Index, ETF option volumes near midday

Option volume is strong in today's equity rally with 6.5 million contracts trading so far and heavy activity in the indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 (SPY) has seen more than 1.4 million contracts change hands, with 797,000 puts. Next up are the iShares Russell 2000 Fund (IWM) options at 542,000, with a put/call ratio of 2 to 1.

The S&P 500 Index (:SPX) options have turned over 267,000 times, with 148,000 puts. The PowerShares QQQ Trust (QQQ) has 215,000 options change hands, with just slightly more puts than calls.

The iPath S&P 500 VIX Short-Term Futures ETN (VXX) options again outpace those of the CBOE Volatility Index (:VIX), with 173,000 and 103,000 respectively. In both cases puts significantly outpace calls as traders seem to be trying to take advantage of the volatility crush.

The iShares Russell 2000 Fund (IWM) has 92,000 options changing hands, 51,000 of which are puts. The U.S. Oil Fund (USO) has 62,000 contracts trading, with 35,000 calls.

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