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BHP Billiton put volume heavy and directionally bearish

Bearish flow noted in BHP Billiton with 2,270 puts trading, or 1.3x expected. Most active are Apr-26 65 puts and Jun-26 55 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 4.65, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 17th.

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