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December 29, 2011  Thu 10:29 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume remains expectedly light with just 3 million contracts changing hands so far today, but sentiment in the index and ETF options is quite bullish, according to optionMONSTER's data systems.

The SPDR S&P 500 (SPY) options have traded just over 400,000 times, with 230,000 puts. The Market Vectors Gold Miners Fund (GDX) is next with 198,000, with a slight edge to the calls.

The S&P 500 Index (SPX) options follow with 97,000, though we do see a 2-1 put/call ratio here. The iShares Russell 2000 Index Fund (IWM) has 76,000 contracts turning over. Just behind is the PowerShares QQQ Trust (QQQ) with 72,000, 40,000 of which are calls.

The SPDR Financial Fund (XLF) has 34,000 contracts changing hands, with slightly more puts than calls. The iShares Brazil Fund (EWZ) trades 18,000 options, more than 11,000 of them calls. The iShares Emerging Markets Fund (EEM) has 16,000 contracts trading, and the CBOE Volatility Index (VIX) is seeing 15,000 turn over, with more puts than calls.
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Options Academy: Ron's Risk Calculation--A Real Life Example

It is rare that I get a chance to give a real-life, real-time example in my articles that the readers were not only following but were actually involved in at the time the event is happening. Well, that is where we are right now in our QQQ trade from last week. Let's recap the trade itself.

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