Option traders moderately bearish in Bank of America (BAC), with shares down $1.57 near $50.70. Options volume running well above average with 190k contracts traded and calls leading puts for a put/call ratio of 0.82, compared to a typical level near 0.74. Implied volatility (IV30) is higher by 5.5 points near 33.12, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.06. Put-call skew steepened, indicating increased demand for downside protection.
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