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Moderately bullish activity in Vale with shares up 1.63%

Moderately bullish activity in Vale (VALE), with shares up 28c, or 1.63%, near $17.20. Options volume relatively light with 12k contracts traded and calls leading puts for a put/call ratio of 0.21, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 1.4 points near 35.8,in the top quartile of the past year, suggesting an expected daily move of $0.39. Put-call skew steepened, indicating increased demand for downside protection.

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