Option traders moderately bearish in Taiwan Semi (TSM), with shares down $1.61 near $281.10. Options volume relatively light with 101k contracts traded and puts leading calls for a put/call ratio of 1.11, compared to a typical level near 0.84. Implied volatility (IV30) dropped 1.03 near 40.28,and above the 52wk median, suggesting an expected daily move of $7.13. Put-call skew steepened, indicating increased demand for downside protection.
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