BofA flagging (https://www.cnbc.com/2026/05/27/bank-of-america-says-prepare-for-a-summer-correction-after-rally-to-record-highs.html) is textbook macro analysis, but they're missing the geopolitical floor under defense allocation. The S&P rally to record highs *with* a 4.5% 10Y yield is only "stretched" if you assume money rotates back into fixed income.

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