Option traders moderately bearish in American Airlines (AAL), with shares down 1c near $14.04. Options volume running well above average with 40k contracts traded and puts leading calls for a put/call ratio of 2.58, compared to a typical level near 1.22. Implied volatility (IV30) dropped 0.68 near 48.19,and below the 52wk median, suggesting an expected daily move of $0.43. Put-call skew steepened, indicating increased demand for downside protection.
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