I flipped on financial TV yesterday morning, and lo and behold, former Treasury Secretary Lawrence Summers was on talking about the CBOE Volatility Index (VIX). That wasn't all that impressive in its own right -- I mean, I'm pretty sure Fed governor types all know there's something called the VIX and it's a "Fear Index" and all.

No, what impressed me was that he used VIX to suggest Fed policy. Specifically, he said the Fed shouldn't hike because the VIX was high.

So, by "impressed," I meant, "Wait, what?" 

Fed policy guided by VIX? I know VIX has gained more and more prominence over time as an indicator, but seriously. If VIX has one iota of impact on Fed thinking, we're all in trouble. But hey, if they want to look at it, I have an economics degree and know VIX stuff -- make me a Fed governor! 

OK, seriously. My opinion of the Fed rate hike debate is that it's wildly over-covered and kind of misses that point. The Fed is by definition part reactive and part anticipatory. But let's face it: it's mostly reactive. How else can we derive forward-looking numbers than via looking back first? 

And come to think of it, that describes the VIX too? So maybe Summers is on to something! 

VIX predicts future volatility, but the best way to "predict" future volatility is to look at recent volatility. Over the course of VIX history, the one-day move in VIX has a -0.71 correlation to the one-day move in S&P 500 Index (SPX)/SPDR S&P 500 ETF Trust (SPY).

Another way of saying it is that you can explain 50% (0.71 squared) of the VIX move on a given day if we simply knew what SPY did. So already we can see it's going to be the largest single factor -- and we can also see that literally half of the VIX move tells you nothing you wouldn't already know if you just looked at SPY. 

So, what explains the other half? A little bit is just the calendar: day of the week, day in the cycle, holidays, et al. And a little bit is simply anticipation: Is news pending? Is news out? Etc. 

But that's all over the course of time. In 2015 VIX has become even more tied to simply aping the SPY move. The correlation is -0.86, meaning the Index Move of the Day explains nearly three-quarters of what we see in VIX. Throw in weekends, holidays, and Imminent Fed Obsession Days, and there's really not a lot unexplained these days. And that correlation is pretty persistent. Here's how rolling 20-day backwards-looking correlation looks this year:

The measure peaked at -0.97 on Aug. 24… which, technically speaking, means that VIX was its absolute least insightful on the worst and most volatile market day in eons. We didn't need a vol index to tell us it was volatile. 

Other than a blip around May, VIX has had abnormally high negative correlation to SPY pretty much all year. Remember" -0.71 is "normal." 

What's it all mean? Well, VIX is getting more and more predictive of what we've already seen. Using it as some sort of forecasting tool becomes less and less sensible. It's always fine for us to try to derive short-term trading cues from the VIX, but let's hope the Fed doesn't actually use it to instruct policy in any way, shape, or form. 

Disclaimer: Mr. Warner's opinions expressed above do not necessarily represent the views of Schaeffer's Investment Research.

U.S. stocks are slightly lower this morning, but still have an eye on a weekly win. The overarching mood is cautious, as investors look ahead to next week's Federal Open Market Committee (FOMC) meeting. Today's Buzz Stocks is brought to you by the letter M, as the equities in focus are mattress retailer Mattress Firm Holding Corp (NASDAQ:MFRM), food-and-beverage baron Mondelez International Inc (NASDAQ:MDLZ), and semiconductor concern Marvell Technology Group Ltd. (NASDAQ:MRVL) .

1. MFRM is down 17.2% at $49.99 this morning after missing analysts' second-quarter profit estimates, and earlier hit a new annual low of $49.55. Mattress Firm Holding Corp also lowered its full-year earnings outlook, further exacerbating the situation. Bearish option players stocked up on  MFRM ahead of the report, as its 10-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 3.92 indicates puts bought to open outstripped calls by a nearly 4-to-1 pace over the last couple of weeks. Technically, the stock is trading well south of support from its 20-month moving average, which it has not finished a month below since October 2013. 

