One measure of market optimism is at tech-bubble highs. Here's why that's a worrying sign. - Business Insider

That's according to Sundial Capital's Jason Goepfert, who wrote in a Saturday note that the "level of leveraged speculation right now" only finds comparison in the dot-com bubble,Last week, buying of calls to open hit 24 million, the highest level ever, while investors sold to close 30% fewer calls than weeks prior, according to Goepfert's note, seen by Bloomberg.

Bloomberg reported the difference between bought calls to open and sold calls to close is the largest it has ever been — a sign that contrarians may be dwindling amid strong bullish sentiment.

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