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Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 11,722 puts trading, or 1.2x expected. Most active are Jan-27 10 puts and 2/14 weekly 10 calls, with total volume in those strikes near 11,200 contracts. The Put/Call Ratio is 1.62, while ATM IV is up over 1 point on the day. Earnings are expected on February 19th.

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