Bearish flow noted in Macy’s (M) with 5,229 puts trading, or 4x expected. Most active are 11/28 weekly 19 puts and 11/28 weekly 19.5 puts, with total volume in those strikes near 4,500 contracts. The Put/Call Ratio is 4.70, while ATM IV is up nearly 3 points on the day. Earnings are expected on December 3rd.
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