Investor positioning in the options market is extremely bearish: The S&P 500's 3-month put-call skew is up to ~0.50, near the highest in 3 years. Put-call skew measures how much more expensive put options are relative to call options, with higher readings signaling greater investor fear. By comparison, the average 3-month single-stock put-call skew is up to ~0.15, the highest since August. Furthermore, the S&P 500's 1-month skew is up to ~0.53, the highest since the 2022 bear market. This nearly matches the levels seen during the 2020 pandemic crash of ~0.56. Is Wall Street getting overly bearish?(The Kobeissi Letter)