For the first time in history, nearly 60% of the S&P 500’s components are in a bear market, while the index trades 3% away from a record high.

We are in a “stealth” bear market.

For the first time in history, nearly 60% of the S&P 500’s components are in a bear market, while the index trades 3% away from a record high.

We think this is a historic opportunity.@TKL_Adam joins @cvpayne on Fox Business to discuss our… https://t.co/dz87fDCrLL pic.twitter.com/hsmeNVnY5v

— The Kobeissi Letter (@KobeissiLetter) October 23, 2026

The Wall Street playbook:

1. Say AI is a bubble

2. Cause mass panic and selloffs

3. Buy sold off stocks for cheap

4. Say AI had a big breakthrough and pump your stocks

5. Sell your stocks

6. Say AI is a bubble again

Rinse and repeat… https://t.co/gUkUKUPGIa

— Pepe Invests (@pepemoonboy) October 24, 2026