This record energy call buying may explain why there has been a sharp spike higher in such energy names as Exxon in recent weeks; it's also why the surge across energy names may be just starting. Curiously, this appears to be a phenomenon isolated within energy: other ETFs in cyclical sectors such as banks and small caps, haven’t seen a similar phenomenon in option activity. As Bloomberg notes, while President-elect Joe Biden has pledged to focus on green energy, which in turn has made such ESG ETFs as the TAN explode in late 2020, the potential for "trillions" more in stimulus under a Democrats blue sweep, as well as ... (full story)