Option traders moderately bearish in JPMorgan (JPM), with shares down $5.21 near $288.35. Options volume running well above average with 105k contracts traded and calls leading puts for a put/call ratio of 0.68, compared to a typical level near 0.88. Implied volatility (IV30) is higher by 2.7 points near 32.25, in the highest 10% of observations over the past year, suggesting an expected daily move of $5.86. Put-call skew steepened, indicating increased demand for downside protection.
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