Bearish flow noted in Southwest (LUV) with 27,402 puts trading, or 9x expected. Most active are Jan-26 35 puts and Jan-26 40 calls, with total volume in those strikes near 25,800 contracts. The Put/Call Ratio is 2.47, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 29th.
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