Bearish flow noted in Western Alliance with 1,081 puts trading, or 1.1x expected. Most active are 5/3 weekly 56 puts and 5/3 weekly 58 puts, with total volume in those strikes near 600 contracts. The Put/Call Ratio is 2.37, while ATM IV is up over 3 points on the day. Earnings are expected on July 16th.
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