Huge Put Volume in Pioneer Drilling

Shares on Pioneer Drilling PDC are shooting higher by 9.04% today to $6.15, but put buyers are storming the stock. The December $7.50 put is seeing 3,566 contracts traded in addition to 2,241 December $5 puts traded. Open interest on both those strikes combined in less than 70 contracts, indicating new, wholly bearish positioning in the name. Pioneer Drilling is seeing its put/call ratio running at 20x the norm. The stock has recently broken down form the 50-day and 200-day moving averages, as well as the $7 support level; they are now in full-on bear territory.