Bearish flow noted in Western Alliance with 5,239 puts trading, or 3x expected. Most active are 8/25 weekly 48 calls and Sep-23 37.5 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 2.29, while ATM IV is up nearly 8 points on the day. Earnings are expected on October 19th.
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