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Pinduoduo put volume heavy and directionally bearish

Bearish flow noted in Pinduoduo with 17,891 puts trading, or 1.1x expected. Most active are Jan-26 150 puts and Jan-26 140 puts, with total volume in those strikes near 7,400 contracts. The Put/Call Ratio is 2.49, while ATM IV is up over 2 points on the day. Earnings are expected on March 19th.

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