Mixed options sentiment in Alibaba with shares down 0.52%

Mixed options sentiment in Alibaba (BABA), with shares down 76c near $146.59. Options volume running well above average with 229k contracts traded and puts leading calls for a put/call ratio of 1.78, compared to a typical level near 0.91. Implied volatility (IV30) dropped 0.52 near 32.41,in the lowest 10% of observations over the past year, suggesting an expected daily move of $2.99. Put-call skew steepened, indicating increased demand for downside protection.