Moderately bullish activity in Target with shares up 0.8%

Moderately bullish activity in Target (TGT), with shares up 70c, or 0.8%, near $87.75. Options volume relatively light with 22k contracts traded and calls leading puts for a put/call ratio of 0.55, compared to a typical level near 1.03. Implied volatility (IV30) is higher by 0.2 points near 31.35,and below the 52wk median, suggesting an expected daily move of $1.73. Put-call skew steepened, indicating increased demand for downside protection.