Bearish flow noted in Southwest with 6,327 puts trading, or 1.0x expected. Most active are 1/12 weekly 26 puts and 12/29 weekly 27 puts, with total volume in those strikes near 4,100 contracts. The Put/Call Ratio is 2.08, while ATM IV is up nearly 3 points on the day. Earnings are expected on January 25th.
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