I almost have to throw this in there because volatility skew is central to this article but options flow — especially in the last half of January — shows relatively strong inflows into SIRI stock. Some of the biggest trades are targeting the $21 and$21.50 calls expiring this Friday.No, the demand for calls is relatively lower than the demand for puts; therefore, the dominant motif remains protection against downside exposure. However, the upward curvature in call IV indicates upside optionality. Simply sta ...