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These 2 Sectors Are Bottoming Out

by | May 4, 2023

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!

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*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.

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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 support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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