• Yesterday, MDLZ reaffirmed its 2015 outlook and 2016 margin target; today, the company is in the news thanks to some comments from Bill Ackman. Speaking on CNBC this morning, the hedge-fund leader said Mondelez International Inc could be a takeover target, and named Kraft Heinz Foods Co (NYSE:HNZ) as a potential suitor. Near-term option players maintain a somewhat bearish stance toward MDLZ, as the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.34 is higher than 87% of the readings taken during the past 52 weeks. At last check, the stock was 0.2% lower at $42.30.


• MRVL plummeted to a new multi-year low of $8.21 once the opening bell sounded, after announcing that it has launched an internal accounting investigation and cautioned that it will report a second-quarter loss. In response to the news, Needham cut Marvell Technology Group Ltd. to "hold" from "buy," while Susquehanna lowered it to "neutral" from "positive" and issued a price-target cut to $9 from $16 (echoing a similar move made by J.P. Morgan Securities last week). At last check, MRVL is off 15.8% at $8.88.
  

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The major U.S. benchmarks have gotten off to a rough start this morning, as anxiety sets in ahead of next week's highly anticipated central bank meeting. The big question remains as to whether or not the Federal Reserve will raise interest rates for the first time since 2006. One sector that's benefited from nearly a decade's worth of low interest rates is gold, but, in preparation for Wednesday's announcement, a number of gold bugs are hitting the exits en masse.

The Daily Junior Gold Miners Index Bull 3x Shares (NYSEARCA:JNUG), for example, has plunged 5.9% to $6.66 -- and is within a chip-shot of taking out its Aug. 26 all-time low of $6.48. Conversely, the Daily Junior Gold Miners Index Bear 3x Shares (NYSEARCA:JDST) has popped 7% to linger near $12.26; although, today's upside appears to be running out of steam near the exchange-traded fund's (ETF) 40-day moving average.

Elsewhere, the Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) has shed 2.2% to trade at $18.56 -- and is hovering less than 4 percentage points above its July 24 all-time low of $17.92. Meanwhile, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) is at a new low today, down 3.2% at $12.69. 

Among specific equities, notable laggard Barrick Gold Corporation (USA) (NYSE:ABX) is trading near a new 25-year low of $5.99. It's already been a tough month for the shares, and the worst may not be over.

Silver Wheaton Corp. (USA) (NYSE:SLW), meanwhile, is 2.1% lower at $11.18 -- and fresh off a six-year low of $11.11 -- widening its year-to-date deficit to 45%. A price-target cut to $23.50 from $24 is only exacerbating Goldcorp Inc.'s (USA) (NYSE:GG) troubles, with the shares down 2.4% at $12.38, after earlier notching a 10-year low of $12.31. Unfortunately for GG, more bearish brokerage notes could be on the horizon.

Agnico Eagle Mines Ltd (USA) (NYSE:AEM) isn't escaping the sector headwinds, surrendering 1.4% to churn near $21.52. Short interest surged on AEM by 44% in the last two reporting periods, and this downside may bring more bears to the table. Hecla Mining Company (NYSE:HL) has also seen a rise in short interest of late -- up 19.4% in the past two reporting periods -- and today, these shorts are likely celebrating. HL is off 5.3% at last check at $1.78.

The 20 stocks listed in the table below have attracted the highest total weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are blue chips Chevron Corporation (NYSE:CVX) and JPMorgan Chase & Co. (NYSE:JPM).

Like several of its sector peers, CVX was hit with negative analyst attention this morning. Specifically, Jefferies, Cowen and Company, and J.P. Morgan Securities each slashed their price targets on the stock -- though the latter also bumped its rating up to "overweight."

The skepticism doesn't come as much of a surprise, considering CVX's technical track record. Year-to-date, the shares have lost 32.4% to trade at $75.84, and have been pressured lower by their 20-day moving average since early May.

Nonetheless, option traders are holding out hope for CVX. The stock's 10-day call/put volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 2.65 -- with long calls more than doubling puts. This ratio also ranks in the 98th percentile of its annual range.

Echoing this glass-half-full options approach, Chevron Corporation's Schaeffer's put/call open interest ratio (SOIR) of 0.91 registers south of 94% of comparable readings taken in the past 12 months. In other words, short-term call open interest outweighs put open interest by a near-extreme margin, looking back 52 weeks. A capitulation among option bulls could pressure CVX even lower.

