Investor Sentiment Check
Despite the recent rally in the averages, options investors have not jumped on the bandwagon.
Today, the CBOE put/call ratio is above-average at 0.95. The ISE Index opened at the equivalent of 1.11 and has fallen only slightly.
I would expect to see much lower readings as investors scrambled to buy call options and provide themselves with some upside exposure. But no one seems to believe in the sustainability of this rally.
Wall of worry?