How Is The Dow And S&P Down So Little?
The Kobeissi Letter: We currently have:
1. $2 trillion lost in crypto and the collapse of FTX
2. 80%+ of tech stocks in bear market territory
3. Biggest wave of tech layoffs since 2001
4. Fastest falling housing market since 2011
5. Worst earnings since Q3 2020
How is the S&P 500 only down 18%?
The Average Person Is Drowning In Debt
The Kobeissi Letter: JUST IN: Total household debt jumped by $351 billion last quarter, the largest quarterly increase since 2007.
This puts total household debt at a record $16.5 trillion.
Mortgage balances are up a record $1 trillion this year and credit card debt is up 15%. What could go wrong?