Bearish flow noted in Melco Resorts with 4,428 puts trading, or 21x expected. Most active are 2/23 weekly 8.5 puts and 2/23 weekly 9 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 2.01, while ATM IV is up nearly 5 points on the day. Earnings are expected on February 29th.
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