Option traders moderately bearish in US Steel (X), with shares down 16c near $53.24. Options volume relatively light with 17k contracts traded and puts leading calls for a put/call ratio of 1.25, compared to a typical level near 0.69. Implied volatility (IV30) dropped 3.25 near 24.77,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.83. Put-call skew steepened, indicating increased demand for downside protection.
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