Option traders moderately bearish in NVIDIA (NVDA), with shares down 44c near $177.38. Options volume relatively light with 1.90m contracts traded and calls leading puts for a put/call ratio of 0.5, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 1.8 points near 33.65,in the lowest 10% of observations over the past year, suggesting an expected daily move of $3.76. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at DA Davidson.
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