Option traders moderately bearish in Delta Air Lines (DAL), with shares down 22c near $54.30. Options volume relatively light with 15k contracts traded and calls leading puts for a put/call ratio of 0.32, compared to a typical level near 0.97. Implied volatility (IV30) is higher by 1.5 points near 37.69,and below the 52wk median, suggesting an expected daily move of $1.29. Put-call skew steepened, indicating increased demand for downside protection.
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