Bearish options flow identified in Bank of America (BAC), with shares down 12c near $44.28. Options volume relatively light with 79k contracts traded and puts leading calls for a put/call ratio of 1.09, compared to a typical level near 1.12. Implied volatility (IV30) is higher by 2.3 points near 29.08,in the top quartile of the past year, suggesting an expected daily move of $0.81. Put-call skew steepened, indicating increased demand for downside protection.
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