Option traders moderately bearish in Alphabet Class A (GOOGL), with shares down 55c near $244.35. Options volume relatively light with 275k contracts traded and calls leading puts for a put/call ratio of 0.77, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 0.5 points near 39.1, in the highest 10% of observations over the past year, suggesting an expected daily move of $6.02. Put-call skew steepened, indicating increased demand for downside protection.
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