Call option volume on the S&P 500 just broke 4 million contracts for the first time ever — while put volume stayed flat. The call-to-put ratio hit its second-highest level in 15 years.
Daily call volume has more than quadrupled since the 2021 meme stock peak. Demand for calls betting on a 10% rally in the next month is at its highest since March.
One trader bought 120,000 $SPY call options (Aug 14, $775 strike) for ~$3.35 each — a $40 million bet that grew to $63 million the next day.
This is what peak optimism looks like. The question isn't whether sentiment is bullish — it's whether there's anyone left to buy.
Daily call volume has more than quadrupled since the 2021 meme stock peak. Demand for calls betting on a 10% rally in the next month is at its highest since March.
One trader bought 120,000 $SPY call options (Aug 14, $775 strike) for ~$3.35 each — a $40 million bet that grew to $63 million the next day.
This is what peak optimism looks like. The question isn't whether sentiment is bullish — it's whether there's anyone left to buy.