Mill Street Research @millstreetresearch.com · Jun 3 Signs of excessive trader optimism are growing. The CBOE equity put/call ratio has fallen sharply (few puts, more calls), with the 10-day now at its lowest (most optimistic) since 2021-22.
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Another sign: the relative return of the S&P 500 High Beta vs Low Volatility indices. The year-on-year change in the High Beta/Low Vol relative hit +85% last month and is currently +75%, among the highest readings since 1991 and rare to see without a correspondingly negative reading preceding it.