Retail investors' risk appetite is soaring: The 5-day average of notional retail single stock option volume has exceeded 250 billion for the first time since the 2021 meme stock frenzy. Daily volumes have risen by +100 billion over the last 6 months, according to Goldman Sachs. At the same time, non-retail options volume has reached ~280 billion, the highest since January 2022. By comparison, the 2021 peak was ~300 billion for retail and ~410 billion for non-retail. Meanwhile, the retail basket of stocks has gained 85% since January 2021. Retail investors are taking over the market.(The Kobeissi Letter)