Moderately bullish activity in Wells Fargo (WFC), with shares up $2.13, or 2.66%, near $82.42. Options volume relatively light with 58k contracts traded and calls leading puts for a put/call ratio of 0.7, compared to a typical level near 0.89. Implied volatility (IV30) is higher by 0.5 points near 21.68,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.13. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Accumulate at Phillip Securities.
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