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Alcoa put volume heavy and directionally bearish

Bearish flow noted in Alcoa (AA) with 12,038 puts trading, or 2x expected. Most active are Sep-25 25 puts and 8/1 weekly 29 puts, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 2.61, while ATM IV is up nearly 4 points on the day. Earnings are expected on October 22nd.

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