Michael Santoli

The S&P 500 is up more than 6% in 12 trading days to record levels.

The stock market's winning history – a hit rate of 100% over any past 20-year span - is well understood. But investors recognize – or need to – the genuine hazard in equities.

Fed Chairman Kevin Warsh and many of his devotees have argued that some short-term price pain can be tolerated in anticipation of AI eventually suppressing inflation.

For the past few weeks, the stock market has been attempting to rediscover some equilibrium after a stretch of semiconductor dominance, a breakdown in Mag7 stalwarts and more recently rotation toward the broader roster of non-tech stocks.

We are not guaranteed a close rerun of the 1999-2000 extremes. Just because things got crazier then doesn't mean that's ahead of us.

For a broadly positive start to a year, though, there are a striking number of caveats, extremes and oddities for skeptics to invoke.

Bull markets are almost never cut short by geopolitical flareups, writes Mike Santoli.

Friday, the AI pressure proved too heavy for the economically sensitive parts of the market to absorb fully, leaving the S&P 500 with a small weekly loss.

Rush of capital heads toward value over growth and small-cap over large. But a broader market is not a safer or more stable one.

Wall Street thinks you don't own enough stock, writes CNBC's Mike Santoli.