Bearish flow noted in Pan American Silver (PAAS) with 6,676 puts trading, or 12x expected. Most active are Jul-26 48 puts and Jul-26 50 puts, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 3.11, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 5th.
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