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Options Trading News

November 20, 2012  Tue 10:27 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is predictably light in this holiday week at just 4.7 million contracts so far today, with light and mixed action in the indexes and ETFs, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 524,000 options traded, led by 306,000 puts. Next up are the PowerShares QQQ Trust (QQQ) options with volume of 294,000, 222,000 of which are calls.

The CBOE Volatility Index (VIX) has 203,000 contracts changing hands, with 122,000 puts. Next up, but relatively far behind, are the S&P 500 Index (SPX) options at 127,000, with 89,000 puts.

The iShares Russell 2000 Fund (IWM) has 96,000 options traded, with a put/call ratio of almost 3 to 1. The iShares Silver Fund (SLV) has 60,000 options moving, with 38,000 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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