Option traders moderately bearish in American Airlines (AAL), with shares down 23c near $11.15. Options volume roughly in line with average with 107k contracts traded and calls leading puts for a put/call ratio of 0.99, compared to a typical level near 1.17. Implied volatility (IV30) is higher by 1.1 points near 54.65,in the top quartile of the past year, suggesting an expected daily move of $0.38. Put-call skew steepened, indicating increased demand for downside protection.
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