Chewy put volume heavy and directionally bearish

Bearish flow noted in Chewy with 3,590 puts trading, or 1.3x expected. Most active are 4/6 weekly 30 puts and 3/24 weekly 24.5 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.59, while ATM IV is up over 1 point on the day. Earnings are expected on March 22nd.