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Norwegian Cruise Lines put volume heavy and directionally bearish

Bearish flow noted in Norwegian Cruise Line (NCLH)s with 12,887 puts trading, or 3x expected. Most active are Dec-25 18 puts and Jan-26 18 puts, with total volume in those strikes near 8,500 contracts. The Put/Call Ratio is 1.76, while ATM IV is up nearly 3 points on the day. Earnings are expected on February 26th.

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