Moderately bullish activity in Vale with shares up 1.32%

Moderately bullish activity in Vale (VALE), with shares up 18c, or 1.32%, near $13.44. Options volume relatively light with 19k contracts traded and calls leading puts for a put/call ratio of 0.1, compared to a typical level near 0.69. Implied volatility (IV30) is higher by 3.0 points near 30.22,and above the 52wk median, suggesting an expected daily move of $0.26. Put-call skew steepened, indicating increased demand for downside protection.