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February 13, 2013  Wed 10:26 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is picking up today as more than 6 million contracts change hands, with hedging apparently leading action in major indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 832,000 contracts traded, with 480,000 puts. Next up are the CBOE Volatility Index (VIX) options at 395,000, dominated by 333,000 calls. The S&P 500 Index (SPX) follows with volume of 333,000 contracts and a put/call ratio of more than 2 to 1.

The iShares Russell 2000 Fund (IWM) has 230,000 contracts changing hands, with puts outnumbering calls by 7 to 1. The iPath S&P VIX Short-Term Futures Note (VXX) has 104,000 options traded, with 60,000 puts.

The PowerShares QQQ Trust (QQQ) has seen 103,000 options move, with 56,000 puts. The iShares Emerging Markets Fund (EEM) has 83,000 options traded, with a put/call ratio of 3 to 1.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  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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