On August 10, the U.S. stock options market recently exhibited extreme bullish signals, with investor FOMO sentiment heating up and becoming a significant force driving the market higher. Data shows that the S&P 500 rose 5.8% cumulatively over four consecutive trading days before August 4, after the market had experienced nearly three months of narrow consolidation, with a trading range of only 5.7%—far below historical averages. As geopolitical tensions in the Middle East eased, oil prices fell, and corporate earnings remained strong, funds flowed back into U.S. stocks. Reuters cited Trade Alert data showing that the one-month average daily ratio of call options to put options on the S&P 500 rose to 0.9, the highest level in at least four years. According to Susquehanna Financial Group, a measure of short-term S&P 500 call option skew recently rose to a two-year high, indicating that investors are paying higher premiums to bet on a rapid market rally. Mark Hackett, chief market strategist at Nationwide, said that the buy-the-dip strategy is once again paying off, and FOMO sentiment is at work. He noted that the core logic behind most bearish views on the market has weakened, and investors are unwilling to take the risk of missing out on the upside. Steve Sosnick, chief strategist at Interactive Brokers, said that FOMO has not disappeared but simply had not been the market's main theme before. He stated that many institutional investors are more concerned about missing upside opportunities than about market declines, and are therefore buying call options as a hedge. However, some analysts warned that extreme options demand could also amplify market volatility. Garrett DeSimone, head of research at OptionMetrics, pointed out that a surge in call option demand could push the VIX and stocks higher simultaneously, reflecting that part of the market movement is driven by technical factors in options trading. At present, U.S. stock bulls remain supported by strong economic data, corporate earnings, and the AI investment boom. However, with the market trading at high levels, extreme optimism has also led some investors to begin focusing on potential pullback risks.