The call euphoria has continued, especially when it comes to single stock names. The same dynamics are playing out, retail (and gamma whales, although Softbank is winding down the call spreads operations) have been busy loading up on upside calls, creating a feedback loop where dealers chase deltas higher and higher as their short gamma explodes the higher stocks move.
The call buying has been so strong put call ratios have fallen hard, but not only is the hunger for calls over puts extremely strong, the pricing of calls relative to puts also trades at extreme levels (pointed out by TME last here).
First chart shows the extreme put call ratio having reached multi year lows and single stock put/call skew reaching lowest levels in a wile, back to early Sep level which was the "local" high for markets. Options mania is getting slightly extreme here…
Second and third charts worth viewing, although self explanatory.