Bearish flow noted in Valley National with 2,505 puts trading, or 1.4x expected. Most active are Sep-23 10 puts and May-23 3 puts, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 8.67, while ATM IV is up over 1 point on the day. Earnings are expected on April 27th.
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- Valley National put volume heavy and directionally bearish