Bloomberg macro strategist Simon White points out that the S&P 500 index has continuously broken through historical highs driven by short covering, rising by 1.5% and 1.8% on Monday and Tuesday this week, respectively. However, the Nasdaq 100 index has not yet caught up, and the short interest ratio of its QQQ ETF remains high. He believes that a large number of open short positions in the Nasdaq Composite, once stop-losses are triggered, are expected to become the next driving force for the index to reach new highs. However, White also warns that inflation and real interest rate risks have not dissipated, and there is a possibility of a "bull trap" in this rally.