Home Latest Articles Summary The S&P 500 (SPY) has rallied for six consecutive weeks, driven by concentrated AI/semi trade gains, but faces mounting risks ahead. Oil's surge above $100 on the back of stalled negotiations between the US and Iran and a strengthening dollar threaten bond market stability, raising stagflation and liquidity crisis risks. Earnings and index gains are highly concentrated in a handful of AI-related stocks, increasing vulnerability to momentum reversal and volatility. This week can also give markets a reality check, with April CPI, PPI and Retail Sales reports coming out, along with the appointment of a new Fed chair on Friday. I maintain a 'hold' on SPY due to stretched sentiment, upcoming economic data, Fed chair transition, and unattractive risk-reward at current levels. Looking for more investing ideas like this one? Get them exclusively at The REIT Forum.…