Bearish flow noted in Cleveland-Cliffs (CLF) with 10,857 puts trading, or 5x expected. Most active are Oct-25 11 puts and 10/3 weekly 11 puts, with total volume in those strikes near 6,100 contracts. The Put/Call Ratio is 1.91, while ATM IV is up over 7 points on the day. Earnings are expected on November 3rd.
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