Option traders moderately bearish in American Airlines (AAL), with shares down 26c near $15.18. Options volume relatively light with 54k contracts traded and puts leading calls for a put/call ratio of 1.4, compared to a typical level near 0.97. Implied volatility (IV30) dropped 0.05 near 46.04,and below the 52wk median, suggesting an expected daily move of $0.44. Put-call skew steepened, indicating increased demand for downside protection.
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