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January 31, 2013  Thu 10:16 AM CT

Total option volume is relatively light with 5.5 million contracts so far today, while hedging appears to be leading the way in major indexes and ETFs, according to optionMONSTER's data systems.

More than 682,000 of the SPDR S&P 500 Fund (SPY) options have traded, with a put/call ratio of 2 to 1. The CBOE Volatility Index (VIX) has 153,000 options changing hands, with calls outnumbering puts by 2 to 1.

Next up is the PowerShares QQQ Trust (QQQ) at 123,000 contracts, with 68,000 puts. The iShares Russell 2000 Fund (IWM) also has volume of 123,000, though it has a put/call ratio of 3 to 1.

The S&P 500 Index (SPX) has 115,000 contracts moving, led by 75,000 puts. The iPath S&P 500 VIX Short-Term Futures Note (VXX) has 73,000 options traded, with slightly more puts than calls.
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