Option traders moderately bearish in Citi with shares down 1.7%

Option traders moderately bearish in Citi (C), with shares down $1.89 near $108.86. Options volume roughly in line with average with 19k contracts traded and puts leading calls for a put/call ratio of 1.13, compared to a typical level near 1.05. Implied volatility (IV30) is higher by 0.2 points near 37.58, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.58. Put-call skew flattened, suggesting a modestly bullish tone.