Option traders moderately bearish in American Airlines (AAL), with shares down 0c near $12.46. Options volume roughly in line with average with 133k contracts traded and puts leading calls for a put/call ratio of 1.85, compared to a typical level near 1.15. Implied volatility (IV30) dropped 1.72 near 55.27,in the top quartile of the past year, suggesting an expected daily move of $0.43. Put-call skew steepened, indicating increased demand for downside protection.
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