Market News

November 7, 2012  Wed 10:31 AM CT

Total option volume is predictably strong this morning as the market sells off, with more than 7.8 million contracts traded, though activity in indexes and ETFs is not nearly as bearish as one might expect, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 1.5 million contracts traded, with a put/call ratio of just less than 2 to 1. Next up are the S&P 500 Index (SPX) options at 526,000, but surprisingly puts barely outpace calls.

The iShares Russell 2000 Fund (IWM) sees strong volume of more than 478,000 options, led by 91,000 puts. The PowerShares QQQ Trust (QQQ) has 192,000 options traded, with bullish sentiment of 110,000 calls. Just behind are the SPDR Financial Fund (XLF) options at 188,000 as calls outpace puts 3 to 1.

The CBOE Volatility Index (VIX) has 157,000 contracts changing hands, with 87,000 calls. The iShares Emerging Markets Fund (EEM) has turned over 135,000 options, with calls outpacing puts by 2 to 1.

The SPDR Gold Shares Fund (GLD) options have traded 128,000 times, with puts slightly outnumbering calls. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) has 83,000 options traded, with 48,000 puts.

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