Major averages are rallying around positive earnings from Intel (INTC), CSX, and JP Morgan (JPM). All three posted results that beat Street estimates and the S&P 500 Index is up 10.2 points to 1179.97 midday. Trading is active in the exchange-traded funds, with 1.6 million puts and 1.2 million calls traded across all products so far, or almost twice the expected. Among the notable trades: In the Qs (QQQQ), one player bought 46,000 Jan 47 puts at $1.23 each. The Financial Select Sector Fund (XLF) saw a seller of 50,000 Oct 15 calls at 12 cents each. A block of 30,000 Nov 114 puts was bought on the SPYders (SPY) at $1.41 apiece. Another investor bought 16000 SPY Dec 116 puts, sold 24000 SPY Dec 110 puts and sold 7000 Dec 108 puts, creating a bearish spread with a max pay-off is shares fall to $110, or about 1100 for the SPX. So, while major averages are rallying, some of the big prints in the ETFs today seem somewhat defensive or bearish.