Appetite for risk is incredibly strong:
Options trading volumes in loss-making Russell 2000 stocks have risen to ~6 million contracts per day, an all-time high.
Volumes have more than doubled since April and surpassed the previous record set during the 2021 meme-stock mania.
By comparison, options activity in profitable stocks is only 33% as large.
Market activity is also becoming more concentrated, with the top 20% of small-cap stocks by options volume now reflecting 75% of small cap options trading.
Most of this activity has been driven by retail investors chasing meme names, 0DTE options, and unprofitable firms.
Retail can’t get enough options.
Random people are quitting their jobs thinking they can make a living selling call options. Surely we are close to the top.
— Nick Sabel (@NickSabel2) November 30, 2025
Can the bears steal Christmas this year? $SPY pic.twitter.com/uHP52Tw2PM
— TrendSpider (@TrendSpider) November 28, 2025
My barber was giving me stock market investing tips today and bragged about how much money he made since October… pic.twitter.com/S83tVHTuMT
— The Maverick of Wall Street (@TheMaverickWS) November 29, 2025
https://t.co/Mcfm2gqvKT
"Fund managers are currently running extremely low cash levels, dropping to 3.7%. Historically, cash levels at or below 4.0% function as a “sell signal” for global equities. BofA notes that this low cash level has occurred 20 times since 2002, and on every… pic.twitter.com/5SH9ZkEARW— Mac10 (@SuburbanDrone) November 29, 2025
This was the Nasdaq's best Thanksgiving since 2008.
Sounds good, but unfortunately, the market collapsed for another four months after that short covering rally.https://t.co/grNgg5senw
The NDX oscillator (lower pane) just closed November seven months overbought.
Bulls, there… pic.twitter.com/vyPSDgpGsM
— Mac10 (@SuburbanDrone) November 29, 2025