Bearish flow noted in Southwest (LUV) with 6,396 puts trading, or 1.8x expected. Most active are 11/22 weekly 31 puts and Nov-24 32.5 calls, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 2.89, while ATM IV is up over 1 point on the day. Earnings are expected on January 30th.
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