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Today, we’re opening a new bearish trade on Citigroup (C). C has an earnings announcement coming up this week on April 13, before market opens, and we aren’t expecting good things.

Much of the run up we have seen in the banking sector was driven by the expectation that the Trump administration was going to enact tax reform and kick off $1 trillion in infrastructure spending to boost the U.S. economy.

Unfortunately, none of that has happened yet, and the chance that it will happen soon is fading. This shift in expectations has lowered our outlook for bank profits as the yield curve and net interest margins have been flattening.

On top of all of that, Friday’s disappointing nonfarm payrolls number from the Bureau of Labor Statistics (BLS) shows the U.S. economy isn’t growing as quickly as everyone was hoping, which should put some downside pressure on the stock market in general.

We expect C to drop back down toward its recent lows around $57 as the stock continues to bounce back and forth in the longer-term channel it has been in since December 2016.

‘Buy to open’ the C May 57.50 Puts (C170519P00057500) for a maximum price of $1.20.

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