The Fly

JPMorgan put volume heavy and directionally bearish

Bearish flow noted in JPMorgan with 13,658 puts trading, or 1.5x expected. Most active are 12/2 weekly 135 puts and Dec-22 135 puts, with total volume in those strikes near 5,400 contracts. The Put/Call Ratio is 2.68, while ATM IV is up over 1 point on the day. Earnings are expected on January 13th.

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