Options traders are the most bullish in 5.5 years

Options traders are now the most bullish on stocks in 5.5 years.
The total put/call ratio has dropped to 0.64.
That shows traders are leaning heavily toward calls relative to puts.
This can reflect strong risk appetite, but it can also become a crowded sentiment signal.
For $SPY, the market is no longer climbing a wall of fear.
It is starting to climb with a lot more confidence.