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Williams put volume heavy and directionally bearish

Bearish flow noted in Williams (WMB) with 6,597 puts trading, or 3x expected. Most active are Jan-26 55 puts and Sep-25 55 puts, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 2.07, while ATM IV is up over 1 point on the day. Earnings are expected on August 13th.

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