I noticed from the ES option (both call and put), that the open interest is very low at 2008 Jan. However, 07 Dec and 08 Feb both has a much larger open interest. What is special of the 08 Jan options? Thanks!
The most volume is in the quarterly expiration months-----March, June, September & December. The other months, the "serials", have less interest because people would rather trade against the most active futures.