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December 14, 2012  Fri 10:19 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Option volume remains relatively slow at just 4.4 million contracts so far today while relatively bullish sentiment continues in major indexes and ETFs, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 542,000 contracts traded, while the S&P 500 Index (SPX) options have turned over 209,000 times. Both see puts barely outpacing calls.

The PowerShares QQQ Trust (QQQ) has seen 184,00 options changing hands, with calls outnumbering puts by 2 to 1. Just behind are the CBOE Volatility Index (VIX) options at 180,000, led by 126,000 calls.

The iShares Russell 2000 Fund (IWM) has volume of 70,000 contracts, with 46,000 puts. The iShares Silver Fund (SLV) has 46,000 options traded, with 29,000 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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