Bearish flow noted in Royal Caribbean (RCL) with 2,923 puts trading, or 1.8x expected. Most active are 12/13 weekly 260 calls and 12/13 weekly 250 calls, with total volume in those strikes near 620 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 3 points on the day. Earnings are expected on January 30th.
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