Bearish flow noted in Macy’s with 2,958 puts trading, or 2x expected. Most active are 7/5 weekly 18 puts and 7/5 weekly 18.5 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 2.56, while ATM IV is up nearly 6 points on the day. Earnings are expected on August 20th.
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