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Alcoa put volume heavy and directionally bearish

Bearish flow noted in Alcoa with 4,144 puts trading, or 1.2x expected. Most active are Jun-25 35 puts and Aug-24 26 puts, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 2.67, while ATM IV is up over 1 point on the day. Earnings are expected on October 16th.

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