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January 9, 2013  Wed 10:22 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is 5.3 million contracts so far today as bullish sentiment returns to the major indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 519,000 contracts traded, with 337,000 puts. Next up are the S&P 500 Index (SPX) options with 251,000, evenly split between calls and puts. The CBOE Volatility Index (VIX) options are just behind at 230,000 contracts, 134,000 of which are puts.

The iShares Russell 2000 Fund (IWM) has 95,000 contracts changing hands, with a put/call ratio approaching 2 to 1. The SPDR Gold Shares (GLD) options have turned over 77,000 times, with 44,000 puts.

Just behind are the PowerShares QQQ Trust (QQQ) options with volume of 76,000, including 44,000 puts. And the SPDR Financial Fund (XLF) has seen 71,000 options move, with 40,000 puts.
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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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