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/"},"wordCount":683,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.jpg","keywords":["CLO","earnings","Fed","SPX","USD"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/","name":"The Fed \u201cGoes to 11\u201d | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.jpg","datePublished":"2020-04-09T17:10:00+00:00","dateModified":"2023-02-10T18:34:14+00:00","description":"The list of Federal Reserve actions is quite extensive. The very short version is that they are providing support, either by direct lending or market purchases of loans and fixed income instruments.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-fed-goes-to-11\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/07\/2018-07-13_10-55-52.jpg","width":2048,"height":1361},{"@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\/2019\/07\/2018-07-13_10-55-52.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/41433","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=41433"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/41433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/12054"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=41433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=41433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=41433"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=41433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}