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November 16, 2012  Fri 10:34 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is strong as it closes in on 8 million contracts, and hedging appears to be the heart of the action for most indexes and ETFs, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 1.3 million options traded, with 900,000 puts. Next up are the S&P 500 Index (SPX) options with 400,000, also with a put/call ratio of more than 2 to 1.

Not far behind are the options of the iShares Emerging Markets Fund (EEM) with 364,000, domainted by 319,000 puts. The PowerShares QQQ Trust (QQQ) options follow at 314,000, with 186,000 puts.

The iShares Russell 2000 Fund (IWM) has 262,000 contracts changing hands, 164,000 of which are puts. Just behind are the CBOE Volatility Index (VIX) options at 256,000, with calls outpacing puts by 3 to 1.

The SPDR Financial Fund (XLF) has 178,000 options traded, and here do we see more calls as 115,000 trade. The iShares MSCI Brazil Fund (EWZ) is the only other name to break 100,000, and it too has more calls with 61,000 traded.
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Options Academy: At the Break

So far, my articles have taken you through a logical progression of option theory and fundamental concepts of options. As of yet, I have not mentioned a single strategy and for a good reason! The actual application of a strategy should come AFTER you learn about the option product itself.

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