Bearish flow noted in Valero (VLO) with 5,849 puts trading, or 1.8x expected. Most active are Apr-25 137 puts and 4/4 weekly 124 puts, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 2.56, while ATM IV is up over 1 point on the day. Earnings are expected on April 24th.
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