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Bank of America put volume heavy and directionally bearish

Bearish flow noted in Bank of America (BAC) with 59,988 puts trading, or 1.1x expected. Most active are 3/28 weekly 41.5 puts and 3/28 weekly 41 puts, with total volume in those strikes near 14,600 contracts. The Put/Call Ratio is 1.57, while ATM IV is up over 1 point on the day. Earnings are expected on April 15th.

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