S&P 500 200-Day Moving Average:
This value is calculated by averaging all the closing values of the S&P 500 for the last 200 days.

Standard & Poor's 100 (S&P 100):
A subset of the S&P 500 index composed of one hundred blue chip stocks. Options based on this index (OEX) are very popular with some investors.

Standard & Poor's 500 Price/Earnings (P/E) Ratio:
The latest S&P 500 value divided by the last 4 quarters earnings per share. Reading above 24 and below 8 is considered sell and buy signals respectively by some.

Standard & Poor's 500 Yield:
The sum of dividends of all stocks in the S&P 500 divided by the latest value of the S&P 500.

Standard & Poor's Indices:
Standard & Poor's Indices are broad-based measures of changes in stock market conditions based on the performance of widely held common stocks

Standard & Poor's Mid Cap 400:
An index comprised of 400 mid-sized corporations.

Standard & Poor's Rank:
The computerized ranking system for stocks based on the last 10 years of dividend and earnings data of each company listed: A+ = Highest; C = Lowest; D = Company undergoing reorganization; LIQ = Company in liquidation, NR = No ranking due to insufficient data.

Sales 3-Year Growth Rate:
The unweighted average of the growth rate for sales or revenues over the last 3 years for a given corporation.

Sales Charge:
The percent of your investment capital that is subtracted immediately to cover sales and promotion costs when purchasing mutual funds. For example, if you invest $10,000 in a fund with an 8% sales charge, a sales fee of $800 is subtracted and your initial investment principal is $9,200. Also called Front Load and Initial Load. Sales charge is also synonymous with commission whereby a fee is assessed by an agent or broker in return for the purchase or sale of a security.

Sales/Price Ratio:
The last fiscal year's sales or revenues per share divided by the latest price per share for a given corporation.

Sales:
The total sales or revenues for the indicated year for a given security.

Securities and Exchange Commission (SEC):
Agency of the federal government responsible for monitoring and regulating the securities industry. Created in 1934 by an act of Congress, its purpose is to protect investor from malpractice in the securities industry and to promote full disclosure to the investing public.

Secondary Market:
A market where securities are bought and sold after their initial purchase by public investors.

Sector Fund:
A mutual fund whose investment objective is to capitalize on equities belonging to a specific industry such as biotechnology or telecommunications. Also called specialized or specialty funds.

Sector Index:
An index which measures the performance of a narrow market segment, such as biotechnology or small capitalization stocks.

Secured Put / Cash-secured Put:
An option strategy in which a put option is written against a sufficient amount of cash (or T-bills) to pay for the stock purchase if the short option is assigned.
Security:
An investment that is represented by a negotiable document issued by a corporation or governmental entity for the purpose of raising capital. The two main categories are; equity (claims against the earnings of a company by shareholders - includes stocks and mutual funds) and debt (claims against the assets of a company or government, includes bonds, notes, bills, and commercial paper). Some securities have hybrid characteristics such as preferred and convertible bonds. Securities are also classified by whether they are taxable, or tax-exempt. Most securities can be identified by unique ID numbers called CUSIP numbers or by symbols.

Sell Out:
A liquidation procedure, in a margin account, initiated to bring the margin to the requested level when a customer fails to produce additional equity after a margin call has been issued.

Send Trade:
This will direct your order to us for review. If approved, it will be immediately directed to the appropriate exchange for execution.

Series E Bond:
U.S. Government savings bond issued from 1941 to 1979.

Series EE Bond:
U.S. Government savings bond with a 10-year maturity and face value of $50 to $10,000. It has properties of a zero coupon bond since it is purchased at a discount

Series HH Bond:
U.S. Government savings bond available in denominations of $500 to $10,000 in exchange for Series E or EE bonds.

Series of Options:
Option contracts on the same class having the same strike price and expiration month. For example, all XYZ May 60 calls constitute a series.

Settlement Date:
Date on which an executed order must be settled. Buyers pay for securities with cash, and sellers deliver certificates of sold securities.

Settlement:
The transfer of the security (for the seller) or cash (for the buyer) in order to complete a security transaction.

Short Account:
A margin account through which a client can sell stock, which he does not own. Sale proceeds are kept in the short account and marked to the market at the close of each business day to determine the account's credit balance.

Short Balance:
Total proceeds from all short open lots minus all net amounts paid for covered trades in a given account.

Short Option Position:
The position of an option writer, which represents an obligation on the part of the option's writer to meet the terms of the option if it is exercised by its owner. The writer can terminate this obligation by buying back (cover or close) the position with a closing purchase transaction.

Short Stock Position:
A strategy that profits from a stock price decline. It is initiated by borrowing stock from a broker-dealer and selling it in the open market. This strategy is closed (covered) at a later date by buying back the stock and returning it to the lending broker-dealer.

Short Value:
The latest value of all short investments (or short open lots) in a given account. See also SHORT SELLS.