Meanwhile, JPM is down 0.8% today at $62.21 -- putting it back into negative year-to-date territory. Trading on this financial stock could get choppy soon, with the Fed expected to weigh in on interest rates next week. Like CVX, JPM was recently rejected by its descending 20-day trendline, which has capped the equity's attempted rallies since early August.

Option traders have shrugged off this less-than-impressive technical set-up. JPM's 50-day ISE/CBOE/PHLX call/put volume ratio of 1.45 outstrips more than three-quarters of comparable readings from the prior year. Likewise, its SOIR of 0.49 sits in the call-skewed 18th annual percentile. Should these bulls throw in the towel, JPMorgan Chase & Co. could suffer additional losses.

Mobileye NV (NYSE:MBLY) is getting demolished for the third straight day, following harsh words from short-selling aficionado Citron Research earlier this week. Specifically, the firm said there was "nothing in the company's financials, business performance or realistic future prospects" to warrant a $12 billion market cap, while setting a short-term price target of $25 and long-term target of $10. At last check, MBLY was down 7% at $41.45, and has surrendered 21% of its value since Tuesday's close.

Amid this turmoil, the stock's put volume is running at nearly five times the expected intraday rate. By the numbers, 16,000 puts are on the tape, compared to just over 6,300 calls. Digging deeper, short-term bears are buying to open the September 40 put, while slightly longer-term skeptics are purchasing fresh positions at the October 35 put. In other words, the put buyers anticipate MBLY will breach the out-of-the-money strikes by the respective expiration dates -- at the close next Friday, Sept. 18, and Friday, Oct. 16.

Today's propensity for long puts over calls is business as usual, per data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, MBLY's 10-day put/call volume ratio of 2.87 indicates traders have bought to open nearly three times as many puts as calls over the past two weeks. What's more, this ratio represents an annual high, meaning the pace of bearish betting has never been faster in the last 12 months.

Echoing this negativity, Mobileye NV's (NYSE:MBLY) Schaeffer's put/call open interest ratio (SOIR) checks in at 1.35 -- near the top quartile of its annual range. Additionally, 11.6% of the stock's float is sold short, or more than five times the usual daily pace of trading.

Healthcare performed well on Thursday, coming in as one of the top sectors, with the iShares Dow Jones U.S. Healthcare ETF (NYSEARCA:IYH) gaining 0.9%. Keeping this in mind, we were able to locate three stocks within the sector that technical traders may want to pay attention to in the short term. Data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. 
First up is blue chip UnitedHealth Group Inc (NYSE:UNH). The shares are off 0.3% today at $116.42, but still hold a 15.2% year-to-date lead. What's more, the stock recently pulled back to its 200-day moving average, a historically bullish trendline. UNH has hit this level four times in the past three years, posting a positive 21-day return each time. The stock's average return following this signal is 9.6%. Such a move this time around would have the shares in all-time-high territory. 

Adding to UnitedHealth Group Inc's bullish case is a recent influx of bearish betting. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), UNH's 10-day put/call volume ratio sits at 1.28, higher than three-fourths of all readings from the past year. Taking a contrarian approach, a shift in trader sentiment could help the shares. 

Boston Scientific Corporation (NYSE:BSX) also recently flashed a historically bullish signal by pulling back to its 200-day moving average. The shares have hit this trendline five previous times in the past three years, boasting an average 21-day gain of 2.4%. Looking at a 21-day timeline, BSX has ended positive following such signals three-fourths of the time. 

Even though Boston Scientific Corporation is following the broader market lower today at $16.70, the shares have outperformed more generally -- up 26% year-to-date. That hasn't been enough to repel short sellers, though. During the two most recent reporting periods, short interest shot up 12.8%. If BSX responds to this technical signal as it has in the past, some of these bears could make quick exits, which could act as a tailwind for the shares. 

Finally, there's Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)​. The stock recently flash a significant signal of its own -- except of the bearish variety. The shares are hovering near their 320-day moving average, and the last time they touched this trendline, the equity dropped 4.1% over the following five days. 

