Bearish flow noted in Royal Caribbean (RCL) with 8,333 puts trading, or 2x expected. Most active are 7/3 weekly 315 puts and Jul-25 300 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.79, while ATM IV is up over 1 point on the day. Earnings are expected on July 24th.
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