Bearish options flow identified in United Airlines (UAL), with shares down $2.21 near $88.20. Options volume relatively light with 13k contracts traded and puts leading calls for a put/call ratio of 1.16, compared to a typical level near 0.8. Implied volatility (IV30) is higher by 0.4 points near 56.12,and above the 52wk median, suggesting an expected daily move of $3.12. Put-call skew steepened, indicating increased demand for downside protection.
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