BREAKING: US call option volumes have surged to 47 million contracts per day, the 2nd-highest reading this year. Call volume has surged +75% since the beginning of the month. At the same time, put option volume has declined -15%, to 32 million contracts per day. Yesterday, the call option volume in the S&P 500 surpassed 3 million contracts for the first time in history. By comparison, fewer than 500,000 contracts traded for the index at the beginning of April. As a result, the CBOE total put/call ratio is down to 0.68, the lowest since the mid-May 2025 low. Risk appetite is surging at a record pace.(The Kobeissi Letter)