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Options Trading News

October 29, 2013  Tue 10:18 AM CT

QQQ: SEE CHART GET CHAIN FIND STRATEGIES

Just over 5 million options trade this morning, with little action in the Index and exchange-traded products.

The SPDR S&P 500 Fund (SPY) has 478,000 options traded, with 291,000 puts. Next up are the iPath S&P 500 VIX Short Term Futures note (VXX) options with 210,000, 183,000 of which are puts.

The PowerShares QQQ Trust (QQQ) has 112,000 contracts changing hands, with 71,000 puts. Following are the options of the S&P 500 Index (SPX) with 106,000, with a put-to-call ratio of almost 2-to-1.

The CBOE Volatility Index (VIX) again sees lighter than usual volume with 90,000, including 57,000 calls. The iShares Russell 2000 Fund (IWM) has 75,000 contracts, with puts outpacing calls better than 2-1.

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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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