Early perhaps they were, but not necessarily wrong. As investors become such increasingly one-sided in their macro outlook, these risks become more pronounced.

As stocks rallied last week and the U.S.-China trade itinerary got a nice-sounding update, U.S. economic data continued to beat expectations and is now surprising estimates at a positive rate. One graphic I saw on Twitter caught my eye: SocGen's take on the biggest event risks, in which they describe the probability and potential scope of a "sharp market repricing" as being low and small.