Dec. 16 at 10:10 PM
$XEL taking a hit today, down about 2.6% after that impairment 8-K and Moody’s review for downgrade
Options traders are all over the January
$70 puts, focusing on the low-70s
Put flow is solid, around 4k contracts with 10.4x momentum
Looks like traders are setting up new downside positions instead of just rolling old ones
Moody’s downgrade review is a big negative for XEL, especially for a utility
This credit news is pushing the selloff
We might see more demand for protective puts if the headlines keep coming