Simplified Employee Pension Plan (SEP):
A type of Individual Retirement account (IRA) with a higher contribution limit designed for employers of 25 or fewer employees in which before- tax dollars are contributed and earnings grow tax deferred.

Small Cap Index:
An index measuring a basket of small-capitalization stocks (companies whose revenues are typically under $500 million).

Special Subscription:
A form of margin transaction in which a client can obtain advantageous credit to acquire a margin security through the exercise of a right or warrant.

Spot Market:
See CASH MARKET.

Standardization:
See FUNGIBILITY.

Stock Dividend:
A dividend paid in shares of stock rather than cash. See also SPIN-OFF.

Stock Power:
Power of attorney form by which ownership of a security can be transferred from the registered owner to another party.

Stock Split:
An increase in the number of outstanding shares by a corporation, through the issuance of a set number of shares to a shareholder for a set number of shares that the shareholder already owns. For example, a corporation might declare a "2-for-1 stock split." This means that for every share of stock an investor owns, he/she will be given another, thus owning 2 shares instead of 1. There will be a corresponding reduction in equity value per share. In this case, the new shares (post-split) will be worth one-half their previous value but the investor will own twice as many shares.

For example, if a 'Stop' order to sell a call at 7 1/2 is in effect on the CBOE, a market of 7 1/4–7 3/4 on the CBOE will not trigger the order. If the market on the same option on the AMEX then changes to 7–7 1/2, the order will still NOT BE TRIGGERED. Only the market or last sale on the CBOE will affect the status of a 'Stop' or 'Stop Limit' order on the CBOE.

Stop orders become market orders when the stop price is triggered. Stop limit orders have two components: the stop (trigger) price and the limit price (the maximum price you want to pay when buying, or the minimum price you want to receive when selling). Both buy and sell orders may be placed.

When selling a listed stock, the order becomes live when the security trades at or below the stop price. When buying a listed stock, the order becomes live when the security trades or at or above the stop price.

An OTC stop or stop limit order is activated differently; orders to buy are activated if there is a posted offer at or above the trigger price. Orders to sell are activated if there is a posted bid at or below the trigger price.

REMEMBER - buy orders must be placed above the current market while sell orders must be placed below. Also, a stop price between the quoted bid and ask of the security is not sufficient to trigger a stop loss order.

Example:

A customer buys an OTC stock at $55 and then enters a stop order to sell the stock at $50. When the stock is bid at or below $50 the order becomes a live market order.

After a customer sells a listed stock short at $45, he enters a stop order to buy with a price of $50. When the stock trades at or above $50, the order becomes a live market order to buy the stock. A bid-ask spread of 49.75 - 50.25 would NOT be sufficient to trigger the stop. The stock would have to TRADE at $50 or higher.

Stop limit orders are triggered in the same manner, though they become live limit orders rather than market orders. The limit price may be the same or different from the trigger price.

Straddle:
A trading position involving puts and calls on a one-to-one basis in which the puts and calls have the same strike price, expiration, and underlying stock. A long straddle is when both options are owned and a short straddle is when both options are written. Example: A long straddle might be buying 1 XYZ May 60 call, and buying 1 XYZ May 60 put.

Strategy, 90/10:
Conservative option strategy in which an investor buys Treasury bills (or other liquid assets) with 90 percent of his or her funds, and buys call options (or put options or a mixture of both) with the balance. The proportions of this strategy are subject to change based on prevailing interest rates.

Suitability:
A requirement that any investing strategy fall within the financial means and investment objectives of an investor or trader. Eligibility to employ certain trading strategies is determined by the information included in your application.

Support:
A term used in technical analysis to describe a price area at which falling prices are expected to stop or meet increased buying activity. This analysis is based on previous price behavior of the stock.

Sweeps:
J.B. Oxford & Company automatically sweeps available credit balances to the Cash / Money Market Account. These funds will be returned to your margin account when necessary to meet margin requirements.

Symbol:
The official trading symbol used in actual transactions for stocks, options, mutual funds, or indices. A symbol uses letters, numbers, or a combination of the two. If the symbol contains any numbers, it means that it is a mutual fund that has not been assigned an actual trading symbol by NASDAQ and there is no quote service on that fund. For any stock traded on the NYSE, AMEX, or OTC, the symbol is the official trading symbol used in actual transactions. Preferred stock has a dash followed by the preferred stock class. For example, Company B Class A is displayed as BBB-A.

Synthetic Asset:
A value that is artificially created involving two or more instruments that has the same risk-reward profile as a strategy involving only one instrument. The following list summarizes the six primary synthetic positions.

Synthetic Long Put:
A short stock position hedged delta neutral with a long call position

Synthetic Long Stock:
A long call position hedged delta neutral with a short put position.

Synthetic Short Call:
A short stock position hedged delta neutral with a short put position.

Synthetic Short Put:
A long stock hedged delta neutral with a short call position

Synthetic Short Stock:
A short call position hedged delta neutral with a long put position