Index, ETF option volumes near midday

Rather odd action dominates the index and ETF options today as total volume tops 4.8 million, optionMONSTER's data systems show.
 
The SPDR S&P 500 Fund (SPY) tops the action as usual with 676,000 contracts. But in a very rare occurrence, the calls outpace puts, with 370,000 of the former.

The SPDR Gold Shares Fund (GLD) is next up with 158,000 contracts, with calls outpacing puts as well by 2 to 1. The iShares Emerging Markets Fund (EEM) has 150,000 contracts changing hands, led by 118,000 puts.

Just behind are the iShares Russell 2000 Fund (IWM) options at 145,000, also with a put/call ratio of greater than 2 to 1. The PowerShares QQQ Trust (QQQ) has 142,000 contracts changing hands, 85,000 of which are puts. The S&P 500 Index (:SPX) options have roughly the same number of contracts traded, with 81,000 puts.

The iShares Silver Fund (SLV) options have turned over 125,000 times, with 76,000 calls. The CBOE Volatility Index (:VIX) sees 96,000 options trading, another oddity as puts outpace calls by 2 to 1. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) is next up with 69,000, with 45,000 calls.

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