Readers of our Monday Morning Outlook recently received a crash course on the equity-only ISEE call/put ratio, which measures the level of call buying relative to put buying among customers on the International Securities Exchange. This metric also served as the inspiration for my Jan. 17 guest column in Barron's, as the ratio currently seems to be signaling a surprising lack of enthusiasm among call players -- even as the S&P 500 Index (SPX) visits multi-year highs.

To learn more about the historical significance of the current ISEE reading, and what this might mean for stocks, click through to "Bulls Rejoice: Options Traders Still Fearful."