Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 16,059 puts trading, or 5x expected. Most active are Jan-24 40 puts and 11/24 weekly 50 calls, with total volume in those strikes near 14,600 contracts. The Put/Call Ratio is 5.61, while ATM IV is up over 1 point on the day. Earnings are expected on February 22nd.