Option traders moderately bearish in Bank of America (BAC), with shares down 40c near $47.56. Options volume relatively light with 52k contracts traded and puts leading calls for a put/call ratio of 1.66, compared to a typical level near 0.97. Implied volatility (IV30) is higher by 0.1 points near 21.07,in the bottom quartile of the past year, suggesting an expected daily move of $0.63. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Accumulate at Phillip Securities.
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