Ares Capital put volume heavy and directionally bearish

Bearish flow noted in Ares Capital with 4,741 puts trading, or 3x expected. Most active are Jan-24 18 puts and Nov-23 19 puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 4.86, while ATM IV is up over 1 point on the day. Earnings are expected on February 6th.

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