Dealers doubt the rally. But they fear no further crash.

Investors do not believe that the V-shaped recovery on the financial markets will become a full-grown check mark.

But they also do not fear that after the announcement of mutual tariffs on April 2, they fear a lively return to a market in the free autumn markets endured in the sessions.

This is the message of the option market, the careful tone of which has strongly compared the black risk signals sent by the stock exchange.

Mandy XU, head of the CBOE manager of the derivatives, said: “We don't see upward port” in S&P 500 options. She characterized that the ratio between the implicit volatility of 25 Delta call options outside of the money and the options for the money (or Call Skew) has dropped, which points out that the meager demand for derivatives can benefit from another leg next month.

Although there is no greed to speak, there is a calculated, measured fear: Investors do not buy a crash insurance, as is the relatively low demand for very far out of the money compared to those that are closer to the current price of the index-but a comparable measure of put pollution is far above the call shot.

It is the first remarkable divergence between Put-Skew and Crash Insurance, which have so far been observed in 2025. As we recently wrote, dealers have a good reason to focus on the ordinary risks, and not on extremely large tail risks, since the willingness of the Trump management to moderate trading policy are moderate in response to the financial need.

Relatively low Call Skew and Rising Put Skew can have a fairly benign/positive interpretation: You do not have to turn the option market upside down if they are already submitted by buying stocks. And if you have bought stocks, you have to secure the downward risk again.

By German bank strategists under the direction of Parag Touch, the equity positioning leads higher and closer to the neutral investors with the reasons for discretion, while systematic investors are still very light compared to history.

Put everything together and it is a rather nuanced picture of a US exchange that has recently been anything but nuanced, in a winning streak with a nine session that seems to snap on Monday.