Bearish flow noted in ConocoPhillips (COP) with 14,079 puts trading, or 1.4x expected. Most active are Feb-26 105 calls and 12/26 weekly 91 puts, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 2.10, while ATM IV is up over 1 point on the day. Earnings are expected on February 5th.
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