Bearish flow noted in Southwest (LUV) with 13,539 puts trading, or 1.4x expected. Most active are 6/27 weekly 30.5 puts and 6/27 weekly 30 puts, with total volume in those strikes near 8,700 contracts. The Put/Call Ratio is 1.75, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 24th.
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