Bearish flow noted in Southwest (LUV) with 8,851 puts trading, or 3x expected. Most active are Mar-26 32.5 puts and Apr-26 40 puts, with total volume in those strikes near 5,400 contracts. The Put/Call Ratio is 5.41, while ATM IV is up nearly 6 points on the day. Earnings are expected on April 22nd.
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