Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 5,244 puts trading, or 1.0x expected. Most active are Jan-27 10 puts and Jan-25 9 puts, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 2.11, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 20th.