Bearish flow noted in Petrobras (PBR) with 9,643 puts trading, or 2x expected. Most active are Jan-26 15 puts and 1/3 weekly 12.5 puts, with total volume in those strikes near 7,100 contracts. The Put/Call Ratio is 6.33, while ATM IV is up nearly 2 points on the day. Earnings are expected on March 6th.
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