Fear among retail investors is rising: The ROBO Put/Call Ratio is up to 1.0, the highest in at least 20 years. This ratio tracks retail opening buy orders in options, with the current reading showing retail traders buying nearly equal amounts of puts and calls. The ratio has DOUBLED since December, marking the largest increase since the start of the 2022 bear market. By comparison, the previous high was 0.95, seen during the 2020 pandemic. Even the 2008 Financial Crisis saw a lower high of 0.91. Fear is becoming overdone in this market.(The Kobeissi Letter)