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Ares Capital put volume heavy and directionally bearish

Bearish flow noted in Ares Capital with 3,673 puts trading, or 1.1x expected. Most active are Feb-23 18 puts and Feb-23 19 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 22.26, while ATM IV is up over 1 point on the day. Earnings are expected on February 7th.

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