Happening Now: Waters are down, cold and clear. As temps drop, ice can form making it difficult or impossible to fish. If you find open water, attractor nymphs like San Juan Worms and/or Red Copper John's will work well with small midge pupa as a dropper.
Most Productive: Light nymphing with midges both larva and pupa trailed off a San Juan Worm is my go to setup for this time of year.
San Miguel The San Miguel is fishable through the town of Telluride and for a short distance flowing west on the Valley Floor. Fish activity is restricted to the warmest daylight hours when the most entrepid trout lift from the depths to pick off a few midges. You'll see them rising and falling in the water column. A clever angler might catch one on a small dry fly, but the highest percentage technique is to run a midge pupa under a modest dry fly to fish that are actively working.