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American Express put volume heavy and directionally bearish

Bearish flow noted in American Express (AXP) with 22,402 puts trading, or 5x expected. Most active are Mar-26 280 puts and Jun-26 280 puts, with total volume in those strikes near 4,700 contracts. The Put/Call Ratio is 2.60, while ATM IV is up over 6 points on the day. Earnings are expected on April 24th.

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