Vale put volume heavy and directionally bearish

Bearish flow noted in Vale with 17,532 puts trading, or 1.8x expected. Most active are Jan-23 15 puts and Dec-22 13 puts, with total volume in those strikes near 10,100 contracts. The Put/Call Ratio is 1.78, while ATM IV is up over 3 points on the day. Earnings are expected on February 23rd.