Peak Macro Complacency
Citigroup's macro risk aversion index just tested record lows (i.e. record high complacenecy levels with regard investors' view of macro uncertainty going forward). Coinciding as it did with Bernanke's all-in moment we wonder if we just saw the 'peak complacency' moment as the wall of worry was officially scaled only to find that the grass is indeed NOT greener on the other side. For sure, it would appear that all the talk of bearish sentiment as the driver of the nextt 'secular' leg in stocks seems just that - 'talk'.