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Carvana put volume heavy and directionally bearish

Bearish flow noted in Carvana with 51,634 puts trading, or 2x expected. Most active are Nov-23 30 puts and Nov-23 31 puts, with total volume in those strikes near 15,400 contracts. The Put/Call Ratio is 1.84, while ATM IV is up over 7 points on the day. Earnings are expected on February 22nd.

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