Bearish flow noted in HSBC with 1,001 puts trading, or 5x expected. Most active are May-24 43 puts and May-24 30 puts, with total volume in those strikes near 630 contracts. The Put/Call Ratio is 4.47, while ATM IV is up over 4 points on the day. Earnings are expected on July 31st.
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HSBC put volume heavy and directionally bearish
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