Options Trading News

January 8, 2013  Tue 10:31 AM CT

Total option volume is closing in on 5.8 million contracts, with action in the typical indexes and ETFs leading the way with a bearish bias, according to optionMONSTER's data systems.

More than 770,000 SPDR S&P 500 Fund (SPY) options have traded, with a put/call ratio of 2 to 1. Next up are the CBOE Volatility Index (VIX) options at 391,000, dominated by 309,000 calls. The S&P 500 Index (SPX) has seen 331,000 options turn over, with a put/call ratio of 3 to 1.

The iShares Russell 2000 Fund (IWM) has 136,000 contracts changing hands, led by 107,000 puts. Just behind are options in the iShares Emerging Markets Fund (EEM) at 128,000, with 85,000 puts.

The PowerShares QQQ Trust (QQQ) is just closing in on the 100,000 mark, with 56,000 puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) has 87,000 options traded, 57,000 of which are puts. And the SPDR Gold Shares Fund (GLD) options have traded 75,000 contracts, with 46,000 calls.

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As I stated in last week's article, a break out or a break down needs to have a couple things happen before it is considered a confirmed break out or break down. The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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