According to @KobeissiLetter, the gap between Americans saying jobs are plentiful versus hard to get fell to 9.7% in November, near the lowest level in four years (source: @KobeissiLetter). According to @KobeissiLetter, perceptions of the job market have consistently deteriorated over the last three years (source: @KobeissiLetter). According to @KobeissiLetter, this deterioration suggests the US unemployment rate will keep rising, signaling a softer labor market that macro-focused traders monitor for risk sentiment shifts (source: @KobeissiLetter).

According to The Kobeissi Letter, when the VIX jumps above 28.7, the S&P 500 has historically delivered strong 12-month returns, averaging +16% when the VIX was 28.7–33.5 between 1991 and 2022. Source: The Kobeissi Letter on X, Nov 23, 2025. For trading, this defines a macro risk signal that crypto market participants can also monitor alongside equities to contextualize risk appetite over a 12-month horizon, given the historically bullish equity backdrop highlighted by the source after such VIX spikes. Source: The Kobeissi Letter on X, Nov 23, 2025.