Bearish options flow identified in American Airlines (AAL), with shares down 44c near $13.02. Options volume roughly in line with average with 114k contracts traded and puts leading calls for a put/call ratio of 1.24, compared to a typical level near 0.69. Implied volatility (IV30) is higher by 1.9 points near 48.66,and above the 52wk median, suggesting an expected daily move of $0.40. Put-call skew steepened, indicating increased demand for downside protection.
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