Citi put volume heavy and directionally bearish

Bearish flow noted in Citi with 31,569 puts trading, or 1.5x expected. Most active are Dec-22 50 puts and 12/2 weekly 47 puts, with total volume in those strikes near 15,800 contracts. The Put/Call Ratio is 2.84, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 13th.