Moderately bullish activity in Vale with shares up 0.78%

Moderately bullish activity in Vale (VALE), with shares up 12c, or 0.78%, near $16.20. Options volume relatively light with 18k contracts traded and calls leading puts for a put/call ratio of 0.5, compared to a typical level near 0.46. Implied volatility (IV30) is up nearly 13.0 points near 47.37, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.48. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Vale (VALE) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.