Dow Jones Industrial Average Swings Higher, Despite Oil, Fed Anxiety

Why These Gold Bugs Are Hitting the Bricks

by Karee Venema

Published on Sep 11, 2015 at 12:04 PM
Updated on Sep 11, 2015 at 12:08 PM

With another volatile week of trading quickly coming to a close, the Dow Jones Industrial Average (DJIA) is making a valiant effort to end the day in the black, swinging higher at midday. However, upside is limited as traders -- both at home and abroad -- turn a cautious eye to next Thursday's policy-setting decision from the Federal Reserve, which could instigate the first interest-rate hike in almost 10 years. Additionally, a big sell-off in crude -- which has plunged following a downwardly revised forecast from Goldman Sachs, and news Saudi Arabia isn't interested in an emergency OPEC meeting -- as well as a lackluster round of economic data are keeping gains in check.

 

Continue reading for more on today's market -- and don't miss:

 

150911mmc


Among the stocks with notable put volume is oil-and-gas issue Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), with the contracts crossing at 20 times the average intraday pace. The security -- which is down 5% at $4.61, and fresh off a 12-year low of $4.58 -- just can't catch a break, and it seems one trader initiated a bearish spread at the equity's January 2017 3.50- and 5-strike puts, where a collective 125,000 contracts have changed hands.

 

One of the top losers on the Nasdaq is Zumiez Inc. (NASDAQ:ZUMZ). Shares of the men's retailer have tumbled 26.6% to $15.90 -- and earlier hit a new five-year low of $15.43 -- after the firm's dreary earnings and guidance were met with bearish backlash. ZUMZ is now staring at a 59% year-to-date deficit.

150911ZUMZ

Premiere Global Services, Inc. (NYSE:PGI) is one of the top gainers on the Big Board, following news the IT issue will be bought by Siris Capital Group, LLC for roughly $1 billion. At last check, PGI was up 21.7% at $13.81 -- after notching a new annual high of $13.86 out of the gate -- with Siris' offer valued at about $14 per share.

 

The CBOE Volatility Index (VIX) is up 0.5 point, or 2.1%, at 24.87.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.52, with puts outpacing calls. SPY is down 0.9 point, or 0.5%, at $194.95.

 


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Nevada Discovery That Could Jeopardize Chinese Dominance
Click to continue to advertiser's site.
Billion-Dollar AT&T Loan Boosts Stock
T announced at $5.5 billion term-loan agreement today
SHOP Stock Fails to Shake Off Downgrade
Raymond James downgraded Shopify to "market perform" from "outperform"
The Nevada Discovery That Could Jeopardize Chinese Dominance
Click to continue to advertiser's site.