Bearish flow noted in Valero (VLO) with 14,534 puts trading, or 3x expected. Most active are Jan-25 150 puts and Dec-24 140 puts, with total volume in those strikes near 6,700 contracts. The Put/Call Ratio is 3.44, while ATM IV is up over 1 point on the day. Earnings are expected on January 30th.
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