Option traders moderately bearish in Target with shares up 1.07%

Option traders moderately bearish in Target (TGT), with shares up $1.04, or 1.07%, near $99.16. Options volume relatively light with 33k contracts traded and puts leading calls for a put/call ratio of 1.81, compared to a typical level near 1.89. Implied volatility (IV30) is higher by 0.5 points near 32.31,and above the 52wk median, suggesting an expected daily move of $2.02. Put-call skew steepened, indicating increased demand for downside protection.