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Stocks

Interactive Brokers - Steve Sosnick: IPO Launches


 

Steve Sosnick, Interactive Brokers’ chief strategist, discusses what he thinks investors should look for when a new IPO is launched.

 

Produced on May 14, 2019

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Bonds

Interactive Brokers - The U.S. Week Ahead: Muni Market (May 13-17)


Interactive Brokers’ senior market analyst Steven Levine provides some insights into the muni bond market, with highlights on a UPMC Revenue Bond deal in the pipeline. Find out more in the latest article addition to our Muni Bond Series ‘Muni Bond Market Heats Up As Fund Inflows Swell’ at IBKR Traders' Insight today!

 

The muni bond market continues to generate steam, as funds attract further inflows and new issuance remains relatively light. According to the Investment Company Institute, investors in the latest week added more than US$1.7bn to municipal bond funds, contributing to a tally of roughly US$35bn to date this year – while holders of some major muni-fueled ETFs have also been enjoying a recent surge in value. Janney Montgomery municipal strategist Alan Schankel recently highlighted that the muni bond market is “on one of the strongest performance streaks we’ve seen in a while,” as light supply and continuing strong demand have pushed municipal relative value ratios to their lowest level in about a decade. Against this backdrop, a handful of issuers have potential new offerings on the fixed-rate calendar in the week ahead, including nearly US$738m worth of University of Pittsburgh Medical Center, single ‘A’-rated revenue bonds through Pennsylvania’s Allegheny County Hospital Development Authority. UPMC said it intends to apply the proceeds from the sale to refunding certain existing outstanding debt, as well as certain debt-related expenses. Fitch analysts earlier in May had cut the revenue bond rating by one notch, mainly on the back of UPMC's “lower liquidity position.” Fitch noted that while investment valuations have recently recovered, UPMC’s year-end results “highlight the vulnerability of a low cash position in times of market volatility for a system with a higher debt load and historically low cash flow generation.” They also anticipate “no significant changes” in either its profitability or balance sheet metrics in the near- to intermediate-term. UPMC’s latest proposed debt sale is expected to be issued as fixed-rate, tax-exempt bonds and sold via negotiation.  Meanwhile, other proposed deals on the radar for the week ahead include a sale of general revenue bonds from New York’s Triborough Bridge and Tunnel Authority, as well as school district revenue bonds from New York State’s Dormitory Authority. Find out more in my full article ‘Muni Bond Market Heats Up As Fund Inflows Swell’ on IBKR’s Traders’ Insight, and receive a wealth of muni bond trading tools using the IBKR Trader Workstation. I’m Steven Levine for Interactive Brokers asking you to enjoy the week ahead.

 

Produced on May 10, 2019

The author does not hold any positions in the financial instruments referenced in the materials provided.

Trading on margin is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment.

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Macro

Interactive Brokers - Steve Sosnick on Buy The Dip Activity


Steve Sosnick, Interactive Brokers’ chief strategist, discusses the buy the dip strategy and lessons learned from this week’s activity.

 

Produced on May 7, 2019

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Macro

Interactive Brokers - Steve Sosnick: Will Investors Sell in May and Go Away?


Steve Sosnick, Interactive Brokers’ chief strategist, discusses the market activity seen so far for the month and if he thinks investors will “sell in May and go away”?

 

Produced on May 7, 2019

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Bonds

Interactive Brokers - The U.S. Week Ahead: Muni Market (May 6-10)


Interactive Brokers’ senior market analyst Steven Levine provides some insights into the muni bond market, with highlights on a Massachusetts GO issuance in the pipeline.  Find out more in the latest article addition to our Muni Bond Series ‘Muni Market Dynamics Driven By Strong Demand And Weak Supply’ at IBKR Traders' Insight today!

 

Demand for municipal bonds appears to have recently exceeded the pace of new supply, amid consistently positive fund flows – these have been highlighted by increased purchases by mutual funds and insurance companies.  Recent federal tax reform has placed a cap on state and local tax deductions, while also limiting muni bond issuers to offer advance refunding of tax-exempt munis – this is where a municipality sells debt to repay an existing bond prior to its typical 10-year non-call date. According to Barclays figures, a total of $28bn of muni issuance priced in April, a plunge of 12% from the prior year.  Meanwhile, caps on SALT deductions also appear to have revved-up demand for funds holding tax-exempt state bonds – with the most recent fund flows data marking the 16th straight week of inflows, with long-term municipal funds having taken in more than US$2bn. Against this backdrop, and among the deals in the pipeline, the Commonwealth of Massachusetts is poised to offer US$400m worth of double-‘A’ rated General Obligation Bonds, which are slated to be sold through competitive, electronic bidding on May 7. The state aims to use the proceeds from the sale towards the financing of certain capital projects aligned with its 2019 investment plan. Moody’s Investors Service attributed its investment-grade credit rating on the transaction to the state’s' “continually growing economy, anchored by education, healthcare and technology sectors.” And while the state’s debt and pension liabilities are among the highest in the country, these figures include borrowing and benefits for local governments. Overall, Massachusetts’ economy, with its concentration of higher education institutions, medical industries and high technology companies, has outperformed the broader national economy during and immediately following the most recent recession. It also maintains an unemployment rate about average for the New England region and below the nation’s current pace. Find out more in my full article ‘Muni Market Dynamics Driven by Strong Demand and Weak Supply’ on IBKR’s Traders’ Insight, and receive a wealth of muni bond trading tools using the IBKR Trader Workstation.

 

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Produced on May 2, 2019

 

The author does not hold any positions in the financial instruments referenced in the materials provided.

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Disclosures

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The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

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