Today's block trades are really lively. Block call options at $1.45 billion account for 36%, while block put options at $1.2 billion account for 30%. As the market started to pull back, sellers clearly began large-scale selling. Tomorrow is the quarterly expiration. The trading volume of near-expiry out-of-the-money options dominates the market. Doing some 'cigarette butt' operations now seems pretty decent. Generally, the volatility during quarterly expirations isn't too significant.