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Options Trading News

May 9, 2013  Thu 10:20 AM CT

SPY: SEE CHART GET CHAIN FIND STRATEGIES
Total option volume is closing in on 6 million contracts, with the typical indexes and ETFs dominating the action, according to optionMONSTER data systems.

The SPDR S&P 500 Fund (SPY) has 836,000 options traded, with 540,000 puts. The iShares Russell 2000 Fund (IWM) has seen 415,000 contracts turn over, dominated by 372,000 puts. The S&P 500 Index (SPX) options round out the top three with 275,000, evenly split between calls and puts.

The PowerShares QQQ Trust (QQQ) has 163,000 options traded, with calls outpacing puts by 2 to 1. The CBOE Volatility Index (VIX) has 146,000 contracts changing hands, with 80,000 calls. The iPath S&P 500 VIX Short-Term Futures Note (VXX) has 131,000 options traded, with 78,000 calls.

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Real vs. Synthetic

We now know that there are two ways of creating a call position, a put position, and a stock position. We can simply use the actual real security or we can recreate it synthetically. We can create these positions in both long and short forms and this ability sets up an interesting scenario--an arbitrage!

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