There have been assets that have defied expectations. The dollar, hanging in as well as it has, goes into that bucket. And trades that simply worked without a great deal of drama. Emerging-market currencies have done that despite being a very popular expression of risk. While the price action doesn't fit the story line, it makes plenty of sense in retrospect. The BTP-bund spread is a poster child for this.

Of course, I would be remiss not to mention the profound shift from central banks, especially the Fed, to a dovish stance. The word they prefer to use is "patient". That's a euphemism. What they really mean, but can't say, is "wary." Which should, and maybe at some point will, add a modicum of caution to investor behavior.