Risk appetite is through the roof: Call options now reflect ~68% of all options market volume, the highest since 2021, according to Goldman Sachs. This is only below the meme stock frenzy peak of ~72% in 2020-2021. By comparison, this percentage hit ~42% at the lowest point during the 2022 bear market. Meanwhile, Opendoor’s, OPEN, dollar volume traded as a share of its closing market cap hit a record 298%. This is nearly as high as Gamestop’s, GME, peak volume of 316% on January 25th, 2021. Speculation is back in full force.(The Kobeissi Letter)