Option traders moderately bearish in Amazon (AMZN), with shares down 38c near $220.33. Options volume running well above average with 737k contracts traded and calls leading puts for a put/call ratio of 0.31, compared to a typical level near 0.42. Implied volatility (IV30) is higher by 0.4 points near 30.95,and above the 52wk median, suggesting an expected daily move of $4.30. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Overweight at Wells Fargo.
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