Bearish flow noted in Alcoa (AA) with 7,219 puts trading, or 2x expected. Most active are 11/1 weekly 39.5 puts and 11/1 weekly 40 puts, with total volume in those strikes near 6,200 contracts. The Put/Call Ratio is 5.46, while ATM IV is up over 3 points on the day. Earnings are expected on January 15th.
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