Moderately bullish activity in Petrobras with shares up 3.52%

Moderately bullish activity in Petrobras (PBR), with shares up 68c, or 3.52%, near $19.84. Options volume roughly in line with average with 37k contracts traded and calls leading puts for a put/call ratio of 0.16, compared to a typical level near 0.48. Implied volatility (IV30) dropped 0.47 near 39.93,in the top quartile of the past year, suggesting an expected daily move of $0.50. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Hold at Jefferies.