Bearish options flow identified in Wells Fargo (WFC), with shares down $2.83 near $77.81. Options volume relatively light with 68k contracts traded and puts leading calls for a put/call ratio of 1.12, compared to a typical level near 0.9. Implied volatility (IV30) is higher by 2.3 points near 25.38,and below the 52wk median, suggesting an expected daily move of $1.24. Put-call skew steepened, indicating increased demand for downside protection.
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