Annaly Capital put volume heavy and directionally bearish

Bearish flow noted in Annaly Capital with 5,188 puts trading, or 3x expected. Most active are Jun-24 18 puts and May-24 18.5 puts, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 2.27, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 24th.