Option traders moderately bearish in Apple (AAPL), with shares down 4c near $269.96. Options volume roughly in line with average with 760k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 0.57. Implied volatility (IV30) is higher by 1.3 points near 23.88,and below the 52wk median, suggesting an expected daily move of $4.06. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Neutral at Phillip Securities.
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