Option Block 196: Election EditionTrading Block: The market took off once early polling results came in, a broad-based rally across most of the market. Vol came in after being out most of the morning.Odd Block: 30,000 contracts trade on the VIX Nov16 put.Xpress Block: John Grigus gets the OX hot seat today to discuss VIX, recent highs in volume and the ex dividend date for Apple. Mail Bag: Via email from Sigmund Fraud:I have a 401k that's invested in the S&P. What's the best way to hedge it [outside of the 401k] from downside risk? Would beta-weighting with SDS be a good hedge or is there a better way? Also, I've heard the terms "hitting offers, lifting bids" (I hope I got that right), what does that mean?Strategy Block: Andrew discusses back spreading the VIX and how it is the cleanest way to play a change in implied volatility in the indexes. Around the Block: All eyes will be focused on the U.S. Presidential election.