Top 5 Charts of the Day – September 18th 2020

Could there be a contrarian buying opportunity in energy stocks? Economist covers suggest there might be. (h/t @Peter_Atwater ) https://t.co/iThn4SMCzZ via @bopinion pic.twitter.com/YwhIYjZwH6

— 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