Phil Blancato says a heavy week of economic data and big tech earnings could expose growing market imbalances despite recent strength. He warns of extreme concentration and overbought conditions in semiconductors, suggesting profit‑taking in names like Micron (MU) and rotation into undervalued small‑ and mid‑caps. Blancato also favors developed international markets as investors weigh Fed policy shifts and rising geopolitical and energy risks.

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