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Mixed options sentiment in Alibaba with shares down 1.4%

Mixed options sentiment in Alibaba (BABA), with shares down $2.21 near $155.92. Options volume relatively light with 96k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.61. Implied volatility (IV30) dropped 1.13 near 35.01,in the bottom quartile of the past year, suggesting an expected daily move of $3.44. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Arete.

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