ARIA is sliding today, giving back 2.8% to trade at $7.81. However, the stock has blown past the S&P 500 Index (SPX) by more than 17 percentage points during the past 20 sessions -- despite failed M&A negotiations -- leading to a fresh round of bullish betting. Ariad Pharmaceuticals, Inc.'s 10-day ISE/CBOE/PHLX call/put volume ratio stands at a top-heavy 10.08. 

Late Wednesday, Standard & Poor's lowered Brazil's sovereign credit rating to junk status. The move has had a negative effect on the country's currency -- the real -- as well as U.S.-listed shares of Brazil stocks. Earlier, in fact, the iShares MSCI Brazil Index (ETF) (NYSEARCA:EWZ) hit $22.64 -- its lowest mark since June 2005 -- and was last seen down 2.4% at $22.93.

Also feeling the heat from this downgrade is oil-and-gas issue Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR). The shares have tumbled 3.9% to $4.89, and are within a chip-shot of taking out the 12-year low of $4.68 they tagged on Aug. 24. Longer term, the stock has shed 72% year-over-year.

It appears options traders have been rolling the dice on additional losses. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PBR's 50-day put/call volume ratio of 0.91 ranks in the 90th annual percentile. Simply stated, puts have been bought to open over calls at a near-annual-high clip.

Mining magnate Vale SA (ADR) (NYSE:VALE), meanwhile, dropped 1% out of the gate, but has since revered course. At last check, the stock was up 3% at $5.14 -- building on its recent copper-related gains. Nevertheless, the shares remain 37% lower on the year.

​Put players have been active in VALE's options pits, as well, per the equity's 50-day ISE/CBOE/PHLX put/call volume ratio of 1.37 -- in the 77th annual percentile. Echoing this is the stock's front-month gamma-weighted Schaeffer's put/call open interest ratio (SOIR) of 2.59. Simply stated, near-the-money puts more than double calls in the September series of options.

Beverage maker Ambev SA (ADR) (NYSE:ABEV) is down 1.9% today to linger near $4.93. This struggle just echoes the longer-term troubles, with shares of ABEV off 29% year-over-year, thanks to several rejections from their 200-day moving average. More recently, the equity has been led lower by its descending 20-day trendline.

In spite of this, sentiment is tilted toward the optimistic side. For starters, the equity's SOIR of 0.14 rests lower than 86% of all similar readings taken in the past year -- signaling a call-skewed backdrop in ABEV's short-term options pits. Elsewhere, the majority of analysts covering the shares maintain a "buy" or better rating, with not a single "sell" to be found. A capitulation by call players and/or upbeat analysts could translate into additional headwinds for ABEV.

Banco Santander Brasil SA (ADR) (NYSE:BSBR) fell 3.2% at the open to $3.61 -- matching the record low it set on Aug. 24. More recently, the security was off 0.3% at $3.72, widening its year-to-date deficit to 26%.

Skepticism has been ramping up on the long-term laggard. Short interest, for example, jumped 12.4% in the latest reporting period. However, these bearish bets still only account for 4.7% of BSBR's available float, leaving the door wide open for shorts to increase their exposure. Elsewhere, all three analysts covering the shares maintain a "hold" or worse recommendation.

Analysts chimed in on casino resort operator Wynn Resorts, Limited (NASDAQ:WYNN), fashion firm Coach Inc (NYSE:COH), and biopharmaceutical company Gilead Sciences, Inc. (NASDAQ:GILD). Here's a quick roundup of today's brokerage notes on WYNN, COH, and GILD.

• WYNN is 4.2% lower at $69.96 this afternoon -- and fresh off a five-year low of $68.11 -- after Susquehanna cut the casino operator's target price. The brokerage lowered Wynn Resorts, Limited to $83 from $100 with a "neutral" rating. Technically, the stock has had a rather rough year, shedding 56% from February's year-to-date high of $160.41 to its current price. With the stock mired in this nasty downtrend, short sellers have been upping the bearish ante, as 10% of the equity's float is currently sold short.

• COH is 1.6% higher at $29.51, after RBC Capital initiated coverage with an "outperform" rating and a price target of $36. Today's rally moves against Coach Inc's overall trend, as the stock is 33% lower from its annual high of $43.87, hit in the first week of March. Option players have taken notice, as COH's 50-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.13 is higher than 90% of the readings taken during the past 52 weeks.

