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March 7, 2013  Thu 10:31 AM CT

XLF: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume tops 5.7 million contracts so far today, with relatively bullish sentiment in the leading indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 855,000 options traded, 495,000 of which are puts. Next up are the SPDR Financial Fund (XLF) contracts at 231,000, dominated by 217,000 calls.

The S&P 500 Index (SPX) options have turned over 176,000 times, with 101,000 puts. The iShares Russell 2000 Fund (IWM) has 123,000 contracts changing hands, with a put/call ratio of almost 3 to 1.

The CBOE Volatility Index (VIX) options have traded 90,000 times, with calls outpacing puts by 2 to 1. The PowerShares QQQ Trust (QQQ) has seen 74,000 options move, evenly split between calls and puts.
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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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