Bearish flow noted in Valero (VLO) with 4,479 puts trading, or 1.0x expected. Most active are 1/30 weekly 177.5 puts and 1/30 weekly 185 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 3.54, while ATM IV is up over 1 point on the day. Earnings are expected on January 29th.
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