• GILD has advanced 4.1% this afternoon to $108.04, after Jyske Bank echoed the positive outlook of most analysts, and upped the biopharmaceutical firm to "strong buy" with a price target of $125. Gilead Sciences, Inc. is currently testing its 10-month moving average -- a trendline that has provided both support and resistance in the past. Meanwhile, sentiment among the options crowd is upbeat, per GILD's 10-day ISE/CBOE/PHLX call/put volume ratio of 3.20 -- in the 87th annual percentile.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Palo Alto Networks Inc, TerraForm Power Inc, and BlackRock, Inc. and Analyst Downgrades: Apple Inc., Krispy Kreme Doughnuts, and Micron Technology, Inc.

Amid the wild market swings of late, option traders have been buying puts at a rapid-fire rate -- either to bet on more downside, or to protect their stock investments. Among the names on the Most Active Puts list are oil-and-gas issue Transocean LTD (NYSE:RIG) and beauty behemoth Avon Products, Inc. (NYSE:AVP).

Before we jump into the aforementioned stocks, some statistics, courtesy of Schaeffer's Quantitative Analyst Chris Prybal. The 10-day equity-only buy-to-open put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) just hit 0.797 -- its highest reading since Jan. 22, 2009, just before we embarked on a major rally. Meanwhile, the 21-day equity-only put/call volume ratio across all exchanges sits at 1.07, marking its loftiest perch since Sept. 1, 2011.

However, the bearish sentiment backdrop could be bullish, from a contrarian standpoint. Simply put, fear in the markets means there's still buying power on the sidelines -- just as we saw in early 2009.

Turning to equities in focus, RIG is on the list due to major put spread action in the November series, according to Trade-Alert, primarily at the out-of-the-money 9, 11, 12, and 13 strikes. On the ISE/CBOE/PHLX, RIG sports a hefty 10-day put/call volume ratio of 3.69 -- in the 72nd percentile of its annual range, pointing to a healthier-than-usual appetite for bearish bets. Likewise, the equity's Schaeffer's put/call open interest ratio (SOIR) now sits at 7.69 -- higher than 95% of all other readings during the past year, suggesting near-term traders have rarely been more put-stacked.

While RIG dodged the August bullet -- despite hitting a 20-year low -- the stock remains nearly 20% lower year-to-date, and was last seen 1.9% higher at $14.74, thanks to an energy boost. In other words, those November puts are still out of the money.

AVP is on the list due to action on Aug. 26, when a block of 65,000 April 2016 4-strike puts were apparently bought to open. By purchasing the puts to open, the buyer expects AVP to breach $4 by April options expiration. The shares are getting close to that goal; the stock was last seen 8.1% lower at $4.16, and just hit an all-time low of $4.07.

Still, AVP's option buyers have favored calls over puts. The stock's 10-day ISE/CBOE/PHLX call/put volume ratio of 1.10 ranks above two-thirds of all other readings from the past year. An unwinding of this optimism could exacerbate selling pressure on the shares.

Google Inc (NASDAQ:GOOGL) is following the broader market higher, on news the company is rolling out Android Pay in the U.S. today. Much like BlackBerry Ltd's (NASDAQ:BBRY) BBM Money and Apple Inc.'s (NASDAQ:AAPL) Apple Pay, Android Pay allows users to pay for goods and services by simply tapping their phones, and also provides the ability to store gift and loyalty card information in one location.

At last check, GOOGL is 1.5% north of breakeven at $652.73, bringing its year-to-date advance to 23%. In recent weeks, the stock has found a a layer of support atop its 50-day moving average, and has outperformed the broader S&P 500 Index (SPX) by nearly 20 percentage points over the last 40 sessions.

Despite GOOGL's technical tenacity, skepticism is pronounced in the equity's options pits. Specifically, the stock's 10-day put/call volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 0.81. This ratio ranks in the 95th annual percentile, indicating traders have rarely bought to open puts over calls at a more rapid rate, looking back one year.

Given GOOGL's strength on the charts, it's possible some of the put buyers are shareholders hedging against an unexpected pullback. Nonetheless, a capitulation among true bears could add fuel to the shares' fire.

