Option traders moderately bearish in MicroStrategy (MSTR), with shares down $6.10 near $193.65. Options volume roughly in line with average with 324k contracts traded and calls leading puts for a put/call ratio of 0.59, compared to a typical level near 0.69. Implied volatility (IV30) is higher by 5.2 points near 83.7,and above the 52wk median, suggesting an expected daily move of $10.21. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Neutral at Monness Crespi.
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