Call option volume is skyrocketing: Call options now reflect 70% of total options market volume, the highest in at least 4 years. Since early April, this percentage has risen +25 points, the largest 2-month increase on record. This also exceeds the previous brief surge of ~68% seen in late 2025. To put this into perspective, the average over the last 2 years was ~55%. Furthermore, the total notional value of S&P 500 call options relative to the S&P 500's market cap is up to a record 4.1x, doubling over the last 2 months. Bullish appetite is rapidly surging.(The Kobeissi Letter)