Bearish flow noted in Southwest (LUV) with 18,066 puts trading, or 3x expected. Most active are Apr-26 35 puts and 3/6 weekly 46 calls, with total volume in those strikes near 15,500 contracts. The Put/Call Ratio is 6.28, while ATM IV is up nearly 3 points on the day. Earnings are expected on April 22nd.
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