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.


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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.


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.


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