Mixed options sentiment in Merck (MRK), with shares up 70c, or 0.71%, near $99.72. Options volume roughly in line with average with 46k contracts traded and calls leading puts for a put/call ratio of 0.28, compared to a typical level near 0.51. Implied volatility (IV30) dropped 0.98 near 22.15,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.39. Put-call skew steepened, indicating increased demand for downside protection.
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