Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 21,427 puts trading, or 1.6x expected. Most active are Jan-27 10 puts and Mar-25 10 calls, with total volume in those strikes near 18,700 contracts. The Put/Call Ratio is 1.58, while ATM IV is up nearly 7 points on the day. Earnings are expected on April 24th.