Index, ETF option volumes near midday

Chris McKhann (

Total option volume just tops 5.1 million contracts so far today, with mixed action in the top indexes and ETFs, optionMONSTER's data systems show.

The SPDR S&P 500 Fund (SPY) has 897,000 contracts traded, with 518,000 puts. The iShares Emerging Markets Fund (EEM) jumps up to the No. 2 spot today with 186,000 contracts, led by 136,000 calls. Next up are the S&P 500 Index (:SPX) options at 160,000, with 96,000 puts.

Not far behind are the iShares Russell 2000 Fund (IWM) options with volume of 145,000 as puts barely outpace calls. The CBOE Volatility Index (:VIX) has 126,000 contracts changing hands, with calls outnumbering puts by 2 to 1.

Following are the PowerShares QQQ Trust (QQQ) options at 112,000, with 59,000 calls. The SPDR Oil & Gas Exploration & Production Fund (XOP) has 75,000 options traded, with only 105 calls. (See related story )

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