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Royal Caribbean put volume heavy and directionally bearish

Bearish flow noted in Royal Caribbean (RCL) with 1,393 puts trading, or 1.1x expected. Most active are 9/12 weekly 335 puts and 9/12 weekly 345 puts, with total volume in those strikes near 510 contracts. The Put/Call Ratio is 1.61, while ATM IV is up over 1 point on the day. Earnings are expected on October 28th.

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