Normally, this is a warning sign since it typically suggests that professionals are buying macro overlays (protection) to lock-in gains or protect against downside for an over-valued stock market.

However, in this case, there’s another reason for the surge (which might be even more concerning) – call-buyers have gone crazy. Not satisfied with simply buying stocks, retail traders are now getting levered long in a hurry and that demand for calls has bid up

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