Bearish options flow identified in Bank of America (BAC), with shares down 70c near $49.65. Options volume running well above average with 141k contracts traded and puts leading calls for a put/call ratio of 1.03, compared to a typical level near 0.84. Implied volatility (IV30) is higher by 0.8 points near 22.15,and below the 52wk median, suggesting an expected daily move of $0.69. Put-call skew steepened, indicating increased demand for downside protection.
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