Post Content Post navigation On August 9th, we published the below update for our clients. It was clear that the low was in, as written in line #1, and we raised our target to 5450. Often, capitulation comes when we see a 3-5% down day, but close ABOVE the lows. We were up +200 points in 4 days. (5/9) This is when we issued the below note for The Kobeissi Letter’s premium clients. As we noted, the selloff was material but also “FULL of panic.” Main street thought the Yen carry trade was “dead” but Wall Street knew it wasn’t. That’s why we began buying the dip. (3/9)