Moderately bullish activity in American Airlines with shares up 1.4%

Moderately bullish activity in American Airlines (AAL), with shares up 16c, or 1.4%, near $11.62. Options volume roughly in line with average with 75k contracts traded and calls leading puts for a put/call ratio of 0.78, compared to a typical level near 0.97. Implied volatility (IV30) is higher by 0.6 points near 37.8,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.28. Put-call skew steepened, indicating increased demand for downside protection.