The panicked reaction to the idea of Fed tapering that overwhelmed financial asset markets in the May- June period has given way to a period of calm and asset price retracement as we move into the dog days of summer. Investors should consider how much there is to play for and how long this lull might last. Beyond such considerations lies the question of what follows as fall approaches. Amidst the summer lull, there are several slow-burning fuses to be assessed as well as possible positive feedback loops to offset the risk of those fuses reaching the dynamite.