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Dow Chemical put volume heavy and directionally bearish

Bearish flow noted in Dow Chemical with 6,045 puts trading, or 1.6x expected. Most active are Apr-25 32.5 puts and Jan-26 80 calls, with total volume in those strikes near 4,700 contracts. The Put/Call Ratio is 2.74, while ATM IV is up over 2 points on the day. Earnings are expected on April 24th.

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