Bearish flow noted in Vale with 5,092 puts trading, or 1.3x expected. Most active are Sep-23 14 puts and 7/14 weekly 13.5 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 2.55, while ATM IV is up over 1 point on the day. Earnings are expected on July 27th.
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