Index, ETF option volumes near midday

Total option volume is closing in on 5 million contracts, with hedging apparently behind the largest action in indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 534,000 options traded, led by 350,000 puts. The S&P 500 Index (:SPX) options have turned over 222,000 times, 132,000 of which are puts. The CBOE Volatility Index (:VIX) has 127,000 contracts changing hands, with calls outpacing puts by almost 3 to 1.

The PowerShares QQQ Trust (QQQ) has seen 113,000 options turn over, 75,000 of which are puts. Following are the iPath S&P 500 VIX Short-Term Futures ETN (VXX) at 102,000 with 79,000 calls.

The SPDR Gold Shares Fund (GLD) just tops 100,000 options, with 76,000 calls. The SPDR Financial Fund (XLF) has 79,000 options traded, with calls outpacing puts by better than 3 to 1.

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