We may all do well to breathe, stop fretting about complacency, and concentrate more on inconsistencies. Markets go from overbought to oversold all the time. We should stop shouting about how good or bad they have been and think harder about what doesn’t make any sense. Central bank policy seems to be at the center of fear. Many are talking about global growth recovery negating the need for easy money. Further, many see the end of QE and negative rates as the end of the bull market in equities. Central banks now use forward guidance as a policy tool, rendering any statement, any utterance so much more important.