Bearish flow noted in Cleveland-Cliffs (CLF) with 8,480 puts trading, or 4x expected. Most active are 10/24 weekly 11.5 puts and Oct-25 11.5 puts, with total volume in those strikes near 6,000 contracts. The Put/Call Ratio is 1.62, while ATM IV is up nearly 8 points on the day. Earnings are expected on November 3rd.
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