stocks are soaring  traders arent convinced theres much to stop them demand for options that would protect against a stockmarket slide has fallen flat rather investors are trading contracts that would pay out if the rally continues the putcall ratio has slid to lows not seen since january 2022—right when the sp 500 hit its highest level on record—according to cboe data the ratio is often used as a measure of fear in the options market when traders are loading up on put contracts which give the right to sell shares by a certain date at a specific price theyre worried about the market when they favor calls which confer the right to buy shares theyre more bullish on the markets trajectory