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September 20, 2012  Thu 10:21 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is heavy so far as more than 7.1 million options have already changed hands, with strong call action in some of the indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 1.1 million contracts already traded, with 600,000 puts. Next up are the SPDR Financial Fund (XLF) options at 460,000, dominated by 445,000 calls. The S&P 500 Index (SPX) options have turned over 313,000 times, with puts slightly outpacing calls.

The iShares Russell 2000 Fund (IWM) has 208,000 contracts changing hands, with 166,000 puts. The SPDR Materials Fund (XLB) makes the top-volume list at 158,000, clearly led by 156,000 calls. Just behind are the PowerShares QQQ Trust (QQQ) options at 157,000, 95,000 of which are puts.

The SPDR Energy Fund (XLE) has 130,000 options traded, with 110,000 calls. Following closely are the iPath S&P 500 VIX Short-Term Futures ETN (VXX) options at 125,000, with calls slightly outpacing puts. The iShares Emerging Markets Fund (EEM) is the only other name to break 100,000, with 110,000 traded and 68,000 calls.
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Education & Strategy

Sweet Spot Exceptions

As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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