Bearish flow noted in Southwest (LUV) with 6,867 puts trading, or 1.1x expected. Most active are Jun-26 42.5 puts and 4/24 weekly 32.5 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 2.05, while ATM IV is up over 1 point on the day. Earnings are expected on April 22nd.
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