Washington Mutual (WM, news, chart) is down $1.35 to $3.60 and total volume in the options market is running double the usual. Trading is defensive, with 89,000 puts and 39,000 calls traded on the day. Wahsington Mutual’s credit swaps have risen 75 basis points to 6.85 percent today, according to Bloomberg. Spokesman Derek Aney is also telling Bloomber that WM is seeing “business as usual” and no unusual depositor activity.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.