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Li Auto put volume heavy and directionally bearish

Bearish flow noted in Li Auto with 8,785 puts trading, or 2x expected. Most active are Apr-24 30 puts and Apr-24 31 calls, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 1.90, while ATM IV is up over 1 point on the day. Earnings are expected on May 9th.

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