Is it possible that policy makers and investors have already enjoyed all the good news and rising prices they are going to get from recent Central Bank action? After all, every major macro issue of the past few months: ECB open ended bond buying (with conditions), ESM approval by the German Courts, Dutch elections, Fed going for unlimited QE3, even the Apple I phone 5 roll out, went about as well as one could hope. As a result, fear gave way to complacency and risk assets worldwide rose 10-15% off the May-June lows, with Spanish and Italian stocks rising 30% plus while their bond yields plummeted. Unlike in QE 1 and 2, when stocks fell hard in the months prior and then rallied on the news, maybe we have already had the party?