Option traders moderately bearish in Wells Fargo (WFC), with shares down 64c near $73.36. Options volume roughly in line with average with 31k contracts traded and calls leading puts for a put/call ratio of 0.84, compared to a typical level near 0.64. Implied volatility (IV30) is higher by 1.2 points near 26.97,and below the 52wk median, suggesting an expected daily move of $1.25. Put-call skew steepened, indicating increased demand for downside protection.
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