Wells Fargo put volume heavy and directionally bearish

Bearish flow noted in Wells Fargo with 41,378 puts trading, or 1.1x expected. Most active are 4/6 weekly 37 puts and 3/31 weekly 37 puts, with total volume in those strikes near 11,400 contracts. The Put/Call Ratio is 2.34, while ATM IV is up over 1 point on the day. Earnings are expected on April 14th.