Bearish flow noted in Macy’s with 12,242 puts trading, or 1.3x expected. Most active are 8/2 weekly 16 puts and 8/2 weekly 17 calls, with total volume in those strikes near 9,700 contracts. The Put/Call Ratio is 2.62, while ATM IV is up over 1 point on the day. Earnings are expected on August 20th.
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