..with foreign investments in US stocks near peak levels,...

..with foreign investments in US stocks near peak levels, expectations of a lower US dollar policy under Trump/Vance will likely see them sell down US stocks ahead before the outcome.

..in addition market participants on yen carry trade who borrowed Yen at almost zero rate to invest/trade in US stocks work wonders when US stocks continue going up, US dollar strengthening against the Yen (because they would pay back the Yen borrowings with fewer dollars) and Yen rates stayed low - BUT a triple WHAMMY could be about to hit them when
a. US stocks start falling
b. USD starts weakening (as they have) AND
c. JPY rates go higher

..an unwinding of the yen carry trade and pullback of foreign investors from US stocks could pose a major threat to the current rally that is possibly not well appreciated enough.

"Net [foreign] flows into U.S. securities are at levels reached only before the 2008-09 financial crisis."

https://x.com/jessefelder/status/1813571753458712681