Bearish options flow identified in Vale with shares down 0.61%

Bearish options flow identified in Vale (VALE), with shares down 10c near $17.20. Options volume roughly in line with average with 47k contracts traded and puts leading calls for a put/call ratio of 1.82, compared to a typical level near 0.76. Implied volatility (IV30) is higher by 0.5 points near 34.2,in the top quartile of the past year, suggesting an expected daily move of $0.37. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at BofA.