Moderately bullish activity in American Airlines (AAL), with shares up 22c, or 1.73%, near $12.93. Options volume relatively light with 73k contracts traded and calls leading puts for a put/call ratio of 0.42, compared to a typical level near 0.82. Implied volatility (IV30) is higher by 1.8 points near 44.81,and below the 52wk median, suggesting an expected daily move of $0.36. Put-call skew steepened, indicating increased demand for downside protection.
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