Index, ETF option volumes near midday

Option volume has picked up with today's rally as 6.3 million contracts have traded so far, with the normal index and ETF names leading the way.

The SPDR S&P 500 Fund (SPY) has 1.2 million options traded, with 672,000 puts. The S&P 500 Index (:SPX) options have turned over 330,000 contracts, with a put/call ratio of 2 to 1.

The iShares Russell 2000 Fund (IWM) has 186,000 contracts changing hands, 118,000 of which are puts. The CBOE Volatility Index (:VIX) has 144,000 options moving, led by 89,000 calls.

The PowerShares QQQ Trust (QQQ) has seen 124,000 options turned over, with 73,000 puts. Next up are the iPath S&P 500 VIX Short-Term Futures Note (VXX) options at 110,000, with 62,000 calls.

The SPDR Gold Shares Fund (GLD) has 82,000 options traded, 44,000 of which are calls.

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