Top 5 Charts of the Day – September 15th 2020

Wall Street: "long US tech" is the most crowded trade of all time

Also Wall Street: we are putting all our money in tech pic.twitter.com/bNp9rrlTFY

— zerohedge (@zerohedge) September 15, 2020

The market remains highly concentrated, which historically has not worked out well. This is problematic when the Top 5 companies make up as much of the index as the bottom 390. It's also a result of "passive investing." pic.twitter.com/wdd1GkXxTq

— Lance Roberts (@LanceRoberts) September 15, 2020

$QQQ Calls still being bought aggressively – no fear at all despite a 12% drop.

Related: Tech is now the most crowded trade of all time in BofA's Manager Survey.

Still a lot of complacency out there – so far it hasn't been wrung out, but history suggests risks remain high. pic.twitter.com/di3OxamfUR

— Macro Charts (@MacroCharts) September 15, 2020

I posted an analogy chart of the FANGs yesterday which was 1999-Present showing FANGS were near their peak. Today, they back the analogy up to 1998 so we have another 12-months of upside for the FANGS.
Whew…that was a close one.
(Why analogies are stupid) pic.twitter.com/8DcZMYemW1

— Lance Roberts (@LanceRoberts) September 15, 2020

New ATH pic.twitter.com/T3W6NieuST

— Callum Thomas (@Callum_Thomas) September 15, 2020