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Norwegian Cruise Lines put volume heavy and directionally bearish

Bearish flow noted in Norwegian Cruise Lines with 8,722 puts trading, or 3x expected. Most active are Aug-24 16 puts and Aug-24 16 calls, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 1.87, while ATM IV is up nearly 5 points on the day. Earnings are expected on October 30th.

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