Bearish flow noted in Southwest (LUV) with 8,378 puts trading, or 1.1x expected. Most active are Jun-26 37.5 puts and Apr-26 35 puts, with total volume in those strikes near 3,400 contracts. The Put/Call Ratio is 2.24, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 22nd.
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