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Option traders moderately bearish in Amazon with shares down 3.63%

Option traders moderately bearish in Amazon (AMZN), with shares down $8.46 near $224.53. Options volume running well above average with 604k contracts traded and calls leading puts for a put/call ratio of 0.53, compared to a typical level near 0.46. Implied volatility (IV30) is higher by 0.0 points near 48.12, in the highest 10% of observations over the past year, suggesting an expected daily move of $6.81. Put-call skew steepened, indicating increased demand for downside protection.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 6.37% or $14.29.

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