— John Authers (@johnauthers) September 18, 2020
In the last 2 weeks, retail traders bought $22.3 billion in call options on beauties like this.
Assume 75% of those were near-term and 50% of them haven't been closed out.
That's around $8.4 billion evaporated.
They could have just sent stimulus checks to 7 mln folks instead. pic.twitter.com/5YM7Q7g5VI
— SentimenTrader (@sentimentrader) September 17, 2020
"Individuals buy the most at the top, and the least at the bottom." – Bob Farrell pic.twitter.com/LKlkBetrov
— Lance Roberts (@LanceRoberts) September 17, 2020
$SPX Gamma Exposure (updated).
21DMA in full breakdown after hitting 14th most overbought day in data history (Top 0.6%).
Still nowhere near oversold.
If history is a guide, the decline could still get very ugly/disorderly. Have a plan & stay nimble. pic.twitter.com/yERgGnXaLd
— Macro Charts (@MacroCharts) September 17, 2020
Closing the week with a special update of my favorite "Smart Money" indicator:
Corporate Insiders sold the Top perfectly – one of the biggest Sells ever.
More important: they show no Buying interest yet – only halfway to a bottoming signal.
Will revisit this soon. HAGW! pic.twitter.com/5CpjFfT7yd
— Macro Charts (@MacroCharts) September 18, 2020