Option volume has picked up with today's selloff as 6.5 million options have already traded, though the call action is surprisingly strong in the indexes and ETFs, according to optionMONSTER's data systems.
The SPDR S&P 500 Fund (SPY) has 1.1 million contracts traded, though just 637,000 are puts. The iShares Russell 2000 Fund (IWM) has seen 322,000 options turn over, with a put/call ratio of more than 2 to 1. The PowerShares QQQ Trust (QQQ) has 254,000 options changing hands, with puts just slightly outpacing calls.
The S&P 500 Index (SPX) options trade 184,000 times, also with puts slightly outpacing calls. The CBOE Volatility Index (VIX), which is based on those SPX options, is seeing volume just above 100,000, with calls outpacing puts by less than 2 to 1.
The U.S. Oil Fund (USO) options have traded 93,000 times, 55,000 of which are calls. Just behind are the SPDR S&P Bank Fund (KBE) options at 89,000, evenly split between calls and puts.
The SPDR Gold Shares Fund (GLD) has 83,000 contracts changing hands, including 50,000 calls. And the iPath S&P 500 VIX Short-Term Futures Fund (VXX) is evenly split with 80,000 contracts.
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