MacroPass™: The Kobeissi Letter On Tech Stock Weakness & Recession Fears

The NASDAQ 100 is officially in correct as Sahm Rule gets triggered

I’ve been on the road, which delayed sending out last week’s installment of our popular MacroPass™ service for premium members of this Substack — but am now getting it out first thing here on Monday.

This week’s report is very timely given the recent weakening economic data as well as today’s sharp market sell-off, and it comes from analyst Adam Kobeissi.

The S&P 500 and NASDAQ are down hard as markets reacted to ongoing earnings, the unwinding of the yen carry trade, the triggering of the Sahm Rule, geopolitical tensions in the Middle East and an overall catastrophe of a July jobs report.

How much worse are markets likely to get from here?

The latest version of The Kobeissi Letter delves into this question in depth.

As a reminder, MacroPass™ is a weekly rotating selection of premium analysis from many of the big thinkers interviewed on Thoughtful Money.

To-date that list of contributors includes experts like Lacy Hunt (Hoisington), Stephanie Pomboy (Macro Mavens), Danielle DiMartino Booth (QI Research), Tom McClellan, Michael Howell (Capital Wars), Darius Dale (42 Macro), Doomberg, Ted Oakley (Oxbow Advisors), Kevin Muir (The Macro Tourist), Alf Peccatiello (The Macro Compass), Lance Lambert (ResiClub), Ed Yardini (Yardini Research), David Hay (Haymaker), Melody Wright (M3_Melody), David Stockman (Contra Corner), David Brady (FIPEST Report), John Rubino, Adam Kobeissi (The Kobeissi Letter), Sven Henrich (Northman Trader), Jeff Clark (The Gold Advisor), and Chris Whalen (The Institutional Risk Analyst).

The reports issued so far in this MacroPass™ series include

• Melody Wright On Fast-Worsening Housing Data

• Lacy Hunt on his quarterly outlook & review

• Ted Oakley on his latest market outlook

• Lance Lambert on rising housing inventory

• Doomberg on the future of nuclear energy

• Jeff Clark on Outcrop Silver

• Ed Yardeni on the labor market, fed rate cuts & more

• David Stockman on stolen economic growth

• Michael Howell on global liquidity

• Melody Wright on mortgage default risk

• Edwin Dorsey on the short argument for Primerica

• Danielle DiMartino Booth on the debt-default reckoning lying ahead

• David Hay on the wild action in the Japanese yen

• Kevin Muir on the emerging opportunities in Chinese stocks

• Alf Peccatiello on the growing fragility in credit markets

• Tom McClellan’s excellent April Market Report

If you’re already a premium subscriber to this Substack, just continue below to read Adam’s latest issue of The Kobessi Letter below.

And if you’re not (yet), just upgrade to premium and access the full report, as well as all past and future MacroPass™ content