Vale put volume heavy and directionally bearish

Bearish flow noted in Vale with 5,646 puts trading, or 1.1x expected. Most active are Feb-23 18 puts and Sep-23 20 puts, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 3.52, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 16th.