When Schlumberger was trading around 92.30 earlier today, a customer bought just over 9000 of the March 90 puts.  With less than 30 days to expiration, this appears to be an aggressive and immediate hedge on the stock.  The stock does not have earnings coming up and IV is toward the lower end of its range.  However, today’s trade has pulled IV higher by about a full point mostly in March.

This trade should be viewed as aggressively bearish the underlying and aggressively bullish underlying volatility.  Traders looking to piggyback should look at April which has about the same volatility and an extra month of time to expire.