Moderately bullish activity in Microsoft (MSFT), with shares up 74c, or 0.15%, near $490.86. Options volume roughly in line with average with 154k contracts traded and calls leading puts for a put/call ratio of 0.62, compared to a typical level near 0.71. Implied volatility (IV30) is higher by 0.5 points near 17.15,in the lowest 10% of observations over the past year, suggesting an expected daily move of $5.30. Put-call skew steepened, indicating increased demand for downside protection.
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