Bearish flow noted in Southwest (LUV) with 16,759 puts trading, or 1.0x expected. Most active are Dec-25 30 puts and Jun-26 27.5 puts, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 3.00, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 29th.
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