Bearish flow noted in Dow Chemical with 8,556 puts trading, or 1.2x expected. Most active are 1/3 weekly 39 puts and Mar-25 40 puts, with total volume in those strikes near 6,300 contracts. The Put/Call Ratio is 3.21, while ATM IV is up over 1 point on the day. Earnings are expected on January 30th.
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