According to @KobeissiLetter, the Nasdaq has experienced a significant drop, falling nearly 900 points since its recent high, despite a previous surge of 2,400 points from its April 7th low. This downturn was influenced by Fed Chair Powell's explicit statement that the 'Fed put' will not be intervening to stabilize the market in the near future. Traders should consider this shift in monetary policy stance when evaluating market positions. The lack of a safety net from the Federal Reserve could lead to increased market volatility, potentially affecting trading strategies.