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September 25, 2012  Tue 10:31 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is closing in on 5 million contracts so far today with relatively bullish action in the indexes and exchange-traded funds, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has seen 480,000 options trade, with 310,000 puts. The CBOE Volatility Index (VIX) options have traded 206,000 times, with puts making up 125,000 of that action.

The iShares Emerging Markets Fund (EEM) has 132,000 contracts changing hands, with calls outpacing puts by more than 2 to 1. Just behind are the S&P 500 Index (SPX) options, also with 132,000, 75,000 of which are puts.

The iPath S&P 500 VIX Short-Term Futures ETN (VXX) has 125,000 contracts turning over, with 87,000 calls. The iShares Russell 2000 Fund (IWM) has 119,000 options traded, with puts outnumbering calls by almost 2 to 1.

The iShares Silver Fund (SLV) is just hitting 100,000 contracts, with 62,000 calls. The SPDR Financial Fund (XLF) has seen 83,000 options move, with 49,000 puts. The SPDR Gold Shares Fund (GLD) options total 78,000 so far, dominated by 62,000 calls.
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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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