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Vale put volume heavy and directionally bearish

Bearish flow noted in Vale with 14,905 puts trading, or 2x expected. Most active are Dec-26 12 puts and Sep-24 10 puts, with total volume in those strikes near 12,400 contracts. The Put/Call Ratio is 2.32, while ATM IV is up over 2 points on the day. Earnings are expected on October 24th.

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