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Option traders moderately bearish in Citi with shares down 2.59%

Option traders moderately bearish in Citi (C), with shares down $2.62 near $98.23. Options volume roughly in line with average with 30k contracts traded and calls leading puts for a put/call ratio of 0.85, compared to a typical level near 0.77. Implied volatility (IV30) is higher by 0.8 points near 31.79,in the top quartile of the past year, suggesting an expected daily move of $1.97. Put-call skew steepened, indicating increased demand for downside protection.

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