Protection Purchased in Prologis

Shares of Prologis

are selling off hard today, currently down 7.57% to $11.36. The real estate investment trust (REIT) has now fallen away from the 50-day and 200-day moving averages, which is a bearish sign. The technicals suggest that the stock could move lower to the $10 level before finding support. Options action in Prologis is bearish as well, with the June $11 put purchased all day long for between $0.50-0.65; the strike has now traded over 5,500 contracts. Open interest on that strike is only 369 contracts, which indicates new, bearish positioning.