Bearish flow noted in Valero (VLO) with 7,753 puts trading, or 2x expected. Most active are Feb-26 145 puts and 1/23 weekly 180 puts, with total volume in those strikes near 5,700 contracts. The Put/Call Ratio is 1.68, while ATM IV is up nearly 3 points on the day. Earnings are expected on January 29th.
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