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Pinduoduo put volume heavy and directionally bearish

Bearish flow noted in Pinduoduo with 66,641 puts trading, or 2x expected. Most active are 1/23 weekly 102 puts and Mar-26 110 puts, with total volume in those strikes near 16,200 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 1 point on the day. Earnings are expected on March 19th.

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