Total option volume is strong with more than 7 million contracts already changing hands as the usual indexes and ETFs dominate the action, according to optionMONSTER data systems.
More than 1.3 million options have turned over in the SPDR S&P 500 Fund (:SPY), led by 782,000 puts. Next up are the S&P 500 Index (:SPX) options at 391,000, with 235,000 puts.
The iShares Emerging Markets Fund (EEM) has 278,000 contracts changing hands, with slightly more puts than calls. The CBOE Volatility Index (:VIX) has 269,000 options and a put/call ratio of more than 2 to 1, which is quite unusual.
The options of the iShares Russell 2000 Fund (IWM) follow with 258,000 contracts, also with a 2-to-1 put/call ratio. The PowerShares QQQ Trust (:QQQ) has seen 223,0000 options trade, 134,000 of which are puts.
The iPath S&P 500 VIX Short-Term Futures Note (:VXX) has 159,000 options traded, with 91,000 calls. Just behind are the SPDR Gold Shares Fund (GLD) options at 158,000 with 90,000 calls.
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