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-0830 UTC:

There are market moments in bull and bear markets which are called “markers” that indicate certain events that impact not just the trend or feeling in the equities space, but also tie directly into the greater economy.

Without a doubt, this story which just broke from Reuters is a marker which will have huge reverberations for the bear market which is just getting started:

Exclusive: Feeling ‘super bad’ about economy, Musk wants to cut 10% of Tesla jobs

The headline alone should make everyone take pause.

From the “highs” in Tesla’s stock price to the Joe Rogan Experience “high”, which no one who pays attention will ever forget, that was the historical indicator that a peak in Tesla and quite possibly modern American economic growth had occurred.

The truth is that the Tesla story from Reuters has that Jamie Dimon “economic hurricane” feel to it. These key excerpts are nothing more than an outer feeder band of the larger storm about to hit:

Tesla CEO Elon Musk has a “super bad feeling” about the economy and wants to cut about 10% of jobs at the electric carmaker, he said in an email to executives on Thursday seen by Reuters.

The impacts of that statement alone will cause other tech executives to follow suit. Most are too scared to act in public until someone else does, thus this email “leaking” out will give them cover to say “see Elon is doing it” and begin culling a decade of excesses which have lead to bloated budgets and worse, over payment in some positions which creates unrealistic, if not fictional, revenue goals and projections.

The other statement which the article quotes is the other major marker speaks volume to the mindset in the C Suites of America:

Musk tweeted: “recessions serve a vital economic cleansing function” in response to a tweet by Farquhar who encouraged Tesla employees to look into its remote work positions.
In late May, when asked by a Twitter user whether the economy was approaching a recession, Musk said, “Yes, but this is actually a good thing. It has been raining money on fools for too long. Some bankruptcies need to happen.”

Unfortunately for the permabulls, Mr. Musk is 100% correct.

Meanwhile, Tesla’s stock appears to reflect the incoming recession with a perfect technical death cross and roll over into a bear market rally:

Odds are this sucker will roll over with the bear market to its 2020 lows creating massive losses for the long term buy and hold crowd along with the entire CNBS bull cheerleaders who think that an economy built on debt instead of real earnings is sustainable.

This morning in market trading, Tesla stock is already down 3%+ and will probably accelerate it’s move to the downside leading the entire market into a rout and end to the bear market bounce.