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Options traders turn most bearish on Russell 2000 ahead of Thursday U.S. data

Ahead of Thursday's U.S. economic releases, options activity in the iShares Russell 2000 ETF (IWM) skewed heavily defensive, with put premium topping 70% of Wednesday's total. A representative trade spent $11.4 million on 277 puts expiring July 17 and sold $3.6 million of 271 puts expiring June 18, positioning for about a 7% drop in IWM by mid-July.