kre, iyr, u.s. real estate, also etf., tim >> markets are a bunch of sentiment and poxsitioning and fundamentals sentiment is awful so investors remember that there's a lot of bad priced into this market as well. >> okay, and mike, take us home. >> we've had a dip that means we could certainly get a rip. i expect we will see some. if you're making your bearish puts, do so with put spreads >> that does it for us on "options action" this evening. but we'll be back next friday, 5:30 p.m. eastern. don't go anywhere. the fed factor starts right now. >> this is a paid advertisement for csn. >> you know, the one thing you can count on in numismatics, which is the hobby of collecting coins, is that the pace of change, or change, is glacial. [ chuckling ] okay? we would hope from the -- oftentimes, as numismatists in a hobby and in a profession, we hope for a snail's pace from the united states mint. nothing is done quickly. nothing is done without

the kre itself, just a minor trend. parallel lines. final chart, i think we go back to the timeline above which we broke in july. a good five, seven, 8% lower. >> thanks, carter. that's very interesting. tim, what is your take on the regional bank fundamentals here? >> it is interesting, and carter showed that long-term chart. the short-term chart from april, they have outperformed the s&p almost 15%. they have outperformed money center banks almost 10%. i would tend to agree. my thesis would be we have not even gotten into credit dynamics. regional banks have actually been strong. look at pnc. they just talked about strong net income growth. they talked about net income and even where fee income was better than expected. that is going to be under a fair amount of pressure. i think tanks are better positioned on credit here, but what we have not heard anybody talk about is the credit impact of what a day like today actually could settle into. >> so then mike, what is the trade here for financials or regional banks? >> one of the things

not oppose the release of documents related to the unamerican, unwarranted and unnecessary raid and kre break-f mar-a-lago, i will encourage the immediate release. for the record of course it was not a

not oppose the release of documents related to the unamerican, unwarranted and unnecessary raid and kre break-f mar-a-lago, i will encourage the immediate release. for the record of course it was not a break-in, it was a legal search under a warrant signed by a judge. merrick garland says the doj will ask the judge to unseal the warrant and property seized. >> the department filed the motion to make public the warrant and receipt in light of the public's confirmation of the search, surrounding circumstances and the substantial public interest in this matter. >> "washington post" now reports the fbi was looking for classified documents related to nuclear weapons. the post sources did not say whether those documents related to u.s. nukes or those of another nation, nor whether any such documents were recovered. want to bring in former federal prosecutor and author of a spy in plain sight. so nice to have you on the program. "washington post" reporting is that the fbi was looking for classified nuclear weapons-related documents. if this is true, does it change the legal risk for president

for me as it relates to financials, i like the kre, a regional bank etf. me the play with financials is own growth and net business income those are business lines the regional banks play to pnc is my favorite name in the space. to joe's point, capital markets, goldman is best in breed the ib environment has been really tough, but from a trading volume perspective and just understanding what's going on in the environment and volumes being what they are, i think goldman can still do well. that's where i am on the financials trade. >> jim, speaking of goldman, that was your final trade just yesterday. >> yeah, sometimes i get it right. you know, riffing off what jason and joe just said about capital markets and trading, i think there's another aspect to this, which is the overall big macro picture. if this cpi number today is an omen of what's to come and maybe the fed's not as aggressive, that leads to fears of recession abate, the fears of credit quality decline that go along with that abate, and if economic activity picks up, you get loan demand growth. a

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. >> i mean we've seen a real return this kre rating deter rated dramatically share of loans, has doubled> stimulus, steve? >> i was going to say we've added if you add it all up lining dagen was talking about, 1.9 trillion, biden came in spending for the -- boost bailout bill 1.1 trillion dollars for sham infrastructure bill, then dagen said 250 billion dollars, for the -- semiconductor industry, then you have, this bill, i think number is 400500 billion another bill voted on two weeks, 300 billion dollars in this veterans benefits not paid for if you add all that up maria, that is 4.1 trillion dollars, that is more money than we spent and borrowed to win world war ii in biggest massive fiscal stimulus ever in the history of this country some point those bills have to come due. dagen: -- steve, republicans cosigned on to 1.3 trillion of that infrastructure, and chip plan they were part of the problem every politicians is part of the problem they are not working in best interests of americans, who are struggling, with this inflation, it is an industry and a profession of meism rather than