If Monday is going to be a Black Monday, the Dow should not have closed higher last week. A true black swan would mean a broad market collapse. Aside from CRWV and ORCL having very high CDS spreads, IG credit spreads are still relatively stable. This means we are still a long way from meeting the conditions historically associated with a Black Monday.

The main issue is that AI related stocks need to be repriced based on their returns, while capital rotates into industrials and consumer stocks. How could that possibly lead to a Black Monday? SPX should be fine. I am holding spot positions anyway, so I will just keep holding them.