Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 6,081 puts trading, or 2x expected. Most active are Jan-24 40 puts and Oct-23 47 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 3.85, while ATM IV is up nearly 3 points on the day. Earnings are expected on November 1st.