Stocks finished down on the day, but off their worst levels, succumbing to continued pressure in the banks as well as a pullback in treasuries. The Dow Jones Industrial Average ended down 1.51 points, or 0.01%, to close at 11,094. The S&P 500 lost 4.29 points, or 0.36%, to close at 1173, and the Nasdaq was down 5.85 points, or 0.24%, to finish at 2435.

The CBOE Volatility IndexI:VIX closed up $0.81, at $19.88. Overall put volume of 173,000 contracts compared to call volume of 230,000. Traders are active in November 27 calls and December 22 puts.

The SPDR S&P 500 ETF (SPY) - Get Report closed down $0.46, at $117.46, with overall put volume of 1.39 million contracts traded compared to call volume of 676,000. November option implied volatility is at 20 and December is at 22, below its four-month average of 25, suggesting options market makers have not priced in more risk.

The PowerShares QQQ Trust (QQQQ) closed down $0.10, at $50.42. Overall put volume of 193,000 contracts compared to call volume of 179,000, with October 50 puts as the most active series on 40,600 contracts. QQQQ November put option implied volatility is at 20 and December is at 22, below its three-month average of 26, indicating decreasing price risk.

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Financial Select Sector ETF (XLF) - Get Report puts were purchased for protection as the exchange-traded fund sold off 1.7% on foreclosure uncertainty. Put option volume of 206,000 contracts compared to call volume of 107,000 contracts. November put option implied volatility is at 27, December is at 27 and January is at 30m, near its 26-week average of 27, suggesting larger January price movement.

Google (GOOG) - Get Report reported better-than-expected EPS, and shares are up $45.15. at $586.65, in the after market, above its October 540 straddle price of $23.30.

Traders will be particularly focused on positions tomorrow as October options cease trading at the close on Friday. In addition, there are a slew of important economic data to close out the week of October 11 including: Friday: Ben Bernanke speaks at the Boston Fed's conference on Revisiting Monetary Policy in a Low Inflation Environment at 8:15 a.m. EDT, Consumer Price Index, Retail Sales, Empire State Manufacturing Survey at 8:30 a.m. EDT, Consumer Sentiment at 9:55 a.m. EDT and Business Inventories at 10:00 a.m. EDT. Finishing off the week for notable earnings is General Electric's (GE) results before the market opens.

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