Option traders moderately bearish in IBM (IBM), with shares up $7.87, or 3.15%, near $257.93. Options volume relatively light with 43k contracts traded and puts leading calls for a put/call ratio of 1.05, compared to a typical level near 2.49. Implied volatility (IV30) is higher by 1.5 points near 37.79,in the top quartile of the past year, suggesting an expected daily move of $6.14. Put-call skew steepened, indicating increased demand for downside protection.
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