Retail investors' call option positions on US Big Tech stocks hit near-record levels at ~55%, signaling elevated bullish positioning since March lows.
Macro & Markets ·
Call option positions initiated by retail investors on US Big Tech stocks have reached approximately 55% of all new options trades on a 20-day average basis, approaching record highs. This metric, which isolates newly opened directional bets rather than total trading volume, reflects the current bullish positioning among individual traders in the sector.
The 55% level represents a 10 percentage point increase since late March lows, signaling a sharp escalation in retail call buying over recent weeks. For context, the comparable peak during the 2020 pandemic recovery stood at approximately 57%, while the metric fell to approximately 35% during the 2022 bear market downturn.
The surge suggests retail investors are establishing bullish exposure to large-cap technology stocks at elevated levels. Whether this positioning reflects conviction ahead of earnings, macroeconomic shifts, or seasonal patterns remains unclear, as does the sustainability of call initiation rates at or near record levels.