Are Options Investors Embracing This Rally?

How are options investors embracing this rally? They're not.

The CBOE put/call is running at an above-average level of 0.93, displaying ample skepticism.

The ISE index is at the low level of 114. This is amazing. I would expect to see some readings well north of 200 as options investors position themselves for some upside exposure/protection.

This is a true 'wall of worry'.