Moderately bullish activity in Petrobras (PBR), with shares up 26c, or 1.3%, near $20.59. Options volume relatively light with 14k contracts traded and calls leading puts for a put/call ratio of 0.24, compared to a typical level near 0.46. Implied volatility (IV30) is higher by 0.8 points near 41.63,in the top quartile of the past year, suggesting an expected daily move of $0.54. Put-call skew steepened, indicating increased demand for downside protection.
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