Options volume in the SPDR Financials (XLF) is now 1.42 million contracts, with put options accounting for 1.32 million, or 93 percent, of the overall flow. In addition to the impressive Dec $11 – 13 spreads highlighted at 14:07, recent trades in the ETF include a Dec $11 – 13 (2X1) put ratio spread, in which the strategist bought 56,000 of the 13s to sell 112,000 Dec $11s and paid 29 cents for the 1X2. Like the action in the Dec 11 – 13 (1X1s) mentioned earlier, the ratio spread is possibly a position adjustment and maybe a roll in strike prices. Meanwhile, implied volatility in options in the fund is down 10 percent to 38 on the day and about 3 percent for the week. Still, shares are off .7 percent sicne last Friday and the heavy volume in XLF puts today seems to reflect the ongoing uncertainties about problems in the financial world that investors still face.