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Realty Income put volume heavy and directionally bearish

Bearish flow noted in Realty Income with 5,942 puts trading, or 8x expected. Most active are Jan-25 35 puts and Jun-24 60 calls, with total volume in those strikes near 6,200 contracts. The Put/Call Ratio is 2.50, while ATM IV is up over 1 point on the day. Earnings are expected on February 20th.

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