Bearish flow noted in Gap Inc with 4,192 puts trading, or 3x expected. Most active are 10/4 weekly 22 puts and 11/1 weekly 21 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 3.04, while ATM IV is up over 3 points on the day. Earnings are expected on November 21st.
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