Friday was a historic trading session: Combined trading volume in the 3x leveraged long and short S&P 500 ETFs, SPXL and SPXS, and the 3x leveraged long and short semiconductor ETFs, SOXL and SOXS, surged to a record $1.1 billion on Friday. Trading volume in these ETFs has more than QUADRUPLED over the last several sessions. This also exceeded the previous record set in 2025 by $250 million. Furthermore, total US-listed option volumes surged to 107 million contracts on Friday, the 2nd-largest on record. Of this total, 57.2 million were call options, the 3rd-highest daily volume on record, while 49.8 million were put options, the 2nd-highest on record. Appetite for risk is extremely strong.(The Kobeissi Letter)