Bearish flow noted in Southwest (LUV) with 4,649 puts trading, or 1.1x expected. Most active are Aug-25 37.5 puts and 7/25 weekly 35 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 4.25, while ATM IV is up over 2 points on the day. Earnings are expected on July 24th.
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