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November 9, 2012  Fri 10:28 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is relatively strong at 6.3 million contracts trading so far today, with the usual names leading the way in the indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 1.2 million contracts traded, led by 757,000 puts. Next are the S&P 500 Index (SPX) options at 454,000 contracts, with 290,000 puts.

More than 275,000 of the PowerShares QQQ Trust (QQQ) options have changed hands, with 167,000 calls. The iShares Russell 2000 Fund (IWM) has seen 175,000 contracts turn over, 114,000 puts.

The SPDR Financial Fund (XLF) options have traded 123,000 times, with a put/call ratio of 4 to 1. The SPDR Gold Shares Fund (GLD) has 82,000 contracts moving, with calls outpacing puts by 2 to 1. The CBOE Volatility Index (VIX) has 78,000 options traded, with 53,000 calls.
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Market Level Making You Nervous, Huh? Part 3

In last week's article, we discussed how important the extra cash you save by using the Stock Replacement Strategy over buying the actual stock is! That extra cash in our account instead of being unnecessarily tied up in a stock position allows us to buy the puts we would need to protect our downside in the case of a major sell-off.

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