Retail investor activity has fallen sharply amid the war: Daily net call option purchases by retail investors are down to ~2 million contracts, the lowest since at least January 2024. This tracks the difference between call options purchased and call options sold, measuring how aggressively retail is betting on stocks going higher. Net daily call option purchases have fallen -12 million contracts, or -85%, since October 2025. By comparison, the 2024 average was ~6 million contracts, or +200% higher. We expect to see a rebound in retail's risk appetite soon.(The Kobeissi Letter)