Bearish flow noted in XP Inc with 10,060 puts trading, or 3x expected. Most active are 5/24 weekly 21 puts and Oct-24 21 calls, with total volume in those strikes near 10,100 contracts. The Put/Call Ratio is 36.99, while ATM IV is up nearly 10 points on the day. Earnings are expected on May 21st.
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