There could certainly be more pressure on oil and financials heading into 2023. If we do enter a recession, it is likely bank earnings will come in lower. And historically, oil has faced some hardships during recessionary periods as well.
I do not see a short-term rebound for financials unless we get a couple way out of left-field inflation prints (in a good way, that is). With today's CPI numbers coming in kind of "meh" overall, I could see them raising rates even more to kick of 2023.
I own equal-weight positions in RY,TD,BMO,EQB. I have zero intentions of selling any of them. In fact, I'll simply look to dollar cost average regardless of whether or not prices dip in 2023. If they do dip, I won't mind, as I'll be able to scoop up some shares for cheaper.
In terms of oil, XEG is down around 9% this month, but it's also still up 45% on the year. The volatility in oil and gas stocks right now is pretty high. To answer your question in that regard, it could easily make up that ground, and relatively quickly. It's had like 9+ moves of more than 15% up/down since June.