The major indexes dropped Thursday morning as fears concerning banks returned in a big way.
PacWest Bancorp (Nasdaq: PACW) plummeted more than 41% on news that it’s considering strategic options.
Meanwhile, the SPDR S&P Regional Bank ETF (NYSE: KRE) dropped 3.5% as regional banks sold off hard.
Western Alliance Bancorporation (NYSE: WAL) fell more than 19% while Zions Bancorporation (Nasdaq: ZION) stumbled more than 11%.
DoubleLine CEO Jeffrey Gundlach, known as “The Bond King,” said we likely won’t see any relief in the banking sector until the Federal Reserve cuts rates. And in his statement following the Fed’s 10th interest rate hike Wednesday afternoon, Chair Jerome Powell cautioned that it may be too soon to consider cutting.
In this morning’s stock market recap video, I’ll discuss what the Fed is up to next and if it will back off rates or keep moving… how the market is digesting earnings reports so far… why it’s a crucial day for the market… plus which sectors are overbought and which ones are oversold!
Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!
P.S. A Brand-New Way to Trade Bargains
If you love a good bargain hunt, then I have something you don’t want to miss…
I just revealed a brand-new way to trade! It has to do with ignoring a stock’s share price and focusing on the options instead.
By identifying what I call “pricing mismatches,” even a tiny 1% move in a stock could lead to gains* as high as 31%… 41%… even 46% or more in a matter of days!
Once you learn how to use this information to your advantage, you’ll never look at the market the same way again.
*Back-tested data. Not indicative of any future results. Trade at your own risk.
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.
Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details.
Each Thursday, I’ll combine two of my favorite things into a big-money opportunity: options plays and ETFs. Using options, we can turn momentum analysis of a specific sector — or even an entire country’s stock market — into an actionable trade with double- or triple-digit upside potential. I’ll give you all the details you need to execute this plan.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to [email protected]!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.
