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Vale put volume heavy and directionally bearish

Bearish flow noted in Vale (VALE) with 17,281 puts trading, or 4x expected. Most active are Dec-27 10 puts and May-26 19 calls, with total volume in those strikes near 16,400 contracts. The Put/Call Ratio is 12.13, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 23rd.

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