Moderately bullish activity in Bank of America (BAC), with shares up 22c, or 0.4%, near $53.76. Options volume relatively light with 39k contracts traded and calls leading puts for a put/call ratio of 0.6, compared to a typical level near 0.78. Implied volatility (IV30) is higher by 0.2 points near 21.98,in the bottom quartile of the past year, suggesting an expected daily move of $0.74. Put-call skew steepened, indicating increased demand for downside protection.
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