Total option volume tops 5.6 million contracts so far in today's session, but it does not appear to be driven by hedging in the indexes and ETFs, according to optionMONSTER's data systems.
The SPDR S&P 500 Fund (SPY) has 1.1 million options traded, with 646,000 puts. The S&P 500 Index (:SPX) has seen 264,000 contracts turn over, with 153,000 puts.
Just behind are the iShares Russell 2000 Fund (IWM) options at 250,000, followed by the PowerShares QQQ Trust (QQQ) contracts with 240,000. Both have put/call ratios of less than 2 to 1.
The CBOE Volatility Index (:VIX) has 128,000 contracts changing hands, led by 80,000 puts, which is unusual. The SPDR Gold Shares Fund (GLD) has 77,000 contracts changing hands, with slightly more calls than puts.
The iShares Emerging Markets Fund (EEM) follows with 70,000, including 38,000 puts. And the iPath S&P 500 VIX Short-Term Futures ETN (VXX) has 65,000 options traded, 36,000 of which are calls.
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