In separate news, Google Inc (NASDAQ:GOOGL) also announced today it is exploring the possibility of expanding Google Fiber to three more U.S. locations. Specifically, the company has asked officials in Louisville, Irvine, and San Diego to think about bringing the high-speed Internet service to their respective cities.

The Federal Open Market Committee's (FOMC) highly anticipated September meeting will more than make up for a quiet earnings calendar. A September rate hike has dominated Wall Street whispers for months, and it's finally time for Janet Yellen & Company to provide some answers.

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

Monday, 9/14

There are no major economic reports on tap. 

United Natural Foods (UNFI) will reveal its quarterly results.

Tuesday, 9/15

The news week starts on Tuesday, with retail sales, the Empire State manufacturing survey, industrial production and capacity utilization, and business inventories data all on the slate. 

There are no notable earnings scheduled. 

Wednesday, 9/16

The consumer price index (CPI)  will be released Wednesday morning, as will the NAHB housing market index and the regularly scheduled crude inventories report. All eyes will be on the FOMC as it begins its two-day monetary policy meeting.

FedEx (FDX), Cracker Barrel (CBRL), Analogic (ALOG), and Oracle (ORCL) will all step into the earnings spotlight.

Thursday, 9/17

Housing starts are on the docket for Thursday, as is the Philadelphia Fed's business outlook survey and weekly jobless claims. 

The major news event of the day will take place at 2 PM ET, when the Fed will answer THE big question: Are interest rates going up for the first time in years? At 2:30 PM ET, Fed Chair Janet Yellen will offer more insight.

As for earnings, Rite Aid (RAD) and Adobe Systems (ADBE) will headline.

Friday, 9/18

It's quadruple witching Friday -- when stock index futures, stock index options, stock options, and single stock futures expire. On the economic front, just the Conference Board's index of leading economic indicators is on tap.

There are no earnings of note.

A number of healthcare-related stocks are breaking out today -- some for clearer reasons than others. Four of the most impressive movers are Clovis Oncology Inc (NASDAQ:CLVS), DexCom, Inc. (NASDAQ:DXCM), Sangamo Biosciences, Inc. (NASDAQ:SGMO), and ZIOPHARM Oncology Inc. (NASDAQ:ZIOP).

CLVS is 9.1% higher at $104.83, and earlier tagged a record peak of $105.57, with some media outlets attributing the surge to well-received data presented at the World Conference on Lung Cancer. Over the past 52 weeks, the shares have almost doubled in value. Whatever the motive, shorts might be hitting the bricks. Over 15% of Clovis Oncology Inc's float is sold short, representing 8.5 days' worth of pent-up buying demand, at typical volumes.

Likewise, DXCM sports a 6.7% lead at $96.95 -- just a chip-shot away from its all-time high of $98.85 from mid-August. Helping the stock recently was a quick bounce off its ascending 50-day moving average. The surge may be giving option bears second thoughts. DexCom, Inc.'s 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio rests at an annual peak of 0.38.

SGMO has bounded almost 20% north this afternoon, after the company's ZFP Therapeutic Phase 1 study protocol received unanimous approval from the National Institute of Health's (NIH) Recombinant DNA Advisory Committee. Likewise, the drugmaker said it will initiate a Phase 1 clinical trial next year, pending FDA clearance.

Option bulls are likely jumping for joy at the massive bounce. Sangamo Biosciences, Inc.'s 50-day ISE/CBOE/PHLX call/put volume ratio of 27.27 sits a mere 2 percentage points from a 12-month high. On the flip side, short sellers are getting burned. Nearly 14% of SGMO's float is sold short, or over nine times the stock's average daily trading level.

Finally, ZIOP has jumped 4.7% to trade at $9.76, following a well-received presentation at the Wells Fargo Healthcare Conference this afternoon. Year-over-year, the shares have now more than tripled in value.

Short sellers and option traders alike probably find this a tough pill to swallow. ZIOPHARM Oncology Inc.'s short-interest ratio stands at a lofty 8.70, while its 10-day ISE/CBOE/PHLX put/call volume ratio of 0.49 outstrips 91% of comparable readings from the prior year.