CBOE Volatility Index (.VIX) is up 1.25 to 26.08 and has staged an impressive four-day 5.39 point (26 percent) rally. VIX is at its best levels since Oct 6, as the S&P 500 falls for the sixth time in seven days. Risk aversion is certainly higher and defensive trading is being seen in the options market Total volume is running 170 percent the expected for the first two hours, with 3.75 million puts and 3.40 million calls traded. The total put-to-call ratio is 1.10, compared to a 22-day average of .79. QQQQ Dec 40 puts are the day’s most actives, with 86.8K traded. SPY Nov 105 puts and the RUT nov 490 – 500 put spread are among the most actives as well.