Risk appetite among retail investors is through the roof: Call options on US Big Tech stocks now account for ~55% of all new options positions opened by retail investors on a 20-day average basis, near the highest on record. This metric tracks newly initiated call option positions, rather than total trading volume, highlighting the current directional bets of retail investors. This figure has surged +10 percentage points since the late March market bottom. By comparison, the peak during the 2020 pandemic recovery was ~57% and this metric bottomed at ~35% during the 2022 bear market. Retail investors are positioned for more upside in tech.(The Kobeissi Letter)