The Kobeissi Letter@KobeissiLetter
This is incredible:
At least 115 S&P 500 stocks have dropped -7% or more in a single day over the last 8 trading sessions.
And yet, the S&P 500 is down just -2% from its all-time high.
In the past, when at least 115 stocks saw a decline of -7% or more in an 8-day trading period, the average index drawdown was -34%.
The last time this many stocks were hit while the index was still near all-time highs was during the 2000 Dot-Com Bubble.
By comparison, in 2008, this threshold was triggered when the index was already in a bear market.
Markets are truly in unprecedented times.