Consequently, caution should be alive and well too. But is it? Chinese are pouring funny munny into their stock market to the tune of a 50+ PE ratio. Hedge funds and possibly YOUR pension/retirement fund are on auto pilot as a global balloon continues to inflate on the back of continually expanding munny. We watch the Yen. We watch the GSR. We watch the yield curve. We trade, manage risk and await the fireworks to come, sooner or later.