Constellation Energy (CEG, news, chart) is seeing 19 times its normal trading volume on bearish spread trading. More than 20,000 puts have traded, compared to 587 calls. Most of the action is in the Janaury 70/60 put spread. At 13:40 Eastern time, an order of the 70s traded offerside or for $4.10 a contract. Meanwhile, the same number of 60s traded offerside for $1.35. With open interest of 766 and 606, respectively, the action has all of the characteristics of a substantial bear put spread. If so, the strategist is paying a net debit of $2.75 per spread for the potential of making $7.25 should shares of Constellation Energy fall to or below $60 a share between now an options expiration. CEG is trading down $1.86 to $77.04 amid weakness in the energy sector. The company reported earnings last week and set a 52-week high of $76.07 the day before.