Bearish flow noted in Southwest (LUV) with 9,683 puts trading, or 1.7x expected. Most active are Jul-25 30 puts and Sep-25 30 puts, with total volume in those strikes near 7,000 contracts. The Put/Call Ratio is 3.59, while ATM IV is up over 1 point on the day. Earnings are expected on July 24th.
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