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Union Pacific put volume heavy and directionally bearish

Bearish flow noted in Union Pacific with 1,622 puts trading, or 2.0x expected. Most active are 9/6 weekly 235 puts and Oct-24 270 calls, with total volume in those strikes near 700 contracts. The Put/Call Ratio is 1.85, while ATM IV is up over 1 point on the day. Earnings are expected on October 24th.

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