Moderately bullish activity in Wells Fargo (WFC), with shares up 28c, or 0.37%, near $76.52. Options volume roughly in line with average with 35k contracts traded and calls leading puts for a put/call ratio of 0.9, compared to a typical level near 0.95. Implied volatility (IV30) is higher by 0.4 points near 37.62, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.81. Put-call skew steepened, indicating increased demand for downside protection.
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