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The Kobeissi Letter
BREAKING: S&P 500 losses accelerate with the index now down -250 points from its high of the day.

The rush to the exit resumes. https://t.co/nOQy4cKVBn
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The Kobeissi Letter
BREAKING: The S&P 500 officially falls below 5,000.

5 hours ago, the index was nearing 5,300. https://t.co/3yQVkQTOck
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The Kobeissi Letter
The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE
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Offshore
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The Kobeissi Letter
BREAKING: The Dow is now down nearly -2,200 POINTS in 5 hours.

Buckle up. https://t.co/jIRC0VKLhC

The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE
- The Kobeissi Letter
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Offshore
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The Kobeissi Letter
BREAKING: Apple stock, $AAPL, falls below $170 for the first time since May 2024 as the White House says iPhones can be entirely made in the USA. https://t.co/2U0848fNNw

The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE
- The Kobeissi Letter
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Offshore
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The Kobeissi Letter
BREAKING: The S&P 500 closes the day over -1% lower after posting a 5.5% reversal in one of the largest bull traps this year.

In just 8 hours, President Trump's reciprocal tariffs will be going LIVE.

Expect a busy night ahead. https://t.co/18Somx9C8U

The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE
- The Kobeissi Letter
tweet
Offshore
Photo
The Kobeissi Letter
BREAKING: The S&P 500 just posted its largest intraday reversal in history, even larger than 2020, 2008 and 2001.

You have just witnessed history.

The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE
- The Kobeissi Letter
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Offshore
Photo
The Kobeissi Letter
BREAKING: The odds of Commerce Secretary Lutnick leaving the Trump Administration in 2025 are currently up to 48%, per @Kalshi. https://t.co/0oQ0ouAaz1
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Quiver Quantitative
Republican Senator Ron Johnson on the tariffs:

"I don't quite understand the strategy, and I'm not sure anybody else does"
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