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Wal-Mart put volume heavy and directionally bearish

Bearish flow noted in Wal-Mart with 15,244 puts trading, or 1.4x expected. Most active are 5/22 weekly 110 puts and 4/10 weekly 124 puts, with total volume in those strikes near 6,400 contracts. The Put/Call Ratio is 1.94, while ATM IV is up over 1 point on the day. Earnings are expected on May 21st.

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