Moderately bullish activity in Apple (AAPL), with shares up $2.54, or 1.09%, near $236.62. Options volume roughly in line with average with 498k contracts traded and calls leading puts for a put/call ratio of 0.3, compared to a typical level near 0.53. Implied volatility (IV30) is higher by 0.4 points near 22.57,in the bottom quartile of the past year, suggesting an expected daily move of $3.36. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at DA Davidson.
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