Option traders moderately bearish in Apple (AAPL), with shares down 66c near $278.12. Options volume relatively light with 571k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.62. Implied volatility (IV30) is higher by 1.2 points near 20.12,in the lowest 10% of observations over the past year, suggesting an expected daily move of $3.52. Put-call skew steepened, indicating increased demand for downside protection.
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