Bearish flow noted in Vale (VALE) with 9,063 puts trading, or 1.1x expected. Most active are 8/8 weekly 9.5 puts and Sep-25 10 puts, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 1.66, while ATM IV is up over 1 point on the day. Earnings are expected on July 31st.
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