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Bank stocks tracking for worst week since early January

Carson Block speaking the SOHN Conference in New York on May 4th, 2016.
David A. Grogan | CNBC
Carson Block speaking the SOHN Conference in New York on May 4th, 2016.

This week has not been kind to bank stocks.

The SPDR S&P Bank ETF (KBE) was down nearly 4 percent for the week, putting it on track for its worst weekly performance since the week of Jan. 8, when it lost more than 8 percent.

The index also dipped below its 50-day moving average on an intraday basis for the first time since April 8. The stock closed up 0.39 percent at $31.23, above the 50-day moving average of 30.93.

Bank of the Ozarks weighed on the index most, falling nearly 10 percent for the week. On Wednesday, short-selling firm Muddy Waters Capital unveiled a short position on the bank's stock, saying it was making outsized loans relative to its assets and was too heavily concentrated in real estate lending.

In 2016, KBE has fallen more than 7 percent, while Ozarks has shed nearly 25 percent.

KBE this yearSource: FactSet

— CNBC's Gina Francolla and Reuters contributed to this report.