Bearish flow noted in Gap with 9,326 puts trading, or 4x expected. Most active are 1/5 weekly 20 puts and 1/12 weekly 20 puts, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 1.83, while ATM IV is up over 3 points on the day. Earnings are expected on March 7th.
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