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January 23, 2013  Wed 10:43 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is strong at 6.7 million contracts so far today, with hedging apparently topping the activity in major indexes and ETFs, according to optionMONSTER's data systems.

The SPDR S&P 500 Fund (SPY) has 671,000 options traded, with puts outpacing calls by more than 2 to 1. Next up are the CBOE Volatility Index (VIX) options with volume of 306,000 as calls slightly outpace puts.

The S&P 500 Index (SPX) options have turned over 241,000 contracts, led by 141,000 puts. The iShares Russell 2000 Fund (IWM) has 169,000 options changing hands, with a put/call ratio of 4 to 1.

The iShares Emerging Markets Fund (EEM) has seen 135,000 contracts trade, with 108,000 puts.
The PowerShares QQQ Trust (QQQ) is just behind at 132,000, with puts just outnumbering calls. The SPDR Gold Shares Fund (GLD) options are just above the 100,000 mark, with 54,000 puts.
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