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Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 10,287 puts trading, or 1.2x expected. Most active are Apr-26 14 puts and Mar-27 10 puts, with total volume in those strikes near 8,200 contracts. The Put/Call Ratio is 2.12, while ATM IV is up over 4 points on the day. Earnings are expected on April 23rd.

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